Nigeria: Animal Fats Market 2024

Animal Fats Market Size in Nigeria

In 2021, the Nigerien animal fats market decreased by -23.3% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, showed strong growth. As a result, consumption attained the peak level of $X, and then declined remarkably in the following year.

Animal Fats Production in Nigeria

In value terms, animal fats production shrank rapidly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 80%. Animal fats production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Animal Fats Exports

Exports from Nigeria

In 2021, shipments abroad of animal fats and oils decreased by -27.3% to X kg, falling for the second consecutive year after two years of decline. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 226%. The exports peaked at X kg in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, animal fats exports shrank dramatically to $X in 2021. Over the period under review, exports, however, showed perceptible growth. The most prominent rate of growth was recorded in 2016 when exports increased by 181%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X kg), South Africa (X kg) and Canada (X kg) were the main destinations of animal fats exports from Nigeria.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Benin (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, Benin ($X) emerged as the key foreign market for animal fats and oils exports from Nigeria, comprising 72% of total exports. The second position in the ranking was taken by South Africa ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Benin was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (-59.3% per year) and Canada (-90.9% per year).

Export Prices by Country

In 2021, the average animal fats export price amounted to $X per ton, dropping by -29.5% against the previous year. Over the period under review, the export price faced a dramatic contraction. The pace of growth was the most pronounced in 2016 when the average export price decreased by -13.7% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (-4.8%), while the prices for the other major destinations experienced a decline.

Animal Fats Imports

Imports into Nigeria

After four years of growth, purchases abroad of animal fats and oils decreased by -17.1% to X tons in 2021. Overall, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 3,276%. Imports peaked at X tons in 2020, and then dropped dramatically in the following year.

In value terms, animal fats imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2020 when imports increased by 562% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Cameroon (X tons) constituted the largest animal fats supplier to Nigeria, accounting for a 85% share of total imports. Moreover, animal fats imports from Cameroon exceeded the figures recorded by the second-largest supplier, China (X tons), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Cameroon was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+330.8% per year) and Indonesia (-89.3% per year).

In value terms, Cameroon ($X) constituted the largest supplier of animal fats and oils to Nigeria, comprising 83% of total imports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Cameroon was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-60.7% per year) and China (-20.5% per year).

Import Prices by Country

In 2021, the average animal fats import price amounted to $X per ton, with an increase of 39% against the previous year. Overall, the import price, however, showed a precipitous decline. The growth pace was the most rapid in 2014 when the average import price increased by 452%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+267.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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