Nigeria - Refined Maize (Corn) Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingRefined Maize Oil Price in Nigeria - 2022
Contents:
- Refined Maize Oil Price in Nigeria (CIF) - 2022
- Refined Maize Oil Price in Nigeria (FOB) - 2022
- Refined Maize Oil Imports in Nigeria
- Refined Maize Oil Exports in Nigeria
Refined Maize Oil Price in Nigeria (CIF) - 2022
The average refined maize oil import price stood at $1,650 per ton in 2022, dropping by -12.3% against the previous year. In general, the import price recorded a perceptible slump. The most prominent rate of growth was recorded in 2021 when the average import price increased by 18%. Over the period under review, average import prices hit record highs at $2,170 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Lebanon ($5,615 per ton), while the price for Belgium ($440 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+5.9%), while the prices for the other major suppliers experienced a decline.
Refined Maize Oil Price in Nigeria (FOB) - 2022
In 2022, the average refined maize oil export price amounted to $2,235 per ton, increasing by 27% against the previous year. Over the period under review, the export price showed a resilient increase. The pace of growth was the most pronounced in 2015 an increase of 41% against the previous year. The export price peaked at $4,351 per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($2,313 per ton), while the average price for exports to Canada amounted to $1,000 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+14.5%).
Refined Maize Oil Imports in Nigeria
In 2022, approx. 52 tons of refined maize (corn) oil were imported into Nigeria; increasing by 202% compared with 2021 figures. Over the period under review, imports, however, recorded a abrupt contraction.
In value terms, refined maize oil imports skyrocketed to $86K in 2022. In general, imports, however, recorded a pronounced slump.
| Import of Refined Maize Oil in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Lebanon | 23.6 | 19.6 | 19.3 | 41.2 | 20.4% |
| Italy | 21.6 | 28.1 | 2.9 | 7.5 | -29.7% |
| Belgium | 14.8 | 31.8 | 3.5 | 6.7 | -23.2% |
| Spain | N/A | 7.8 | 0.8 | N/A | -89.7% |
| Others | 32.4 | 51.9 | 5.8 | 30.4 | -2.1% |
| Total | 92.4 | 139 | 32.4 | 85.8 | -2.4% |
Top Suppliers of Refined Maize Oil to Nigeria in 2022:
- Belgium (15.3 tons)
- Italy (10.3 tons)
- Lebanon (7.3 tons)
Refined Maize Oil Exports in Nigeria
In 2022, exports of refined maize (corn) oil from Nigeria shrank rapidly to 17 kg, with a decrease of -32% compared with 2021 figures. In general, exports faced a sharp reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 25%.
In value terms, refined maize oil exports fell to $38 in 2022. Over the period under review, exports saw a sharp curtailment. The growth pace was the most rapid in 2021 when exports increased by 38%.
| Export of Refined Maize Oil in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Africa | 390 | 29.0 | 43.0 | 37.0 | -54.4% |
| Canada | 4.0 | 1.0 | 1.0 | 1.0 | -37.0% |
| Others | N/A | 2.0 | N/A | N/A | 0% |
| Total | 394 | 32.0 | 44.0 | 38.0 | -54.1% |
Top Export Markets for Refined Maize Oil from Nigeria in 2022:
- South Africa (16.0 kg)
- Canada (1.0 kg)
This report provides an in-depth analysis of the refined maize oil market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 10621460 - Refined maize (corn) oil and its fractions (excluding chemically modified)
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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