Nigeria: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Nigeria

The Nigerien refined coconut oil market expanded modestly to $X in 2022, increasing by 1.6% against the previous year. In general, consumption saw prominent growth. 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.

Refined Coconut Oil Production in Nigeria

In value terms, refined coconut oil production expanded to $X in 2022 estimated in export price. Overall, production saw buoyant growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 49%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refined Coconut Oil Exports

Exports from Nigeria

After three years of decline, shipments abroad of refined coconut (copra) oil increased by 181% to X tons in 2022. Overall, exports posted strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 20,931%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports fell remarkably to $X in 2022. In general, exports, however, continue to indicate a mild shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 4,176%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for refined coconut oil exports from Nigeria, with a 86% share of total exports. Moreover, refined coconut oil exports to Benin exceeded the volume sent to the second major destination, Niger (X kg), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Benin stood at +28.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (-14.0% per year) and Canada (+14.0% per year).

In value terms, Benin ($X), Niger ($X) and Canada ($X) were the largest markets for refined coconut oil exported from Nigeria worldwide, together accounting for 45% of total exports.

In terms of the main countries of destination, Benin, with a CAGR of +37.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, waning by -73.3% against the previous year. In general, the export price saw a deep setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 332% against the previous year. The export price peaked at $X per ton in 2021, and then contracted remarkably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Benin ($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 (+6.6%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Coconut Oil Imports

Imports into Nigeria

In 2022, refined coconut oil imports into Nigeria rose rapidly to X tons, picking up by 8.7% compared with 2021. Overall, imports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of 346% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, refined coconut oil imports contracted to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 487%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, India (X kg) constituted the largest supplier of refined coconut oil to Nigeria, accounting for a 51% share of total imports. Moreover, refined coconut oil imports from India exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X kg), fourfold. Malaysia (X kg) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from India stood at +26.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+33.1% per year) and Malaysia (-25.3% per year).

In value terms, India ($X), South Africa ($X) and the United Arab Emirates ($X) appeared to be the largest refined coconut oil suppliers to Nigeria, together comprising 83% of total imports. Germany, France, Malaysia and the UK lagged somewhat behind, together accounting for a further 8.7%.

Germany, with a CAGR of +89.9%, 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 refined coconut oil import price stood at $X per ton in 2022, with a decrease of -16.8% against the previous year. In general, the import price, however, showed a prominent increase. The pace of growth appeared the most rapid in 2017 when the average import price increased by 111% against the previous year. The import price peaked at $X per ton in 2021, and then shrank remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Malaysia ($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 UK (+49.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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