Peanut Butter Market Overview in Nigeria
In value terms, peanut butter production soared to $ in 2019 estimated in export prices. In general, production, however, showed a mild expansion. The growth pace was the most rapid in 2013 with an increase of % year-to-year. Over the period under review, production reached the maximum level in 2019 and is likely to see steady growth in the immediate term.
The value of the peanut butter market in Nigeria rose notably to $ in 2019, surging 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). The market value increased at an average annual rate of +% over the period from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of % y-o-y. Over the period under review, the market attained the peak level in 2019 and is expected to retain growth in years to come.