Report Update Nov 1, 2024

Nigeria - Crude Maize (Corn) Oil - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Nigeria

The Nigerien crude maize oil market soared to $X in 2022, picking up by 50% against the previous year. In general, consumption showed a significant increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Maize Oil Production in Nigeria

In value terms, crude maize oil production declined to $X in 2022 estimated in export price. Overall, the total production indicated a mild increase 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. Based on 2022 figures, production increased by +2.2% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 49%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Crude Maize Oil Exports

Exports from Nigeria

In 2022, after six years of decline, there was significant growth in overseas shipments of crude maize (corn) oil, when their volume increased by 22% to X kg. Overall, exports, however, showed a noticeable shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 119%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 74%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Austria (X kg) was the main destination for crude maize oil exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Austria amounted to -2.7%.

In value terms, Austria ($X) emerged as the key foreign market for crude maize (corn) oil exports from Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value to Austria stood at -5.2%.

Export Prices by Country

The average crude maize oil export price stood at $X per ton in 2022, growing by 2.9% against the previous year. In general, the export price, however, showed a noticeable decline. The growth pace was the most rapid in 2017 an increase of 88%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Austria.

From 2012 to 2022, the rate of growth in terms of prices for Austria amounted to -2.6% per year.

Crude Maize Oil Imports

Imports into Nigeria

Crude maize oil imports into Nigeria surged to X tons in 2022, with an increase of 50% compared with 2021. Over the period under review, imports showed a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 445% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, crude maize oil imports surged to $X in 2022. Overall, imports posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 326%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) was the main supplier of crude maize oil to Nigeria, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +58.2%.

In value terms, the United States ($X) constituted the largest supplier of crude maize (corn) oil to Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +49.1%.

Import Prices by Country

The average crude maize oil import price stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the import price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2016 when the average import price increased by 31%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to -5.8% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude maize (corn) oil in the world?

The country with the largest volume of crude maize oil consumption was the United States, accounting for 47% of total volume. Moreover, crude maize oil consumption in the United States exceeded the figures recorded by the second-largest consumer, China, threefold. The third position in this ranking was occupied by Brazil, with a 3.2% share.

What are the largest producers of crude maize (corn) oil in the world?

The United States constituted the country with the largest volume of crude maize oil production, accounting for 50% of total volume. Moreover, crude maize oil production in the United States exceeded the figures recorded by the second-largest producer, China, threefold. Brazil ranked third in terms of total production with a 4.4% share.

What are the leading suppliers of crude maize (corn) oil to Nigeria?

In value terms, the United States constituted the largest supplier of crude maize oil to Nigeria.

What are the leading importers of crude maize (corn) oil from Nigeria?

In value terms, Austria $789) remains the key foreign market for crude maize oil exports from Nigeria.

What is the average export price for crude maize (corn) oil in Nigeria?

The average crude maize oil export price stood at $5,230 per ton in 2021, picking up by 34% against the previous year.

What is the average import price for crude maize (corn) oil in Nigeria?

The average crude maize oil import price stood at $1,021 per ton in 2021, growing by 4.6% against the previous year.

This report provides an in-depth analysis of the crude maize 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 2030.

Product coverage:

FCL 60 - Oil of Maize

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:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
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. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023