Nigeria - Palm Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingPalm Oil Price in Nigeria - 2022
Contents:
- Palm Oil Price in Nigeria (CIF) - 2022
- Palm Oil Price in Nigeria (FOB) - 2022
- Palm Oil Imports in Nigeria
- Palm Oil Exports in Nigeria
Palm Oil Price in Nigeria (CIF) - 2022
The average palm oil import price stood at $1,018 per ton in 2022, declining by -14.6% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 34% against the previous year. As a result, import price reached the peak level of $1,192 per ton, and then shrank in the following year.
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 India ($4,579 per ton), while the price for the United States ($109 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Palm Oil Price in Nigeria (FOB) - 2022
The average palm oil export price stood at $924 per ton in 2022, falling by -11.6% against the previous year. In general, the export price, however, showed measured growth. The most prominent rate of growth was recorded in 2018 an increase of 132% against the previous year. Over the period under review, the average export prices attained the maximum at $1,045 per ton in 2021, and then contracted in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($2,445 per ton), while the average price for exports to Ghana ($120 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 United States (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.
Palm Oil Imports in Nigeria
In 2022, the amount of palm oil imported into Nigeria reduced notably to 623K tons, shrinking by -19.6% on the previous year. In general, total imports indicated measured growth from 2019 to 2022: its volume increased at an average annual rate of +2.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +24.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 55% against the previous year. As a result, imports reached the peak of 775K tons, and then reduced sharply in the following year.
In value terms, palm oil imports contracted notably to $634M in 2022. Overall, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 108% against the previous year. As a result, imports attained the peak of $923M, and then dropped notably in the following year.
| Import of Palm Oil in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 7.3 | 33.6 | 84.7 | 48.8 | 88.4% |
| Malaysia | 221 | 290 | 361 | 39.0 | -43.9% |
| China | 0.1 | 0.1 | 41.4 | 23.8 | 519.7% |
| Indonesia | 109 | 74.6 | 77.7 | 21.3 | -42.0% |
| Singapore | 3.6 | 33.2 | 15.4 | 12.6 | 51.8% |
| Niger | 49.3 | 7.4 | 4.1 | 4.7 | -54.3% |
| United States | 1.6 | 1.3 | 1.9 | 1.1 | -11.7% |
| Others | 3.6 | 3.3 | 337 | 483 | 411.9% |
| Total | 396 | 443 | 923 | 634 | 17.0% |
Top Suppliers of Palm Oil to Nigeria in 2022:
- Indonesia (37.4K tons)
- Malaysia (16.2K tons)
- Singapore (11.1K tons)
- India (10.6K tons)
- United States (10.0K tons)
- Niger (8.0K tons)
- China (6.1K tons)
Palm Oil Exports in Nigeria
In 2022, approx. 1.3K tons of palm oil were exported from Nigeria; rising by 5.1% against 2021. In general, total exports indicated resilient growth from 2019 to 2022: its volume increased at an average annual rate of +18.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +68.2% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 61%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.
In value terms, palm oil exports declined to $1.2M in 2022. Over the period under review, exports posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of 91% against the previous year.
| Export of Palm Oil in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 199 | 492 | 541 | 480 | 34.1% |
| Canada | 102 | 218 | 219 | 283 | 40.5% |
| Niger | 0.3 | 4.2 | 5.5 | 119 | 634.8% |
| United Kingdom | 11.9 | 31.5 | 60.5 | 39.9 | 49.7% |
| South Africa | 32.1 | 38.8 | 40.4 | 35.0 | 2.9% |
| Netherlands | 65.1 | 105 | 62.6 | 16.1 | -37.2% |
| United Arab Emirates | 36.3 | 61.1 | 27.8 | 8.8 | -37.6% |
| Ghana | 26.8 | 4.0 | 5.3 | 6.5 | -37.6% |
| Others | 94.6 | 131 | 302 | 187 | 25.5% |
| Total | 567 | 1,086 | 1,264 | 1,175 | 27.5% |
Top Export Markets for Palm Oil from Nigeria in 2022:
- Niger (297.8 tons)
- South Africa (258.6 tons)
- Canada (250.7 tons)
- United States (196.2 tons)
- United Kingdom (94.0 tons)
- Ghana (54.7 tons)
- Netherlands (10.8 tons)
- United Arab Emirates (8.9 tons)
This report provides an in-depth analysis of the palm 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 257 - Oil of palm
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
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
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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