Nigeria - Refined Groundnut Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingRefined Groundnut Oil Price in Nigeria - 2022
Contents:
- Refined Groundnut Oil Price in Nigeria (CIF) - 2022
- Refined Groundnut Oil Price in Nigeria (FOB) - 2022
- Refined Groundnut Oil Imports in Nigeria
- Refined Groundnut Oil Exports in Nigeria
Refined Groundnut Oil Price in Nigeria (CIF) - 2022
In 2022, the average refined groundnut oil import price amounted to $1,841 per ton, waning by -21.5% against the previous year. In general, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined groundnut oil import price increased by +7.0% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 36%. The import price peaked at $2,732 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($3,254 per ton), while the price for Belgium ($378 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+26.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Refined Groundnut Oil Price in Nigeria (FOB) - 2022
The average refined groundnut oil export price stood at $1,027 per ton in 2022, reducing by -13.8% against the previous year. Overall, the export price, however, saw a temperate expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 202%. As a result, the export price attained the peak level of $2,521 per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovenia ($2,179 per ton), while the average price for exports to South Africa ($212 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 Netherlands (+123.2%), while the prices for the other major destinations experienced mixed trend patterns.
Refined Groundnut Oil Imports in Nigeria
In 2022, purchases abroad of refined groundnut oil decreased by -53.9% to 8.4 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports faced a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 104% against the previous year. As a result, imports reached the peak of 25 tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, refined groundnut oil imports shrank sharply to $15K in 2022. In general, imports faced a abrupt contraction. The pace of growth appeared the most rapid in 2020 with an increase of 82%. As a result, imports reached the peak of $43K. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
Import of Refined Groundnut Oil in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Benin | 4.8 | 3.0 | 6.8 | 3.7 | -8.3% |
United States | 4.3 | 3.1 | 6.0 | 3.2 | -9.4% |
Singapore | 1.7 | 4.4 | 3.5 | 2.2 | 9.0% |
United Arab Emirates | N/A | N/A | N/A | 1.8 | 0% |
Italy | 4.5 | 12.8 | 10.8 | 1.1 | -37.5% |
Canada | 1.4 | 2.8 | 1.9 | 1.0 | -10.6% |
United Kingdom | 1.7 | 2.8 | 1.5 | 0.6 | -29.3% |
Belgium | 0.2 | 0.5 | 0.5 | 0.2 | 0.0% |
Others | 4.8 | 13.3 | 11.6 | 1.6 | -30.7% |
Total | 23.4 | 42.7 | 42.6 | 15.4 | -13.0% |
Top Suppliers of Refined Groundnut Oil to Nigeria in 2022:
- Benin (1959.0 kg)
- Canada (1549.0 kg)
- United States (1082.0 kg)
- United Arab Emirates (1038.0 kg)
- Singapore (919.0 kg)
- Belgium (542.0 kg)
- United Kingdom (400.0 kg)
- Italy (342.0 kg)
Refined Groundnut Oil Exports in Nigeria
In 2022, shipments abroad of refined groundnut oil was finally on the rise to reach 2.5 tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a abrupt curtailment.
In value terms, refined groundnut oil exports surged to $2.6K in 2022. Over the period under review, exports, however, recorded a deep downturn.
Export of Refined Groundnut Oil in Nigeria (USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Cameroon | 18.0 | 1,320 | 834 | 1,050 | 287.8% |
Slovenia | 10.0 | 1,262 | 704 | 669 | 306.0% |
Canada | 1.0 | 328 | 20.0 | 607 | 746.7% |
South Africa | 1.0 | 57.0 | 46.0 | 168 | 451.8% |
Benin | 1.0 | 25.0 | 4.0 | 26.0 | 196.2% |
Niger | 2.0 | 104 | 37.0 | 23.0 | 125.7% |
China | 3,293 | N/A | N/A | N/A | 0% |
Gambia | N/A | N/A | 11.0 | N/A | 0% |
Others | 4.0 | 2.0 | 1.0 | 41.0 | 117.2% |
Total | 3,330 | 3,098 | 1,657 | 2,584 | -8.1% |
Top Export Markets for Refined Groundnut Oil from Nigeria in 2022:
- Cameroon (866.0 kg)
- South Africa (791.0 kg)
- Canada (457.0 kg)
- Slovenia (307.0 kg)
- Benin (63.0 kg)
- Niger (18.0 kg)
This report provides an in-depth analysis of the refined 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:
- Prodcom 10415200 - Refined groundnut oil and its fractions (excluding chemically modified)
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
This report provides an in-depth analysis of the refined groundnut oil market in Nigeria.
This report provides an in-depth analysis of the groundnut oil market in Nigeria.
This report provides an in-depth analysis of the market for ground-nut oil and its fractions in Nigeria.
This report provides an in-depth analysis of the crude groundnut oil market in Nigeria.
This report provides an in-depth analysis of the global refined groundnut oil market.
This report provides an in-depth analysis of the global groundnut oil market.
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.
This report provides an in-depth analysis of the global crude groundnut oil market.
This report provides an in-depth analysis of the refined groundnut oil market in Nigeria.
This report provides an in-depth analysis of the groundnut oil market in Nigeria.
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.
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.
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
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.
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.
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