Nuts - Nigeria | Statista Market Forecast

Revenue in the Nuts market amounts to US$1.60bn in 2024. The market is expected to grow annually by 9.38% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$11bn in 2024).
In relation to total population figures, per person revenues of US$6.97 are generated in 2024.
In the Nuts market, volume is expected to amount to 182.20m kg by 2029. The Nuts market is expected to show a volume growth of 4.3% in 2025.0.
The average volume per person in the Nuts market is expected to amount to 0.7kg in 2024.

Definition:

The Nuts market covers edible nuts both shelled and unshelled. Nuts are classified as dry, single-seeded fruits that contain a lot of oil. Some examples include almonds, peanuts, walnuts, hazelnuts, and pistachios.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Almonds
Peanuts
Walnuts
Hazelnuts
Other nuts
Nut snack packs without other ingredients
Whole nuts in the shell, shelled nuts Nuts
Raw nut, roasted nuts
Salted and unsalted nuts, flavored nuts

Nut and seed mixes (e.g. trail mix)
Out-of-home consumption

The Nuts Market in Nigeria is experiencing minimal growth due to various factors such as low consumer awareness, limited online services, and challenges in supply chains. Despite this, the market is expected to grow steadily in the coming years.

Customer preferences: In the Nuts Market of the Fruits & Nuts Market within The Food market, there is a growing trend towards healthier and more sustainable snacking options. This is driven by increasing awareness of the impact of food choices on personal and environmental health. As a result, there is a demand for plant-based and organic nut products, as well as innovative packaging solutions that reduce plastic waste. Additionally, consumers are seeking out locally sourced and fair trade nuts, reflecting a growing interest in supporting ethical and sustainable practices in the food industry.

Trends in the market: In Nigeria, the Nuts Market of the Fruits & Nuts Market within The Food market is experiencing a surge in demand for healthier snack options, driving the growth of the market. This trend is fueled by the increasing health consciousness among consumers, who are seeking nutritious alternatives to traditional snacks. Additionally, there is a growing interest in organic and natural nuts, as well as innovative flavors and packaging designs. These trends are expected to continue, presenting opportunities for industry players to cater to the evolving preferences of consumers and differentiate themselves in a highly competitive market.

Local special circumstances: In Nigeria, the Nuts Market of the Fruits & Nuts Market within The Food market is heavily influenced by geographical and cultural factors. The country's diverse climate allows for the growth of a wide variety of nuts, including cashews, peanuts, and almonds. Additionally, nuts hold cultural significance in traditional Nigerian cuisine, making them a staple in many dishes. However, regulations and infrastructure challenges can hinder the export and distribution of these products, impacting market dynamics. In contrast, neighboring countries like Ghana and Ivory Coast have established more efficient supply chains for their nut exports.

Underlying macroeconomic factors: The Nuts Market of the Fruits & Nuts Market within The Food market in Nigeria is affected by various macroeconomic factors that influence the overall market performance. These include global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The country's economic health and policies play a crucial role in determining the growth and development of the market. Additionally, global economic trends, such as fluctuations in commodity prices and currency exchange rates, can have a significant impact on the market. Moreover, government regulations and policies related to trade and investment also affect the market, as they can either promote or hinder the growth of the Nuts Market. Finally, the increasing population and rising disposable income in Nigeria are driving the demand for nuts, leading to market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.