Nigeria: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Nigeria

After three years of growth, the Nigerien market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -18% to $X in 2021. Over the period under review, consumption, however, showed a buoyant increase. Consumption of peaked at $X in 2020, and then shrank dramatically in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Nigeria

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified dropped significantly to $X in 2021 estimated in export price. Overall, production, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 69%. As a result, production reached the peak level of $X, and then reduced notably in the following year.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Nigeria

In 2021, overseas shipments of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -54.6% to X tons, falling for the sixth year in a row after two years of growth. Over the period under review, exports continue to indicate a deep contraction. The growth pace was the most rapid in 2014 when exports increased by 373%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified shrank rapidly to $X in 2021. In general, exports saw a noticeable reduction. The growth pace was the most rapid in 2015 when exports increased by 321% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Niger (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Nigeria, with a 92% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to Niger exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Niger totaled -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-15.4% per year) and South Africa (-62.0% per year).

In value terms, Niger ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Nigeria, comprising 76% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Niger amounted to +22.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-2.0% per year) and South Africa (-48.3% per year).

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, surging by 70% against the previous year. In general, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2020 an increase of 302% against the previous year. The export price peaked in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+35.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Nigeria

In 2021, the amount of sunflower-seed or safflower oil, refined, but not chemically modified imported into Nigeria reduced sharply to X tons, shrinking by -80.3% against the year before. In general, imports recorded a noticeable contraction. The pace of growth was the most pronounced in 2017 when imports increased by 168%. Over the period under review, imports of hit record highs at X tons in 2020, and then fell markedly in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified declined dramatically to $X in 2021. Overall, imports continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2017 when imports increased by 159%. Over the period under review, imports of hit record highs at $X in 2020, and then contracted markedly in the following year.

Imports by Country

In 2021, Benin (X tons) constituted the largest sunflower-seed or safflower oil, refined, but not chemically modified supplier to Nigeria, accounting for a 72% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Benin exceeded the figures recorded by the second-largest supplier, Congo (X tons), sevenfold. Malaysia (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from Benin stood at -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Congo (0.0% per year) and Malaysia (-6.1% per year).

In value terms, France ($X), Benin ($X) and Congo ($X) appeared to be the largest sunflower-seed or safflower oil, refined, but not chemically modified suppliers to Nigeria, together accounting for 42% of total imports.

France, with a CAGR of +11.5%, 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 import price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, jumping by 15% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 19%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Turkey ($X per ton), while the price for Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+21.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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