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Nigeria - Refined Palm Oil - Market Analysis, Forecast, Size, Trends And Insights
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Nigeria: Refined Palm Oil Market Overview 2021

Refined Palm Oil Market Size in Nigeria

The Nigerien refined palm oil market expanded sharply to $X in 2020, surging by X% against the previous year. Overall, the total consumption indicated tangible growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, consumption increased by +X% against 2016 indices. The pace of growth appeared the most rapid in 2014 when the market value increased by X% y-o-y. Refined palm oil consumption peaked in 2020 and is expected to retain growth in years to come.

Refined Palm Oil Production in Nigeria

In value terms, refined palm oil production surged to $X in 2020 estimated in export prices. In general, the total production indicated notable growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by X% y-o-y. Refined palm oil production peaked at $X in 2017; however, from 2018 to 2020, production remained at a lower figure.

Refined Palm Oil Exports

Exports from Nigeria

In 2020, overseas shipments of refined palm oil were finally on the rise to reach X tonnes for the first time since 2017, thus ending a two-year declining trend. Over the period under review, exports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2015 with an increase of X% y-o-y. Over the period under review, exports hit record highs in 2020 and are expected to retain growth in years to come.

In value terms, refined palm oil exports soared to $X in 2020. In general, exports showed a strong expansion. The most prominent rate of growth was recorded in 2011 when exports increased by X% against the previous year. Exports peaked in 2020 and are expected to retain growth in years to come.

Exports by Country

The U.S. (X tonnes), South Africa (X tonnes) and Canada (X tonnes) were the main destinations of refined palm oil exports from Nigeria, with a combined X% share of total exports.

From 2007 to 2020, the biggest increases were in the U.S. (+X% per year), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the U.S. ($X) remains the key foreign market for refined palm oil exports from Nigeria, comprising X% of total exports. The second position in the ranking was occupied by Canada ($X), with a X% share of total exports. It was followed by South Africa, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value to the U.S. totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+X% per year) and South Africa (+X% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per tonne in 2020, surging by X% against the previous year. In general, export price indicated a noticeable increase from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, refined palm oil export price increased by +X% against 2017 indices. The most prominent rate of growth was recorded in 2011 an increase of X% year-to-year. The export price peaked at $X per tonne in 2014; however, from 2015 to 2020, export prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was the U.S. ($X per tonne), while the average price for exports to South Africa ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the U.S., while the prices for the other major destinations experienced mixed trend patterns.

Refined Palm Oil Imports

Imports into Nigeria

In 2020, supplies from abroad of refined palm oil increased by X% to X tonnes, rising for the third consecutive year after two years of decline. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2010 when imports increased by X% year-to-year. Imports peaked in 2020 and are expected to retain growth in the near future.

In value terms, refined palm oil imports soared to $X in 2020. Over the period under review, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2010 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2020, imports stood at a somewhat lower figure.

Imports by Country

In 2020, the U.S. (X tonnes) was the main refined palm oil supplier to Nigeria, accounting for a X% share of total imports. Moreover, refined palm oil imports from the U.S. exceeded the figures recorded by the second-largest supplier, Germany (X tonnes), more than tenfold.

From 2007 to 2020, the average annual growth rate of volume from the U.S. amounted to +X%.

In value terms, the U.S. ($X) constituted the largest supplier of refined palm oil to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by Germany ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value from the U.S. amounted to +X%.

Import Prices by Country

The average refined palm oil import price stood at $X per tonne in 2020, rising by X% against the previous year. In general, the import price, however, continues to indicate a perceptible descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per tonne in 2009; however, from 2010 to 2020, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Germany ($X per tonne), while the price for the U.S. amounted to $X per tonne.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the U.S..

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined palm oil in the world?
+
The countries with the highest volumes of refined palm oil consumption in 2020 were China (12M tonnes), the U.S. (6.5M tonnes) and India (5.2M tonnes), together comprising 29% of global consumption. Pakistan, Japan, Brazil, Russia, Indonesia, Bangladesh, Nigeria, Mexico and Turkey lagged somewhat behind, together accounting for a further 24%.
What are the largest producers of refined palm oil in the world?
+
Indonesia (13M tonnes) remains the largest refined palm oil producing country worldwide, accounting for 19% of total volume. Moreover, refined palm oil production in Indonesia exceeded the figures recorded by the second-largest producer, China (5.5M tonnes), twofold. Malaysia (5.5M tonnes) ranked third in terms of total production with a 7.9% share.
What are the leading suppliers of refined palm oil to Nigeria?
+
In value terms, the U.S. ($238M) constituted the largest supplier of refined palm oil to Nigeria, comprising 80% of total imports. The second position in the ranking was occupied by Germany ($55M), with a 18% share of total imports.
What are the leading importers of refined palm oil from Nigeria?
+
In value terms, the U.S. ($490K) remains the key foreign market for refined palm oil exports from Nigeria, comprising 63% of total exports. The second position in the ranking was occupied by Canada ($204K), with a 26% share of total exports. It was followed by South Africa, with a 5% share.
What is the average export price for refined palm oil in Nigeria?
+
The average refined palm oil export price stood at $889 per tonne in 2020, increasing by 13% against the previous year.
What is the average import price for refined palm oil in Nigeria?
+
The average refined palm oil import price stood at $646 per tonne in 2020, increasing by 14% against the previous year.

Product coverage:
• Prodcom 10415700 - Refined palm oil and its fractions (excluding chemically modified)

This report provides an in-depth analysis of the refined 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 2025.


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:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. 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

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption In 2007–2020
Table 5:
Imports, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Value Terms, By Country, 2007–2020
Table 7:
Import Prices, By Country Of Origin, 2007–2020
Table 8:
Exports, In Physical Terms, By Country, 2007–2020
Table 9:
Exports, In Value Terms, By Country, 2007–2020
Table 10:
Export Prices, By Country Of Destination, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007–2020
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007–2020
Figure 5:
Trade Balance, In Physical Terms, 2007–2020
Figure 6:
Trade Balance, In Value Terms, 2007–2020
Figure 7:
Per Capita Consumption, 2007–2020
Figure 8:
Market Forecast To 2025
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2007–2020
Figure 21:
Production, In Value Terms, 2007–2020
Figure 22:
Imports, In Physical Terms, 2007–2020
Figure 23:
Imports, In Value Terms, 2007–2020
Figure 24:
Imports, In Physical Terms, By Country, 2020
Figure 25:
Imports, In Physical Terms, By Country, 2007–2020
Figure 26:
Imports, In Value Terms, By Country, 2007–2020
Figure 27:
Import Prices, By Country Of Origin, 2007–2020
Figure 28:
Exports, In Physical Terms, 2007–2020
Figure 29:
Exports, In Value Terms, 2007–2020
Figure 30:
Exports, In Physical Terms, By Country, 2020
Figure 31:
Exports, In Physical Terms, By Country, 2007–2020
Figure 32:
Exports, In Value Terms, By Country, 2007–2020
Figure 33:
Export Prices, By Country Of Destination, 2007–2020

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