Nigeria - Palm Kernel and Babassu Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Palm Kernel Oil Market 2024
Palm Kernel Oil Market Size in Nigeria
In 2022, the Nigerien palm kernel oil market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.
Palm Kernel Oil Production in Nigeria
In value terms, palm kernel oil production expanded notably to $X in 2022 estimated in export price. In general, production showed a mild setback. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.
Palm Kernel Oil Exports
Exports from Nigeria
For the third year in a row, Nigeria recorded growth in shipments abroad of palm kernel and babassu oil, which increased by X% to X tons in 2022. In general, exports showed a significant increase. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.
In value terms, palm kernel oil exports soared to $X in 2022. Over the period under review, exports saw a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
Exports by Country
The Netherlands (X tons) was the main destination for palm kernel oil exports from Nigeria, with a X% share of total exports. Moreover, palm kernel oil exports to the Netherlands exceeded the volume sent to the second major destination, Portugal (X tons), threefold. The third position in this ranking was held by Poland (X tons), with a X% share.
From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (X% per year) and Poland (X% per year).
In value terms, the Netherlands ($X) emerged as the key foreign market for palm kernel and babassu oil exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by India ($X), with an X% share of total exports. It was followed by Ghana, with a X% share.
From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Ghana (X% per year).
Export Prices by Country
In 2022, the average palm kernel oil export price amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, continues to indicate a noticeable setback. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Portugal ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.
Palm Kernel Oil Imports
Imports into Nigeria
In 2022, approx. X kg of palm kernel and babassu oil were imported into Nigeria; which is down by X% compared with the previous year. Overall, imports showed a sharp slump. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.
In value terms, palm kernel oil imports dropped markedly to $X in 2022. In general, imports saw a significant decrease. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.
Imports by Country
In 2022, the United States (X kg) was the main supplier of palm kernel oil to Nigeria, with a approx. X% share of total imports.
From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%.
In value terms, the United States ($X) constituted the largest supplier of palm kernel and babassu oil to Nigeria.
From 2012 to 2022, the average annual growth rate of value from the United States stood at X%.
Import Prices by Country
The average palm kernel oil import price stood at $X per ton in 2022, jumping by X% against the previous year. In general, the import price recorded a significant increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
As there is only one major supplying country, the average price level is determined by prices for the United States.
From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to X% per year.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the palm kernel oil market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 258 - Oil of Palm Kernel
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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