Report Update Nov 1, 2024

Nigeria - Ground-Nut Oil - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Groundnut Oil Market 2024

Groundnut Oil Market Size in Nigeria

In 2021, the Nigerien groundnut oil market decreased by -2.6% to $X for the first time since 2015, thus ending a five-year rising trend. Over the period under review, consumption showed a strong expansion. Groundnut oil consumption peaked at $X in 2020, and then declined modestly in the following year.

Groundnut Oil Production in Nigeria

In value terms, groundnut oil production shrank to $X in 2021 estimated in export price. Overall, production showed a resilient expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 170% against the previous year. Groundnut oil production peaked at $X in 2020, and then shrank in the following year.

Groundnut Oil Exports

Exports from Nigeria

In 2021, the amount of groundnut oil exported from Nigeria declined to X tons, remaining stable against the previous year's figure. Overall, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 959%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, groundnut oil exports skyrocketed to $X in 2021. In general, exports, however, saw a significant increase. The growth pace was the most rapid in 2020 when exports increased by 818%. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in years to come.

Exports by Country

China (X tons) was the main destination for groundnut oil exports from Nigeria, accounting for a 88% share of total exports. Moreover, groundnut oil exports to China exceeded the volume sent to the second major destination, Benin (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to China stood at +162.7%.

In value terms, China ($X) remains the key foreign market for groundnut oil exports from Nigeria, comprising 100% of total exports. The second position in the ranking was held by Benin ($X), with a 0.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China stood at +231.8%.

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, growing by 22% against the previous year. Overall, the export price posted a significant increase. The growth pace was the most rapid in 2019 when the average export price increased by 4,793% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

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 China ($X per ton), while the average price for exports to Benin stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+26.3%).

Groundnut Oil Imports

Imports into Nigeria

In 2021, overseas purchases of groundnut oil increased by 0.7% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, recorded a dramatic slump. The pace of growth appeared the most rapid in 2020 when imports increased by 150%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, groundnut oil imports skyrocketed to $X in 2021. Over the period under review, imports, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 77%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Benin (X tons), Italy (X tons) and Canada (X tons) were the main suppliers of groundnut oil imports to Nigeria, with a combined 51% share of total imports. The United States, Singapore, Belgium and the UK lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +17.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest groundnut oil suppliers to Nigeria were Italy ($X), Benin ($X) and the United States ($X), with a combined 57% share of total imports. Singapore, Canada, the UK and Belgium lagged somewhat behind, together comprising a further 16%.

Among the main suppliers, Singapore, with a CAGR of +14.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average groundnut oil import price amounted to $X per ton, with an increase of 50% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, 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 ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for groundnut oil in the world?

China remains the largest groundnut oil consuming country worldwide, comprising approx. 47% of total volume. Moreover, groundnut oil consumption in China exceeded the figures recorded by the second-largest consumer, Nigeria, sixfold. Sudan ranked third in terms of total consumption with a 4.5% share.

What are the largest producers of groundnut oil in the world?

The country with the largest volume of groundnut oil production was China, accounting for 41% of total volume. Moreover, groundnut oil production in China exceeded the figures recorded by the second-largest producer, Nigeria, fivefold. The third position in this ranking was occupied by India, with a 6.9% share.

What are the leading suppliers of groundnut oil to Nigeria?

In value terms, Italy constituted the largest supplier of groundnut oil to Nigeria, comprising 50% of total imports. The second position in the ranking was occupied by Germany, with a 14% share of total imports. It was followed by Singapore, with a 12% share.

What are the leading importers of groundnut oil from Nigeria?

In value terms, China remains the key foreign market for groundnut oil exports from Nigeria.

What is the average export price for groundnut oil in Nigeria?

The average groundnut oil export price stood at $1,022 per ton in 2020, falling by -20.6% against the previous year.

What is the average import price for groundnut oil in Nigeria?

In 2020, the average groundnut oil import price amounted to $1,628 per ton, dropping by -26.8% against the previous year.

This report provides an in-depth analysis of the groundnut 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 244 - Oil of Groundnuts

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