Nigeria: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Nigeria

In 2022, the Nigerien crude coconut oil market increased by 157% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crude Coconut Oil Production in Nigeria

In value terms, crude coconut oil production fell dramatically to $X in 2022 estimated in export price. In general, production, however, showed a deep setback. The growth pace was the most rapid in 2021 with an increase of 1,112%. Crude coconut oil production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Crude Coconut Oil Exports

Exports from Nigeria

After two years of growth, shipments abroad of crude coconut (copra) oil decreased by -39.3% to X tons in 2022. Overall, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 218%. As a result, the exports reached the peak of X tons, and then shrank significantly in the following year.

In value terms, crude coconut oil exports declined sharply to $X in 2022. In general, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2021 with an increase of 97%. As a result, the exports reached the peak of $X, and then contracted rapidly in the following year.

Exports by Country

South Africa (X tons), Canada (X tons) and Russia (X tons) were the main destinations of crude coconut oil exports from Nigeria.

From 2020 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, South Africa ($X), Canada ($X) and Russia ($X) appeared to be the largest markets for crude coconut oil exported from Nigeria worldwide.

Canada, with a CAGR of +6,485.9%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average crude coconut oil export price amounted to $X per ton, picking up by 24% against the previous year. In general, the export price, however, faced a abrupt decline. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external 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 2020 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.

Crude Coconut Oil Imports

Imports into Nigeria

In 2022, the amount of crude coconut (copra) oil imported into Nigeria surged to X tons, jumping by 35% compared with the previous year. In general, imports recorded perceptible growth. The most prominent rate of growth was recorded in 2020 when imports increased by 550%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, crude coconut oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2020 when imports increased by 837%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of crude coconut oil to Nigeria, with a 93% share of total imports. It was followed by the Philippines (X kg), with a 3% share of total imports. The third position in this ranking was taken by India (X kg), with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+0.8% per year) and India (+4.0% per year).

In value terms, China ($X) constituted the largest supplier of crude coconut (copra) oil to Nigeria, comprising 87% of total imports. The second position in the ranking was held by the Philippines ($X), with a 5.8% share of total imports. It was followed by India, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+10.7% per year) and India (+19.8% per year).

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the import price enjoyed a moderate expansion. The pace of growth was the most pronounced in 2015 when the average import price increased by 55%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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