Nigeria: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Nigeria

The Nigerien market for crude sunflower-seed and safflower oil declined significantly to $X in 2022, falling by -42.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw significant growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Nigeria

In 2022, overseas shipments of crude sunflower-seed and safflower oil were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports recorded modest growth. The growth pace was the most rapid in 2013 with an increase of 140% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a pronounced descent. The pace of growth was the most pronounced in 2016 with an increase of 122% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Nigeria, accounting for a 84% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Canada exceeded the volume sent to the second major destination, Iceland (X kg), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (0.0% per year) and South Africa (-64.0% per year).

In value terms, the largest markets for crude sunflower-seed and safflower oil exported from Nigeria were Canada ($X), Iceland ($X) and South Africa ($X).

Iceland, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, shrinking by -14.7% against the previous year. In general, the export price recorded a abrupt curtailment. The pace of growth was the most pronounced in 2016 when the average export price increased by 38%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iceland ($X per ton), while the average price for exports to Canada ($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 South Africa (+59.0%), while the prices for the other major destinations experienced a decline.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Nigeria

In 2022, imports of crude sunflower-seed and safflower oil into Nigeria reduced sharply to X tons, with a decrease of -40.7% against 2021. Overall, imports, however, showed a significant increase. The growth pace was the most rapid in 2014 when imports increased by 470%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil imports declined notably to $X in 2022. Over the period under review, imports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2021 when imports increased by 606%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X tons), Egypt (X tons) and Italy (X tons) were the main suppliers of crude sunflower-seed and safflower oil imports to Nigeria, together accounting for 57% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +32.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Nigeria, comprising 31% of total imports. The second position in the ranking was taken by Egypt ($X), with a 12% share of total imports. It was followed by Italy, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +21.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+10.9% per year) and Italy (+2.7% per year).

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, shrinking by -3.7% against the previous year. In general, the import price showed a abrupt downturn. The most prominent rate of growth was recorded in 2020 an increase of 63%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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