Nigeria: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Nigeria

The Nigerien sunflower-seed and safflower oil market skyrocketed to $X in 2022, picking up by 86% 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 recorded resilient growth. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Nigeria

In 2022, overseas shipments of sunflower-seed and safflower oil decreased by -48.6% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports recorded a abrupt downturn. The growth pace was the most rapid in 2015 with an increase of 228% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, sunflower-seed and safflower oil exports dropped to $X in 2022. In general, exports, however, enjoyed modest growth. The pace of growth was the most pronounced in 2015 when exports increased by 300% against the previous year. 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

Canada (X tons), Niger (X tons) and South Africa (X kg) were the main destinations of sunflower-seed and safflower oil exports from Nigeria, together comprising 99% of total exports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +19.3%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for sunflower-seed and safflower oil exported from Nigeria were Canada ($X), Niger ($X) and South Africa ($X), with a combined 98% share of total exports.

In terms of the main countries of destination, Canada, with a CAGR of +19.2%, recorded 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 sunflower-seed and safflower oil export price amounted to $X per ton, picking up by 81% against the previous year. Overall, the export price enjoyed a strong increase. The pace of growth appeared the most rapid in 2019 an increase of 114% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to Canada ($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 South Africa (+19.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed And Safflower Oil

Imports into Nigeria

In 2022, approx. X tons of sunflower-seed and safflower oil were imported into Nigeria; growing by 94% compared with the previous year's figure. In general, imports showed a remarkable increase. The growth pace was the most rapid in 2018 when imports increased by 138% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2017 when imports increased by 120% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Turkey (X tons), Spain (X tons) and India (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Nigeria, together comprising 53% of total imports. The Netherlands, Italy, Egypt and Ukraine lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +108.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed and safflower oil suppliers to Nigeria were Turkey ($X), India ($X) and Spain ($X), together accounting for 55% of total imports. Italy, the Netherlands, Ukraine and Egypt lagged somewhat behind, together accounting for a further 16%.

Among the main suppliers, Ukraine, with a CAGR of +94.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, waning by -19.1% against the previous year. Over the period under review, the import price saw a slight shrinkage. The pace of growth was the most pronounced in 2021 an increase of 36% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped significantly in the following year.

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 ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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