Nigeria - Refined Olive Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingRefined Olive Oil Price in Nigeria - 2022
Contents:
- Refined Olive Oil Price in Nigeria (CIF) - 2022
- Refined Olive Oil Price in Nigeria (FOB) - 2022
- Refined Olive Oil Imports in Nigeria
- Refined Olive Oil Exports in Nigeria
Refined Olive Oil Price in Nigeria (CIF) - 2022
The average refined olive oil import price stood at $1,322 per ton in 2022, jumping by 57% against the previous year. Over the period under review, the import price continues to indicate a noticeable increase. The pace of growth was the most pronounced in 2016 when the average import price increased by 71% against the previous year. Over the period under review, average import prices attained the maximum at $4,389 per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for the United Arab Emirates.
From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to +33.2% per year.
Refined Olive Oil Price in Nigeria (FOB) - 2022
In 2022, the average refined olive oil export price amounted to $3,313 per ton, rising by 11% against the previous year. In general, the export price enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2013 an increase of 53% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($9,556 per ton), while the average price for exports to South Africa ($301 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 Belgium (+38.9%), while the prices for the other major destinations experienced more modest paces of growth.
Refined Olive Oil Imports in Nigeria
In 2022, purchases abroad of refined olive oil decreased by -10.6% to 185 tons, falling for the second consecutive year after two years of growth. In general, imports recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when imports increased by 421%. As a result, imports reached the peak of 1.3K tons. From 2021 to 2022, the growth of imports remained at a lower figure.
In value terms, refined olive oil imports soared to $245K in 2022. Overall, imports, however, showed significant growth. The pace of growth appeared the most rapid in 2020 when imports increased by 561% against the previous year. As a result, imports attained the peak of $746K. From 2021 to 2022, the growth of imports failed to regain momentum.
Import of Refined Olive Oil in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Arab Emirates | 7.2 | 10.3 | 0.7 | 245 | 224.0% |
Spain | 89.9 | 428 | 13.9 | N/A | -60.7% |
Japan | 4.2 | N/A | N/A | N/A | 0% |
United Kingdom | N/A | 6.0 | 69.2 | N/A | 1053.3% |
India | N/A | 10.2 | N/A | N/A | 0% |
Australia | 2.1 | N/A | N/A | N/A | 0% |
Canada | N/A | 221 | 8.0 | N/A | -96.4% |
Others | 9.6 | 71.1 | 83.2 | N/A | 194.4% |
Total | 113 | 746 | 175 | 245 | 29.4% |
Top Suppliers of Refined Olive Oil to Nigeria in 2022:
- United Arab Emirates (185.4 tons)
Refined Olive Oil Exports in Nigeria
In 2022, approx. 1.7 tons of refined olive oil were exported from Nigeria; falling by -40.2% compared with the previous year. Overall, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 139% against the previous year. As a result, the exports reached the peak of 2.9 tons, and then reduced markedly in the following year.
In value terms, refined olive oil exports dropped remarkably to $5.8K in 2022. Over the period under review, exports saw a mild setback. The growth pace was the most rapid in 2021 with an increase of 208% against the previous year. As a result, the exports attained the peak of $8.7K, and then fell markedly in the following year.
Export of Refined Olive Oil in Nigeria (USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Belgium | N/A | 17.0 | N/A | 597 | 492.6% |
South Korea | N/A | 19.0 | 10.0 | 479 | 402.1% |
Benin | 111 | 181 | 1,560 | 425 | 56.4% |
Sweden | N/A | N/A | N/A | 371 | 0% |
Germany | 105 | 148 | 591 | 344 | 48.5% |
United Arab Emirates | N/A | 26.0 | 386 | 128 | 121.9% |
Canada | 203 | 77.0 | 955 | 82.0 | -26.1% |
Austria | 2,680 | 867 | 2,019 | 65.0 | -71.1% |
South Africa | 112 | 139 | 111 | 50.0 | -23.6% |
Others | 2,871 | 1,356 | 3,074 | 3,227 | 4.0% |
Total | 6,082 | 2,830 | 8,706 | 5,768 | -1.8% |
Top Export Markets for Refined Olive Oil from Nigeria in 2022:
- Benin (515.0 kg)
- Sweden (196.0 kg)
- South Africa (166.0 kg)
- South Korea (112.0 kg)
- Belgium (91.0 kg)
- Germany (36.0 kg)
- United Arab Emirates (35.0 kg)
- Canada (20.0 kg)
- Austria (17.0 kg)
This report provides an in-depth analysis of the refined olive 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 10415310 - Refined olive 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
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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
This report provides an in-depth analysis of the refined olive oil market in Nigeria.
This report provides an in-depth analysis of the virgin olive oil market in Nigeria.
This report provides an in-depth analysis of the olive oil market in Nigeria.
This report provides an in-depth analysis of the global refined olive oil market.
This report provides an in-depth analysis of the global virgin olive oil market.
This report provides an in-depth analysis of the global olive oil market.
This report provides an in-depth analysis of the refined olive oil market in Nigeria.
This report provides an in-depth analysis of the virgin olive oil market in Nigeria.
This report provides an in-depth analysis of the olive oil market in Nigeria.
This report provides an in-depth analysis of the global refined olive oil market.
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