Nigeria - Rice - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRice Price in Nigeria - 2022
Contents:
- Rice Price in Nigeria (CIF) - 2022
- Rice Price in Nigeria (FOB) - 2022
- Rice Imports in Nigeria
- Rice Exports in Nigeria
Rice Price in Nigeria (CIF) - 2022
In 2022, the average rice import price amounted to $365 per ton, with a decrease of -5.3% against the previous year. Overall, the import price recorded a abrupt downturn. The growth pace was the most rapid in 2020 when the average import price increased by 64% against the previous year. The import price peaked at $3,032 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
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 Brazil ($956 per ton), while the price for Thailand ($186 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+7.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Rice Price in Nigeria (FOB) - 2022
The average rice export price stood at $173 per ton in 2022, surging by 20% against the previous year. Over the period under review, the export price continues to indicate a significant increase. The most prominent rate of growth was recorded in 2019 an increase of 328%. As a result, the export price reached the peak level of $637 per ton. From 2020 to 2022, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($1,129 per ton), while the average price for exports to Benin ($17 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 the Netherlands (+58.9%), while the prices for the other major destinations experienced more modest paces of growth.
Rice Imports in Nigeria
In 2022, the amount of rice imported into Nigeria soared to 8.4K tons, rising by 37% on the previous year's figure. Overall, imports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 85% against the previous year. As a result, imports reached the peak of 13K tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, rice imports surged to $3.1M in 2022. Over the period under review, imports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 203%. As a result, imports attained the peak of $16M. From 2021 to 2022, the growth of imports failed to regain momentum.
Import of Rice in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
India | 1,594 | 941 | 630 | 937 | -16.2% |
Brazil | 2,648 | 1,251 | 704 | 847 | -31.6% |
Thailand | 708 | 393 | 291 | 387 | -18.2% |
Benin | 4.4 | N/A | 161 | 250 | 284.4% |
United States | 28.0 | 215 | 191 | 146 | 73.4% |
Hong Kong SAR | 1.5 | N/A | 57.0 | 88.5 | 289.3% |
Others | 325 | 13,292 | 330 | 410 | 8.1% |
Total | 5,310 | 16,093 | 2,364 | 3,065 | -16.7% |
Top Suppliers of Rice to Nigeria in 2022:
- India (3.3K tons)
- Thailand (2.1K tons)
- Benin (1.3K tons)
- Brazil (0.9K tons)
- United States (0.2K tons)
- Hong Kong SAR (0.2K tons)
Rice Exports in Nigeria
After three years of growth, overseas shipments of rice decreased by -49.3% to 775 tons in 2022. Over the period under review, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 258%. As a result, the exports reached the peak of 1.5K tons, and then fell markedly in the following year.
In value terms, rice exports reduced dramatically to $134K in 2022. In general, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2021 when exports increased by 355%. As a result, the exports reached the peak of $220K, and then contracted dramatically in the following year.
Export of Rice in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Canada | 3.3 | 8.8 | 18.9 | 90.2 | 201.2% |
Rwanda | N/A | N/A | N/A | 13.6 | 0% |
Benin | 0.1 | 2.8 | 154 | 5.8 | 287.1% |
United States | 1.6 | 4.0 | 15.1 | 4.3 | 39.0% |
Netherlands | 13.3 | 12.7 | 9.5 | 2.3 | -44.3% |
France | 32.5 | N/A | N/A | N/A | 0% |
Others | 164 | 20.1 | 22.8 | 18.0 | -52.1% |
Total | 215 | 48.4 | 220 | 134 | -14.6% |
Top Export Markets for Rice from Nigeria in 2022:
- Benin (345.1 tons)
- United States (255.5 tons)
- Canada (109.5 tons)
- Rwanda (33.1 tons)
- Netherlands (2.0 tons)
This report provides an in-depth analysis of the rice 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:
- FCL 27 - Rice, paddy
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
- COUNTRIES WITH TOP YIELDS
- 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, HARVESTED AREA AND YIELD
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
- Yield 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
- Area Harvested, 2012–2023
- Yield, 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 rice market in Nigeria.
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This report provides an in-depth analysis of the global rice market.
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The global rice market is expected to see continued growth in both consumption and value over the next seven years, driven by increasing worldwide demand. Market performance is projected to expand with a CAGR of +1.2% in volume and +3.5% in value from 2023 to 2030, reaching 851M tons and $467.1B, respectively.
Explore the top import markets for rice and discover key statistics and insights. Learn about the countries with the highest import value for rice, including China, the Philippines, Iran, and more.
This year, rice prices are forecast to ease, thanks primarily to rising production and exports from India, Thailand, Vietnam, China, and Pakistan. India dominates global trade, more than doubling its supplies at a competitive cost over the past two years.
Over 2020-2021 period, the global rice market displayed robust production indicators. Despite a pronounced shortage of shipping containers threatening to disrupt supplies to Africa, the global rice export market continues to expand. India maintains its status as the largest exporter, boasting the most competitive rice export prices.
Explore the top import markets for milled rice in 2023, including key statistics and trends. Discover which countries drive the global demand for rice imports.
Global rice consumption amounted to X tons in 2016 (in terms of milled rice weight), posting modest but robust gains from 2007-2016. The total consumption volume increased at an average annual rate of +X%. Over the period under review, the globa
Global rice consumption amounted to X thousand tons in 2015, increasing by +X% against the previous year level.
Global rice exports amounted to X thousand tons in 2015, descending by -X% against the previous year level.
Global rice imports amounted to X thousand tons in 2015, declining by -X% against the previous year level.
In 2015, the countries with the highest levels of rice production were China (X thousand tons), India (X thousand tons), Indonesia (X thousand tons), together accounting for X% of total output.