Nigeria: Soybean Oil Market 2020

Soybean Oil Market Size in Nigeria

The revenue of the soybean oil market in Nigeria amounted to $X in 2017, growing by X% against the previous year. Overall, soybean oil consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2010, when market value increased by X% against the previous year. Over the period under review, the soybean oil market reached its maximum level of $X in 2012; however, from 2013 to 2017, it stood at a somewhat lower level.

Soybean Oil Production in Nigeria

In 2017, the amount of soya-bean oil produced in Nigeria totaled X tons, growing by X% against the previous year. In general, the total output indicated a strong expansion from 2007 to 2017: its volume increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. Based on 2017 figures, the soybean oil production increased by +X% against 2009 indices. The pace of growth was the most pronounced in 2010, with an increase of X% against the previous year. Nigeria soybean oil production peaked in 2017, and is expected to retain its growth in the near future.

Soybean Oil Exports from Nigeria

Soybean oil exports from Nigeria amounted to X tons in 2017, waning by -X% against the previous year. In general, soybean oil exports continue to indicate a sharp decrease. The most prominent rate of growth was recorded in 2012, when it surged by -X% y-o-y. Nigeria exports peaked of X tons in 2007; however, from 2008 to 2017, it stood at a somewhat lower level.

In value terms, soybean oil exports totaled $X in 2017. Overall, soybean oil exports continue to indicate a drastic shrinkage. Over the period under review, the soybean oil exports reached its peak figure level of $X in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Soybean Oil Exports by Country from Nigeria

In 2017, Argentina (X tons) represented the key exporter for soya-bean oil, mixed up X% of total exports. Brazil (X tons) ranks second in terms of the global exports with a X% share, followed by the U.S. (X%), Russia (X%) and the Netherlands (X%). Spain (X tons), Bolivia (X tons), Germany (X tons), Canada (X tons) and Ukraine (X tons) held the slight share of total exports.

Exports from Argentina decreased at an average annual rate of -X% from 2007 to 2017. At the same time, Ukraine (+X%), Canada (+X%), Russia (+X%), Spain (+X%), Bolivia (+X%), Germany (+X%) and the U.S. (+X%) displayed positive paces of growth. Moreover, Ukraine emerged as the fastest growing exporter in the world, with a CAGR of +X% from 2007-2017. The Netherlands experienced a relatively flat trend pattern. By contrast, Brazil (-X%) illustrated a downward trend over the same period. Argentina (X%) and Brazil (X%) significantly strengthened its position in terms of the global exports, while Canada, the U.S. and Russia saw its share reduced by -X%, -X% and -X% from 2007 to 2017, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest soybean oil supplier from Nigeria, making up X% of global exports. The second position in the ranking was occupied by Brazil ($X), with a X% share of global exports. It was followed by the U.S., with a X% share.

In Argentina, soybean oil exports decreased by an average annual rate of -X% over the period from 2007-2017. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-X% per year) and the U.S. (+X% per year).

Soybean Oil Export Prices by Country in Nigeria

The soybean oil export price in Nigeria stood at $X per ton in 2017, rising by X% against the previous year. Overall, the export price indicated a remarkable increase from 2007 to 2017: its price increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. Based on 2017 figures, the soybean oil export price increased by +X% against 2007 indices. The most prominent rate of growth was recorded in 2016, an increase of X% y-o-y. Over the period under review, the export prices for soya-bean oil attained its peak figure level in 2017, and is expected to retain its growth in the immediate term.

Average export prices varied noticeably amongst the major exporting countries. In 2017, major exporting countries recorded the following export prices: in Germany ($X per ton) and Spain ($X per ton), while Bolivia ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Argentina (+X% per year), while the other leaders experienced more modest paces of growth.

Soybean Oil Imports into Nigeria

In 2017, the amount of soya-bean oil imported into Nigeria amounted to X tons, rising by X% against the previous year. Overall, soybean oil imports continue to indicate a sharp shrinkage. The pace of growth appeared the most rapid in 2017, when imports increased by X% against the previous year. Nigeria imports peaked of X tons in 2007; however, from 2008 to 2017, it stood at a somewhat lower level.

In value terms, soybean oil imports stood at $X in 2017. Overall, soybean oil imports continue to indicate a dramatic curtailment. Over the period under review, the soybean oil imports attained its peak figure level of $X in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Soybean Oil Imports by Country into Nigeria

In 2017, India (X tons), distantly followed by Iran (X tons), Bangladesh (X tons), Algeria (X tons) and China (X tons) were the main importers of soya-bean oil, together committing X% of total imports. Venezuela (X tons), Morocco (X tons), Peru (X tons), South Korea (X tons), Colombia (X tons) and Mexico (X tons) occupied the slight share of total imports.

From 2007 to 2017, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Iran (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oil markets worldwide were India ($X), Iran ($X) and Bangladesh ($X), with a combined X% share of total imports.

Iran (+X% per year) recorded the highest rates of growth with regard to imports, in terms of the main importing countries over the last decade, while the other leaders experienced more modest paces of growth.

Soybean Oil Import Prices by Country in Nigeria

The soybean oil import price in Nigeria stood at $X per ton in 2017, surging by X% against the previous year. In general, the import price indicated a prominent expansion from 2007 to 2017: its price increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017, when the import prices increased by X% against the previous year. In that year, the import prices for soya-bean oil reached their peak level, and is likely to continue its growth in the immediate term.

Import prices varied noticeably by the country of destination; the country with the highest import price was Venezuela ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Venezuela (+X% per year), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform