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Nigeria - Refined Soybean Oil And Its Fractions - Market Analysis, Forecast, Size, Trends And Insights
Update: COVID-19 Impact

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Nigeria: Refined Soybean Oil Market Overview 2021

Refined Soybean Oil Market Size in Nigeria

The Nigerien refined soybean oil market contracted modestly to $X in 2019, therefore, remained relatively stable against the previous year. Overall, consumption, however, continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2013 with an increase of X% y-o-y. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2019, consumption remained at a lower figure.

Refined Soybean Oil Production in Nigeria

In value terms, refined soybean oil production declined modestly to $X in 2019 estimated in export prices. Over the period under review, production, however, continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2019, production failed to regain the momentum.

Refined Soybean Oil Exports

Exports from Nigeria

In 2019, shipments abroad of refined soybean oil and its fractions decreased by X% to X tonnes, falling for the third consecutive year after two years of growth. Overall, exports saw strong growth. The growth pace was the most rapid in 2015 with an increase of X% y-o-y. Over the period under review, exports reached the peak figure at X tonnes in 2016; however, from 2017 to 2019, exports remained at a lower figure.

In value terms, refined soybean oil exports amounted to $X in 2019. In general, exports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. As a result, exports attained the peak of $X. From 2014 to 2019, the growth exports remained at a lower figure.

Exports by Country

Spain (X kg) was the main destination for refined soybean oil exports from Nigeria, with a X% share of total exports. Moreover, refined soybean oil exports to Spain exceeded the volume sent to the second major destination, the Netherlands (X kg), threefold.

From 2007 to 2019, the average annual growth rate of volume to Spain was relatively modest.

From 2007 to 2019, the average annual rate of growth in terms of value to Spain was relatively modest.

Export Prices by Country

The average refined soybean oil export price stood at $X per tonne in 2019, remaining relatively unchanged against the previous year. Overall, the export price continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2013 when the average export price increased by X% y-o-y. As a result, export price attained the peak level of $X per tonne. From 2014 to 2019, the growth in terms of the average export prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was Spain ($X per tonne), while the average price for exports to the Netherlands amounted to $X per tonne.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands.

Refined Soybean Oil Imports

Imports into Nigeria

For the third consecutive year, Nigeria recorded growth in overseas purchases of refined soybean oil and its fractions, which increased by X% to X tonnes in 2019. Over the period under review, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2008 when imports increased by X% y-o-y. As a result, imports reached the peak of X tonnes. From 2009 to 2019, the growth imports failed to regain the momentum.

In value terms, refined soybean oil imports skyrocketed to $X in 2019. Overall, imports posted a tangible expansion. The most prominent rate of growth was recorded in 2008 when imports increased by X% year-to-year. As a result, imports reached the peak of $X. From 2009 to 2019, the growth imports remained at a somewhat lower figure.

Imports by Country

The Netherlands (X tonnes), China (X tonnes) and Benin (X tonnes) were the main suppliers of refined soybean oil imports to Nigeria, with a combined X% share of total imports. These countries were followed by Italy and the U.S., which together accounted for a further X 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy, while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), China ($X) and Benin ($X) appeared to be the largest refined soybean oil suppliers to Nigeria, with a combined X% share of total imports. Italy and the U.S. lagged somewhat behind, together comprising a further X recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2019, the average refined soybean oil import price amounted to $X per tonne, dropping by -X% against the previous year. Overall, the import price saw a mild contraction. The pace of growth was the most pronounced in 2008 when the average import price increased by X% y-o-y. As a result, import price attained the peak level of $X per tonne. From 2009 to 2019, the growth in terms of the average import prices remained at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was the U.S. ($X per tonne), while the price for Italy ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by the U.S., while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined soybean oil and its fractions in the world?
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China (1.8M tonnes) constituted the country with the largest volume of refined soybean oil consumption, comprising approx. 16% of total volume. Moreover, refined soybean oil consumption in China exceeded the figures recorded by the second-largest consumer, the U.S. (808K tonnes), twofold. The third position in this ranking was occupied by India (734K tonnes), with a 6.6% share.
What are the largest producers of refined soybean oil and its fractions in the world?
+
China (2M tonnes) remains the largest refined soybean oil producing country worldwide, comprising approx. 17% of total volume. Moreover, refined soybean oil production in China exceeded the figures recorded by the second-largest producer, the U.S. (806K tonnes), twofold. India (723K tonnes) ranked third in terms of total production with a 6.4% share.
What are the leading suppliers of refined soybean oil and its fractions to Nigeria?
+
In value terms, the Netherlands ($530K), China ($278K) and Benin ($162K) appeared to be the largest refined soybean oil suppliers to Nigeria, with a combined 87% share of total imports. Italy and the U.S. lagged somewhat behind, together accounting for a further 12%.
What is the average export price for refined soybean oil and its fractions in Nigeria?
+
In 2019, the average refined soybean oil export price amounted to $170 per tonne, flattening at the previous year.
What is the average import price for refined soybean oil and its fractions in Nigeria?
+
The average refined soybean oil import price stood at $909 per tonne in 2019, reducing by -7.3% against the previous year.

Product coverage:
• Prodcom 10415100 - Refined soya-bean oil and its fractions (excluding chemically modified)

This report provides an in-depth analysis of the refined soybean 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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