Starches; Inulin Price in Nigeria - 2022
Contents:
- Starches; Inulin Price in Nigeria (CIF) - 2022
- Starches; Inulin Price in Nigeria (FOB) - 2022
- Starches; Inulin Imports in Nigeria
- Starches; Inulin Exports in Nigeria
Starches; Inulin Price in Nigeria (CIF) - 2022
The average starches; inulin import price stood at $1,128 per ton in June 2022, increasing by 64% against the previous month. In general, import price indicated a perceptible expansion from June 2021 to June 2022: its price increased at an average monthly rate of +3.9% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on June 2022 figures, starches; inulin import price increased by +64.4% against May 2022 indices. The most prominent rate of growth was recorded in October 2021 an increase of 83% against the previous month. As a result, import price attained the peak level of $1,190 per ton. From November 2021 to June 2022, the average import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In June 2022, the country with the highest price was China ($11,641 per ton), while the price for Argentina ($504 per ton) was amongst the lowest.
From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by China (+25.7%), while the prices for the other major suppliers experienced more modest paces of growth.
Starches; Inulin Price in Nigeria (FOB) - 2022
The average starches; inulin export price stood at $864 per ton in 2022, with an increase of 9.8% against the previous year. Over the period under review, the export price, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2015 when the average export price increased by 59%. Over the period under review, the average export prices hit record highs at $1,429 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($2,973 per ton), while the average price for exports to Cameroon ($384 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 Ghana (+3.0%), while the prices for the other major destinations experienced a decline.
Starches; Inulin Imports in Nigeria
In 2022, supplies from abroad of starches; inulins decreased by -6.5% to 89K tons, falling for the second year in a row after two years of growth. The total import volume increased at an average annual rate of +4.8% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 50%. As a result, imports attained the peak of 116K tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, starches; inulin imports expanded rapidly to $79M in 2022. Overall, imports, however, posted a significant increase. The growth pace was the most rapid in 2020 with an increase of 119% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.
| Import of Starches; Inulin in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Turkey | 15.4 | 29.3 | 33.5 | 29.3 | 23.9% |
| China | 9.1 | 14.9 | 15.2 | 12.2 | 10.3% |
| India | 1.0 | 8.2 | 8.2 | 12.1 | 129.6% |
| Argentina | 2.3 | 5.5 | 2.9 | 8.3 | 53.4% |
| Brazil | 2.8 | 4.3 | 1.4 | 4.3 | 15.4% |
| Egypt | 0.4 | 0.8 | 1.0 | 3.4 | 104.1% |
| Spain | 0.6 | 1.1 | 0.3 | 1.6 | 38.7% |
| Others | 2.6 | 10.5 | 9.0 | 8.3 | 47.2% |
| Total | 34.1 | 74.7 | 71.5 | 79.4 | 32.5% |
Top Suppliers of Starches; Inulin to Nigeria in 2022:
- Turkey (33.0K tons)
- China (13.6K tons)
- India (12.3K tons)
- Argentina (11.6K tons)
- Egypt (5.3K tons)
- Brazil (3.8K tons)
- Spain (2.0K tons)
Starches; Inulin Exports in Nigeria
After two years of decline, overseas shipments of starches; inulins increased by 60% to 328 tons in 2022. In general, exports, however, recorded a dramatic descent.
In value terms, starches; inulin exports soared to $284K in 2022. Overall, exports, however, recorded a precipitous setback.
| Export of Starches; Inulin in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Cote d'Ivoire | 377 | 174 | 101 | 183 | -21.4% |
| Ghana | 63.9 | 19.8 | 19.5 | 30.3 | -22.0% |
| China | 12.6 | 21.4 | 12.8 | 23.9 | 23.8% |
| United States | 706 | 74.8 | 11.8 | 20.4 | -69.3% |
| Cameroon | 14.7 | 5.5 | 2.6 | 3.7 | -36.9% |
| Others | 70.7 | 110 | 13.8 | 22.7 | -31.5% |
| Total | 1,245 | 406 | 162 | 284 | -38.9% |
Top Export Markets for Starches; Inulin from Nigeria in 2022:
- Cote d'Ivoire (221.0 tons)
- China (60.6 tons)
- United States (11.6 tons)
- Ghana (10.2 tons)
- Cameroon (9.7 tons)
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