Nigeria: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Nigeria

In 2021, after three years of growth, there was decline in the Nigerien soybean oilcake market, when its value decreased by -3.1% to $X. Overall, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +68.7% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Soybean Oilcake Production in Nigeria

In value terms, soybean oilcake production shrank slightly to $X in 2021 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +74.3% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 49% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Soybean Oilcake Exports

Exports from Nigeria

In 2021, shipments abroad of soybean oilcake increased by 150% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2017 with an increase of 9,307% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, soybean oilcake exports skyrocketed to $X in 2021. In general, exports saw significant growth. The growth pace was the most rapid in 2017 when exports increased by 8,222% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in years to come.

Exports by Country

France (X tons) was the main destination for soybean oilcake exports from Nigeria, accounting for a 37% share of total exports. Moreover, soybean oilcake exports to France exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 2.6% share.

From 2013 to 2021, the average annual growth rate of volume to France amounted to +77.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+56.3% per year) and Germany (+301.7% per year).

In value terms, France ($X) remains the key foreign market for soybean oilcake exports from Nigeria, comprising 37% of total exports. The second position in the ranking was held by the Netherlands ($X), with an 8.8% share of total exports. It was followed by Germany, with a 3.2% share.

From 2013 to 2021, the average annual rate of growth in terms of value to France stood at +80.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+54.1% per year) and Germany (+359.2% per year).

Export Prices by Country

In 2021, the average soybean oilcake export price amounted to $X per ton, picking up by 53% against the previous year. Over the period under review, the export price continues to indicate a modest expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oilcake Imports

Imports into Nigeria

In 2021, the amount of soybean oilcake imported into Nigeria dropped rapidly to X tons, which is down by -16.5% against 2020 figures. In general, imports saw a significant decline. The most prominent rate of growth was recorded in 2015 with an increase of 4,642%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, soybean oilcake imports contracted to $X in 2021. Over the period under review, imports recorded a dramatic shrinkage. The growth pace was the most rapid in 2015 with an increase of 3,602%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Argentina (X tons), China (X tons) and Benin (X tons) were the main suppliers of soybean oilcake imports to Nigeria, with a combined 78% share of total imports. Singapore, Brazil, the United States, the Netherlands and India lagged somewhat behind, together comprising a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of 0.0%), while imports for the other leaders experienced a decline.

In value terms, the largest soybean oilcake suppliers to Nigeria were Argentina ($X), China ($X) and Brazil ($X), together accounting for 81% of total imports. Singapore, the United States, the Netherlands, Benin and India lagged somewhat behind, together comprising a further 14%.

Among the main suppliers, Singapore, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average soybean oilcake import price stood at $X per ton in 2021, increasing by 16% against the previous year. In general, the import price posted a resilient expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 67% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+36.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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