Nigeria - Ground-Nut Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingGroundnut Oil Price in Nigeria - 2021
Contents:
- Groundnut Oil Price in Nigeria (FOB) - 2021
- Groundnut Oil Price in Nigeria (CIF) - 2022
- Groundnut Oil Exports in Nigeria
- Groundnut Oil Imports in Nigeria
Groundnut Oil Price in Nigeria (FOB) - 2021
The average groundnut oil export price stood at $960 per ton in March 2021, almost unchanged from the previous month. In general, the export price saw a perceptible decrease. The pace of growth was the most pronounced in January 2021 an increase of less than 0.1% m-o-m. Over the period under review, the average export prices attained the maximum at $1,719 per ton in March 2020; however, from April 2020 to March 2021, the export prices stood at a somewhat lower figure.
As there is only one major export destination, the average price level is determined by prices for China.
From March 2020 to March 2021, the rate of growth in terms of prices for China amounted to -4.7% per month.
Groundnut Oil Price in Nigeria (CIF) - 2022
The average groundnut oil import price stood at $1,961 per ton in 2022, reducing by -16.9% against the previous year. Over the period under review, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, groundnut oil import price increased by +24.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50%. Over the period under review, average import prices reached the peak figure at $2,731 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($3,547 per ton), while the price for Belgium ($367 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Groundnut Oil Exports in Nigeria
In 2022, shipments abroad of groundnut oil decreased by -98.6% to 36 tons, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a sharp shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 653% against the previous year. As a result, the exports attained the peak of 2.6K tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, groundnut oil exports reduced notably to $52K in 2022. In general, exports faced a sharp slump. The most prominent rate of growth was recorded in 2020 with an increase of 818% against the previous year.
| Export of Groundnut Oil in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 414 | 3,807 | 4,562 | 50.7 | -50.3% |
| Cameroon | N/A | 1.0 | 1.1 | 1.0 | 0.0% |
| Benin | 0.5 | 1.2 | 7.7 | 0.1 | -41.5% |
| Others | N/A | 0.7 | 0.8 | 0.7 | 0.0% |
| Total | 415 | 3,810 | 4,571 | 52.5 | -49.8% |
Top Export Markets for Groundnut Oil from Nigeria in 2022:
- China (31.2 tons)
- Benin (3.4 tons)
- Cameroon (0.5 tons)
Groundnut Oil Imports in Nigeria
In 2022, the amount of groundnut oil imported into Nigeria amounted to 19 tons, stabilizing at the year before. Over the period under review, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 150% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, groundnut oil imports fell dramatically to $37K in 2022. Overall, imports showed a significant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 77% against the previous year.
| Import of Groundnut Oil in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Italy | 7.6 | 13.9 | 12.4 | 12.8 | 19.0% |
| Benin | 3.0 | 2.7 | 6.8 | 7.0 | 32.6% |
| United States | 2.7 | 2.8 | 6.0 | 6.2 | 31.9% |
| Singapore | 1.1 | 3.9 | 3.5 | 4.2 | 56.3% |
| Canada | 0.9 | 2.5 | 1.9 | 2.0 | 30.5% |
| United Kingdom | 1.0 | 2.5 | 1.5 | 1.2 | 6.3% |
| Belgium | 0.1 | 0.4 | 0.4 | 0.4 | 58.7% |
| Others | 0.2 | 0.5 | 11.6 | 2.9 | 143.8% |
| Total | 16.5 | 29.3 | 44.1 | 36.7 | 30.5% |
Top Suppliers of Groundnut Oil to Nigeria in 2022:
- Benin (4.2 tons)
- Italy (3.6 tons)
- Canada (3.3 tons)
- United States (2.3 tons)
- Singapore (2.0 tons)
- Belgium (1.1 tons)
- United Kingdom (0.9 tons)
This report provides an in-depth analysis of the groundnut 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 244 - Oil of Groundnuts
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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This report provides an in-depth analysis of the groundnut oil market in Nigeria.
345
This report provides an in-depth analysis of the market for ground-nut oil and its fractions in Nigeria.
643
This report provides an in-depth analysis of the crude groundnut oil market in Nigeria.
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This report provides an in-depth analysis of the refined groundnut oil market in Nigeria.
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This report provides an in-depth analysis of the global groundnut oil market.
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Global Market for Ground-Nut Oil And Its Fractions. This report provides an in-depth analysis of the global market for ground-nut oil and its fractions.
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This report provides an in-depth analysis of the global crude groundnut oil market.
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This report provides an in-depth analysis of the global refined groundnut oil market.
1846
This report provides an in-depth analysis of the groundnut oil market in Nigeria.
345
This report provides an in-depth analysis of the market for ground-nut oil and its fractions in Nigeria.
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Global groundnut oil imports reached $671M in 2020. In physical terms, global imports spiked by +15% y-o-y to 444K tons in 2020, mainly due to rising demand from China. China represents the world’s largest importer of groundnut oil, with a 61%-share of global import volume. In 2020, China’s groundnut oil imports jumped from $225M to $433M. Brazil and Argentina remain the key exporters of groundnut oil.
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In 2015, the countries with the highest levels of ground-nut oil production were China (X thousand tons), India (X thousand tons), Nigeria (X thousand tons), together accounting for X% of total output.
2307
Argentina dominates in the global ground-nut oil trade. In 2014, Argentina exported X thousand tons of ground-nut oil totaling X million USD, X% over the previous year. Its primary trading partner was China, where it supplied X% of its total grou
974
Global groundnut oil imports reached $671M in 2020. In physical terms, global imports spiked by +15% y-o-y to 444K tons in 2020, mainly due to rising demand from China. China represents the world’s largest importer of groundnut oil, with a 61%-share of global import volume. In 2020, China’s groundnut oil imports jumped from $225M to $433M. Brazil and Argentina remain the key exporters of groundnut oil.
1679
In 2015, the countries with the highest levels of ground-nut oil production were China (X thousand tons), India (X thousand tons), Nigeria (X thousand tons), together accounting for X% of total output.
2307
Argentina dominates in the global ground-nut oil trade. In 2014, Argentina exported X thousand tons of ground-nut oil totaling X million USD, X% over the previous year. Its primary trading partner was China, where it supplied X% of its total grou
