Report Update Nov 1, 2024

Nigeria - Rapeseed Oil - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Nigeria

The Nigerien rapeseed oil market skyrocketed to $X in 2022, picking up by 128% 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). In general, consumption saw a remarkable increase. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Rapeseed Oil Exports

Exports from Nigeria

For the sixth year in a row, Nigeria recorded decline in shipments abroad of rapeseed oil, which decreased by -13.6% to X kg in 2022. In general, exports recorded a precipitous curtailment. The growth pace was the most rapid in 2016 with an increase of 62%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rapeseed oil exports expanded notably to $X in 2022. Over the period under review, exports faced a abrupt downturn. The pace of growth appeared the most rapid in 2015 with an increase of 126%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sweden (X kg) was the main destination for rapeseed oil exports from Nigeria, with a 48% share of total exports. Moreover, rapeseed oil exports to Sweden exceeded the volume sent to the second major destination, Benin (X kg), fourfold. Niger (X kg) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-38.6% per year) and Niger (-33.5% per year).

In value terms, the largest markets for rapeseed oil exported from Nigeria were Benin ($X), Sweden ($X) and Niger ($X), together comprising 69% of total exports.

Among the main countries of destination, Sweden, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, with an increase of 31% against the previous year. Over the period under review, the export price saw resilient growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 160%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Sweden ($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 Benin (+38.4%), while the prices for the other major destinations experienced mixed trend patterns.

Rapeseed Oil Imports

Imports into Nigeria

In 2022, approx. X tons of rapeseed oil were imported into Nigeria; picking up by 170% on the previous year. Over the period under review, imports showed buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 234% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, rapeseed oil imports soared to $X in 2022. In general, imports saw resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by 235%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Canada (X tons), China (X tons) and the Netherlands (X tons) were the main suppliers of rapeseed oil imports to Nigeria, together comprising 71% of total imports. Germany, Singapore, India, France and Belgium lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +39.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Canada ($X) and China ($X) appeared to be the largest rapeseed oil suppliers to Nigeria, together comprising 52% of total imports.

China, with a CAGR of +39.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rapeseed oil import price stood at $X per ton in 2022, which is down by -23.5% against the previous year. Over the period under review, the import price continues to indicate a perceptible reduction. The growth pace was the most rapid in 2021 an increase of 52%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

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

The countries with the highest volumes of rapeseed oil consumption in 2021 were China, the United States and India, together comprising 41% of global consumption. Germany, Poland, France, Canada, Japan, Belgium, the UK, Mexico, the Netherlands and Norway lagged somewhat behind, together accounting for a further 42%.

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

The countries with the highest volumes of rapeseed oil production in 2021 were Canada, Germany and China, with a combined 43% share of global production. These countries were followed by India, France, Poland, Japan, the United States, the UK, Belgium, Russia, Mexico and the Czech Republic, which together accounted for a further 42%.

What are the leading suppliers of rapeseed oil to Nigeria?

In value terms, the largest rapeseed oil suppliers to Nigeria were China, the United States and Canada, with a combined 66% share of total imports.

What are the leading importers of rapeseed oil from Nigeria?

In value terms, Canada $520) remains the key foreign market for rapeseed oil exports from Nigeria, comprising 79% of total exports. The second position in the ranking was occupied by Niger $17), with a 2.6% share of total exports.

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

The average rapeseed oil export price stood at $746 per ton in 2021, which is down by -13% against the previous year.

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

In 2021, the average rapeseed oil import price amounted to $490 per ton, growing by 5.1% against the previous year.

This report provides an in-depth analysis of the rapeseed 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 271 - Oil of Rapeseed or Canola oil

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