Banana and Plantain Market in Nigeria
Market Overview
The Nigerien banana and plantain market was estimated at $
in , increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated moderate growth from 2007 to : its value increased at an average annual rate of +% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2013 indices. The pace of growth appeared the most rapid in 2019 when the market value increased by % year-to-year. Over the period under review, the market hit record highs in and is likely to see gradual growth in the immediate term.
In value terms, banana and plantain production stood at $ in estimated in export prices. Over the period under review, production, however, showed a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of % against the previous year. Banana and plantain production peaked in and is expected to retain growth in the immediate term.
The average yield of bananas and plantains in Nigeria contracted to tonnes per ha in , remaining constant against the previous year's figure. In general, the yield continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the yield increased by % year-to-year. As a result, the yield attained the peak level of tonnes per ha. from 2017 to , the growth of the average banana and plantain yield failed to regain the momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In, the harvested area of bananas and plantains in Nigeria was estimated at ha, stabilizing at the previous year. Overall, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 with an increase of % year-to-year. The banana and plantain harvested area peaked at ha in 2015; however, from 2016 to , the harvested area failed to regain the momentum.
in , increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated moderate growth from 2007 to : its value increased at an average annual rate of +% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2013 indices. The pace of growth appeared the most rapid in 2019 when the market value increased by % year-to-year. Over the period under review, the market hit record highs in and is likely to see gradual growth in the immediate term.In value terms, banana and plantain production stood at $
in estimated in export prices. Over the period under review, production, however, showed a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of % against the previous year. Banana and plantain production peaked in and is expected to retain growth in the immediate term.The average yield of bananas and plantains in Nigeria contracted to
tonnes per ha in , remaining constant against the previous year's figure. In general, the yield continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the yield increased by % year-to-year. As a result, the yield attained the peak level of tonnes per ha. from 2017 to , the growth of the average banana and plantain yield failed to regain the momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.In
, the harvested area of bananas and plantains in Nigeria was estimated at ha, stabilizing at the previous year. Overall, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 with an increase of % year-to-year. The banana and plantain harvested area peaked at ha in 2015; however, from 2016 to , the harvested area failed to regain the momentum.Consumption
In , consumption of bananas and plantains decreased by -% to tonnes for the first time since 2017, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2012 when the consumption volume increased by % against the previous year. Over the period under review, consumption reached the maximum volume at tonnes in 2016; afterwards, it flattened through to .
The size of the banana and plantain market in Nigeria expanded remarkably to $ in , rising by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated measured growth from 2007 to : its value increased at an average annual rate of +% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2013 indices. The most prominent rate of growth was recorded in 2019 with an increase of % against the previous year. Banana and plantain consumption peaked in and is likely to see gradual growth in years to come.
, consumption of bananas and plantains decreased by -% to tonnes for the first time since 2017, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2012 when the consumption volume increased by % against the previous year. Over the period under review, consumption reached the maximum volume at tonnes in 2016; afterwards, it flattened through to .The size of the banana and plantain market in Nigeria expanded remarkably to $
in , rising by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated measured growth from 2007 to : its value increased at an average annual rate of +% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2013 indices. The most prominent rate of growth was recorded in 2019 with an increase of % against the previous year. Banana and plantain consumption peaked in and is likely to see gradual growth in years to come.Market Forecast
Driven by increasing demand for banana and plantain in Nigeria, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tonnes by the end of .
% for the period from to , which is projected to bring the market volume to tonnes by the end of .Market Structure
Over the period under review, imports of banana and plantain in Nigeria were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for banana and plantain.
Trade Balance
Nigeria remains a net importer of banana and plantain; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
. In , there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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