Nigeria: Coconut Oil Market 2024

Coconut Oil Market Size in Nigeria

After two years of decline, the Nigerien coconut oil market increased by 93% to $X in 2022. Overall, consumption continues to indicate a relatively flat trend pattern. Coconut oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Coconut Oil Production in Nigeria

In value terms, coconut oil production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by 72% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Coconut Oil Exports

Exports from Nigeria

In 2022, after two years of growth, there was significant decline in overseas shipments of coconut (copra) oil, when their volume decreased by -39.3% to X tons. Over the period under review, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 21,198% against the previous year. The exports peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, coconut oil exports contracted dramatically to $X in 2022. Overall, exports, however, showed a significant increase. The growth pace was the most rapid in 2014 when exports increased by 4,176% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then declined dramatically in the following year.

Exports by Country

South Africa (X tons), Canada (X tons) and Russia (X tons) were the main destinations of coconut oil exports from Nigeria, together accounting for 100% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +17,228.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coconut oil exported from Nigeria were South Africa ($X), Canada ($X) and Russia ($X), with a combined 99% share of total exports.

Among the main countries of destination, Russia, with a CAGR of +2,394.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, increasing by 24% against the previous year. In general, the export price, however, showed a dramatic setback. The pace of growth was the most pronounced in 2018 when the average export price increased by 332%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Canada ($X 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 Vietnam (-9.5%), while the prices for the other major destinations experienced a decline.

Coconut Oil Imports

Imports into Nigeria

In 2022, coconut oil imports into Nigeria soared to X tons, rising by 33% on 2021 figures. Over the period under review, imports posted a tangible expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 423% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, coconut oil imports soared to $X in 2022. In general, imports posted buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of 520%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of coconut oil to Nigeria, accounting for a 87% share of total imports. Moreover, coconut oil imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. The third position in this ranking was taken by the Philippines (X kg), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+11.9% per year) and the Philippines (+0.8% per year).

In value terms, China ($X) constituted the largest supplier of coconut (copra) oil to Nigeria, comprising 73% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by the Philippines, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+29.4% per year) and the Philippines (+10.7% per year).

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, falling by -5.3% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +30.0% against 2019 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 37% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+49.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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