Nigeria - Vegetable Fats And Oils - Market Analysis, Forecast, Size, Trends And Insights
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View PricingVegetable Oils Price in Nigeria - 2022
Contents:
- Vegetable Oils Price in Nigeria (CIF) - 2022
- Vegetable Oils Price in Nigeria (FOB) - 2022
- Vegetable Oils Imports in Nigeria
- Vegetable Oils Exports in Nigeria
Vegetable Oils Price in Nigeria (CIF) - 2022
In June 2022, the average vegetable oils import price amounted to $856 per ton, which is down by -4.6% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.4%. The most prominent rate of growth was recorded in May 2022 when the average import price increased by 30% month-to-month. The import price peaked at $1,008 per ton in January 2022; however, from February 2022 to June 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In June 2022, the country with the highest price was Malaysia ($1,723 per ton), while the price for Indonesia ($765 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 Malaysia (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Vegetable Oils Price in Nigeria (FOB) - 2022
In 2022, the average vegetable oils export price amounted to $1,025 per ton, falling by -28.5% against the previous year. Over the period under review, the export price, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2013 an increase of 97% against the previous year. The export price peaked at $1,824 per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($7,000 per ton), while the average price for exports to South Africa ($134 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 Singapore (+232.4%), while the prices for the other major destinations experienced more modest paces of growth.
Vegetable Oils Imports in Nigeria
In 2022, vegetable oils imports into Nigeria was estimated at 77K tons, growing by 3.9% against the previous year's figure. Over the period under review, imports enjoyed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 138%. As a result, imports reached the peak of 103K tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, vegetable oils imports soared to $73M in 2022. In general, imports posted a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 165% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.
Import of Vegetable Oils in Nigeria (Million USD) | |||||
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COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Arab Emirates | N/A | N/A | N/A | 72.7 | 0% |
Malaysia | 2.9 | 7.9 | 5.1 | N/A | 32.6% |
Indonesia | 18.3 | 51.5 | 46.4 | N/A | 59.2% |
Netherlands | 1.3 | 1.6 | 1.8 | N/A | 17.7% |
Others | 1.9 | 3.7 | 2.3 | N/A | 10.0% |
Total | 24.4 | 64.6 | 55.5 | 72.7 | 43.9% |
Top Suppliers of Vegetable Oils to Nigeria in 2022:
- United Arab Emirates (77.5K tons)
Vegetable Oils Exports in Nigeria
In 2022, the amount of vegetable fats and oils exported from Nigeria declined modestly to 18 tons, which is down by -4% against the previous year's figure. Over the period under review, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2021 when exports increased by 68%.
In value terms, vegetable oils exports plummeted to $19K in 2022. In general, exports, however, saw significant growth. The growth pace was the most rapid in 2021 with an increase of 168% against the previous year. As a result, the exports reached the peak of $27K, and then shrank notably in the following year.
Export of Vegetable Oils in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Kingdom | 2.6 | 3.5 | 10.4 | 7.9 | 44.8% |
Netherlands | N/A | N/A | 0.2 | 3.1 | 1450.0% |
Canada | 0.3 | 0.8 | 8.9 | 2.2 | 94.3% |
Brazil | N/A | N/A | N/A | 1.7 | 0% |
South Africa | 0.5 | 0.7 | N/A | 0.2 | -26.3% |
United Arab Emirates | 3.0 | 4.3 | N/A | N/A | 43.3% |
Turkey | N/A | N/A | 2.4 | N/A | 0% |
Others | 4.4 | 0.7 | 5.1 | 3.6 | -6.5% |
Total | 10.7 | 10.1 | 27.0 | 18.6 | 20.2% |
Top Export Markets for Vegetable Oils from Nigeria in 2022:
- United Arab Emirates (undefined tons)
- United Kingdom (9.2 tons)
- Brazil (1.6 tons)
- South Africa (1.5 tons)
- Netherlands (1.2 tons)
- Canada (0.4 tons)
This report provides an in-depth analysis of the vegetable oils 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 10416050 - Vegetable fats and oils and their fractions partly or wholly hydrogenated, inter-esterified, re-esterified or elaidinised, but not further prepared (including refined)
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 vegetable oils market in Nigeria.
This report provides an in-depth analysis of the animal fats market in Nigeria.
This report provides an in-depth analysis of the global vegetable oils market.
This report provides an in-depth analysis of the global animal fats market.
This report provides an in-depth analysis of the vegetable oils market in Nigeria.
This report provides an in-depth analysis of the animal fats market in Nigeria.
This report provides an in-depth analysis of the global vegetable oils market.
This report provides an in-depth analysis of the global animal fats market.
This article provides key statistics and insights into the best import markets for vegetable oils. China leads the way, followed by Germany, Malaysia, the United States, Poland, Denmark, France, Thailand, Belgium, and the Netherlands. The global market for vegetable oils continues to expand due to factors such as increasing health consciousness and the versatility of these oils in culinary applications.
This article provides key statistics and insights into the best import markets for vegetable oils. China leads the way, followed by Germany, Malaysia, the United States, Poland, Denmark, France, Thailand, Belgium, and the Netherlands. The global market for vegetable oils continues to expand due to factors such as increasing health consciousness and the versatility of these oils in culinary applications.