Report Update Nov 1, 2024

Nigeria - Olives - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Olive Market 2024

Olive Market Size in Nigeria

The Nigerien olive market rose notably to $X in 2022, surging by 10% against the previous year. Overall, consumption posted buoyant growth. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Olive Production in Nigeria

In value terms, olive production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 40%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The average yield of olives in Nigeria totaled less than X kg per ha in 2022, remaining relatively unchanged against 2021. Overall, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of olives production in Nigeria totaled less than X ha, approximately mirroring 2021. In general, the harvested area showed a relatively flat trend pattern.

Olive Exports

Exports from Nigeria

In 2020, exports of olives from Nigeria amounted to X tons, remaining stable against the year before. In general, exports recorded a tangible increase. The smallest decline of 99.9% was in 2017. Over the period under review, the exports reached the maximum in 2020 and are likely to see steady growth in the near future.

In value terms, olive exports amounted to $X in 2020. Over the period under review, exports recorded a resilient expansion. The smallest decline of 99.9% was in 2019. Over the period under review, the exports reached the peak figure in 2020 and are likely to see gradual growth in the immediate term.

Exports by Country

The UK (X tons) was the main destination for olive exports from Nigeria, with a approx. 100% share of total exports.

From 2016 to 2020, the average annual growth rate of volume to the UK was relatively modest.

From 2016 to 2020, the average annual growth rate of value to the UK was relatively modest.

Export Prices by Country

The average olive export price stood at $X per ton in 2020, approximately mirroring the previous year. In general, the export price enjoyed a buoyant increase. The pace of growth was the most pronounced in 2017 a decrease of 99.9% against the previous year. Over the period under review, the average export prices attained the maximum in 2020 and is likely to see gradual growth in the near future.

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

From 2016 to 2020, the rate of growth in terms of prices for the UK amounted to 0.0% per year.

Olive Imports

Imports into Nigeria

In 2022, approx. X tons of olives were imported into Nigeria; increasing by 26% against the previous year's figure. In general, imports enjoyed significant growth. The pace of growth appeared the most rapid in 2015 when imports increased by 823% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, olive imports dropped markedly to $X in 2022. Overall, imports saw significant growth. The growth pace was the most rapid in 2015 when imports increased by 911% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Spain (X kg) constituted the largest supplier of olive to Nigeria, with a 71% share of total imports. Moreover, olive imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X kg), threefold. The third position in this ranking was held by South Africa (X kg), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +97.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.7% per year) and South Africa (+14.5% per year).

In value terms, the largest olive suppliers to Nigeria were Italy ($X), Spain ($X) and South Africa ($X), with a combined 99% share of total imports.

In terms of the main suppliers, Spain, with a CAGR of +114.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average olive import price stood at $X per ton in 2022, declining by -38.6% against the previous year. In general, the import price, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 an increase of 59%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then shrank sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+70.2%), 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 olives in the world?

Spain constituted the country with the largest volume of olive consumption, comprising approx. 31% of total volume. Moreover, olive consumption in Spain exceeded the figures recorded by the second-largest consumer, Greece, threefold. Italy ranked third in terms of total consumption with a 9.8% share.

What are the largest producers of olives in the world?

Spain remains the largest olive producing country worldwide, accounting for 31% of total volume. Moreover, olive production in Spain exceeded the figures recorded by the second-largest producer, Greece, threefold. Italy ranked third in terms of total production with a 9.7% share.

What are the leading suppliers of olives to Nigeria?

In value terms, the largest olive suppliers to Nigeria were Italy and South Africa.

What is the average export price for olives in Nigeria?

In 2020, the average olive export price amounted to $2,622 per ton, remaining constant against the previous year.

What is the average import price for olives in Nigeria?

The average olive import price stood at $615 per ton in 2021, with a decrease of -44.3% against the previous year.

This report provides an in-depth analysis of the olive 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 260 - Olives

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. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. 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, HARVESTED AREA AND YIELD
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. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023