Nigeria - Olive Oil And Its Fractions - Market Analysis, Forecast, Size, Trends And Insights
Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.
View PricingOlive Oil Price in Nigeria - 2022
Contents:
- Olive Oil Price in Nigeria (CIF) - 2022
- Olive Oil Price in Nigeria (FOB) - 2022
- Olive Oil Imports in Nigeria
- Olive Oil Exports in Nigeria
Olive Oil Price in Nigeria (CIF) - 2022
In 2022, the average olive oil import price amounted to $1,455 per ton, increasing by 3.2% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, olive oil import price increased by +127.8% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 112%. Over the period under review, average import prices hit record highs at $1,464 per ton in 2016; afterwards, it flattened through to 2022.
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 the UK ($5,086 per ton), while the price for China ($1,054 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Olive Oil Price in Nigeria (FOB) - 2022
In 2022, the average olive oil export price amounted to $1,597 per ton, with a decrease of -7.1% against the previous year. Over the period under review, the export price, however, saw a notable expansion. The pace of growth appeared the most rapid in 2014 when the average export price increased by 119% against the previous year. The export price peaked at $1,719 per ton in 2021, and then shrank in the following year.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($4,132 per ton), while the average price for exports to South Africa ($544 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 Senegal (+72.6%), while the prices for the other major destinations experienced more modest paces of growth.
Olive Oil Imports in Nigeria
In 2022, after two years of decline, there was significant growth in supplies from abroad of olive oil and its fractions, when their volume increased by 20% to 252 tons. Overall, imports, however, showed a sharp descent.
In value terms, olive oil imports surged to $367K in 2022. In general, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 88% against the previous year. As a result, imports reached the peak of $1.2M. From 2021 to 2022, the growth of imports failed to regain momentum.
| Import of Olive Oil in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 192 | 295 | 112 | 122 | -14.0% |
| United States | 10.9 | 352 | 0.2 | 74.4 | 89.7% |
| Italy | 73.4 | 139 | 117 | 74.2 | 0.4% |
| China | 21.8 | 323 | 11.0 | 73.1 | 49.7% |
| Lebanon | N/A | 15.0 | 10.1 | N/A | -32.7% |
| Indonesia | 155 | 16.6 | N/A | N/A | -89.3% |
| Canada | 38.1 | N/A | N/A | N/A | 0% |
| Ghana | 137 | N/A | N/A | N/A | 0% |
| Others | 29.2 | 95.7 | 46.9 | 23.1 | -7.5% |
| Total | 658 | 1,236 | 297 | 367 | -17.7% |
Top Suppliers of Olive Oil to Nigeria in 2022:
- Spain (113.4 tons)
- China (69.3 tons)
- Italy (32.6 tons)
- United States (26.5 tons)
Olive Oil Exports in Nigeria
In 2022, approx. 2.8 tons of olive oil and its fractions were exported from Nigeria; increasing by 66% on the year before. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 214% against the previous year. As a result, the exports reached the peak of 3.8 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, olive oil exports skyrocketed to $4.4K in 2022. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 200% against the previous year. As a result, the exports attained the peak of $6K. From 2021 to 2022, the growth of the exports remained at a lower figure.
| Export of Olive Oil in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Arab Emirates | 244 | 4,972 | 3.0 | 2,080 | 104.3% |
| Benin | 87.0 | 218 | 765 | 929 | 120.2% |
| South Africa | 494 | 118 | 87.0 | 279 | -17.3% |
| Canada | 277 | 169 | 102 | 219 | -7.5% |
| Switzerland | 2.0 | 60.0 | 114 | 138 | 310.2% |
| Others | 885 | 428 | 1,781 | 764 | -4.8% |
| Total | 1,989 | 5,965 | 2,852 | 4,409 | 30.4% |
Top Export Markets for Olive Oil from Nigeria in 2022:
- Benin (1061.0 kg)
- United Arab Emirates (1015.0 kg)
- South Africa (513.0 kg)
- Switzerland (81.0 kg)
- Canada (53.0 kg)
This report provides an in-depth analysis of the 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:
- FCL 261 - Oil of Olives, Virgin
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.
-
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
-
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
-
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
-
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
-
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
-
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
-
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
282
This report provides an in-depth analysis of the olive oil market in Nigeria.
2301
This report provides an in-depth analysis of the virgin olive oil market in Nigeria.
407
This report provides an in-depth analysis of the refined olive oil market in Nigeria.
568
This report provides an in-depth analysis of the global olive oil market.
5078
This report provides an in-depth analysis of the global virgin olive oil market.
564
This report provides an in-depth analysis of the global refined olive oil market.
282
This report provides an in-depth analysis of the olive oil market in Nigeria.
2301
This report provides an in-depth analysis of the virgin olive oil market in Nigeria.
407
This report provides an in-depth analysis of the refined olive oil market in Nigeria.
568
This report provides an in-depth analysis of the global olive oil market.
467
Discover the top import markets for virgin olive oil and their importance in the global market. Italy, the United States, Spain, France, and Brazil lead the way, driven by culinary culture and health-conscious consumers.
734
The global virgin olive oil market revenue amounted to $15.2B in 2018, picking up by 1.7% against the previous year. This ...
3393
In 2017, approx. X tons of virgin olive oil was consumed worldwide, a decline of -X% against the previous year.
5690
Global virgin olive oil consumption amounted to X thousand tons in 2015, coming up by +X% against the previous year level.
2169
In 2015, the country with the largest volume of the virgin olive oil output was Spain (X thousand tons), accounting for X% of global production.
1299
Spain continued its dominance in the global olive oil trade. In 2014, Spain exported X thousand tons of olive oil totaling X million USD, X% over the previous year. Its primary trading partner was Italy, where it supplied X% of its total oliv
1474
The olive oil industry, connected, as it is, to a product that has long been acknowledged to contain extraordinary health properties, has always thrived in the countries of the Mediterranean region. The Omega-X monounsaturated fatty acids and antioxida
467
Discover the top import markets for virgin olive oil and their importance in the global market. Italy, the United States, Spain, France, and Brazil lead the way, driven by culinary culture and health-conscious consumers.
734
The global virgin olive oil market revenue amounted to $15.2B in 2018, picking up by 1.7% against the previous year. This ...
3393
In 2017, approx. X tons of virgin olive oil was consumed worldwide, a decline of -X% against the previous year.
