Report Update: Apr 1, 2024

Nigeria - Margarine And Shortening - Market Analysis, Forecast, Size, Trends and Insights

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Margarine and Shortening Price in Nigeria - 2022

Margarine and Shortening Price in Nigeria (CIF) - 2022

In 2022, the average margarine and shortening import price amounted to $607 per ton, with a decrease of -9.9% against the previous year. Overall, the import price saw a pronounced decline. The most prominent rate of growth was recorded in 2014 when the average import price increased by 51%. Over the period under review, average import prices reached the peak figure at $1,353 per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Denmark ($1,777 per ton), while the price for Australia ($185 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.3%), while the prices for the other major suppliers experienced a decline.

Margarine and Shortening Price in Nigeria (FOB) - 2022

The average margarine and shortening export price stood at $953 per ton in 2022, increasing by 13% against the previous year. Over the period under review, the export price, however, saw a pronounced slump. The pace of growth was the most pronounced in 2016 an increase of 48%. Over the period under review, the average export prices reached the maximum at $1,800 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($1,154 per ton), while the average price for exports to Benin ($89 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 Burkina Faso (+44.6%), while the prices for the other major destinations experienced a decline.

Margarine and Shortening Imports in Nigeria

For the fourth consecutive year, Nigeria recorded growth in overseas purchases of margarine and shortening, which increased by 4.9% to 201K tons in 2022. Overall, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 283% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, margarine and shortening imports reduced to $122M in 2022. Over the period under review, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 359%. As a result, imports reached the peak of $129M, and then fell in the following year.

Import of Margarine and Shortening in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Denmark	6.3	4.3	45.3	48.9	98.0%
Indonesia	3.1	10.3	47.4	40.5	135.5%
United Arab Emirates	0.5	0.4	1.3	6.2	131.5%
Netherlands	1.1	1.8	1.8	3.8	51.2%
Malaysia	0.1	0.9	0.6	3.0	210.7%
Ghana	2.1	2.4	5.1	2.0	-1.6%
Others	5.8	8.0	27.3	17.5	44.5%
Total	19.1	28.1	129	122	85.5%

Top Suppliers of Margarine and Shortening to Nigeria in 2022:

Indonesia (130.1K tons)
Denmark (27.5K tons)
United Arab Emirates (15.8K tons)
Malaysia (5.3K tons)
Netherlands (4.6K tons)
Ghana (1.9K tons)

Margarine and Shortening Exports in Nigeria

After three years of growth, overseas shipments of margarine and shortening decreased by -0.1% to 126 tons in 2022. Overall, exports, however, showed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 195%.

In value terms, margarine and shortening exports expanded rapidly to $120K in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 260% against the previous year. As a result, the exports attained the peak of $134K. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Export of Margarine and Shortening in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	28.8	87.8	73.4	71.1	35.2%
Netherlands	1.0	6.9	8.4	21.8	179.4%
Benin	1.6	4.5	6.2	2.5	16.0%
Niger	2.1	2.8	2.1	1.4	-12.6%
Burkina Faso	N/A	N/A	6.0	N/A	0%
Others	3.5	31.6	10.2	23.2	87.8%
Total	37.1	134	106	120	47.9%

Top Export Markets for Margarine and Shortening from Nigeria in 2022:

United States (66.5 tons)
Benin (27.5 tons)
Netherlands (20.5 tons)
Niger (4.9 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the margarine and shortening 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 1242 - Margarine and Shortening

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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023