Report Update Apr 1, 2024

Nigeria - Sunflower-Seed and Safflower Oil - Market Analysis, Forecast, Size, Trends and Insights

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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 reduced markedly to $X in 2022, waning by X% 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). Overall, consumption saw a precipitous setback. Sunflower-seed and safflower oil consumption peaked at $X in 2012; however, from 2013 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 X% to X tons, falling for the fourth consecutive year after two years of decline. In general, exports recorded a prominent increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, sunflower-seed and safflower oil exports totaled $X in 2022. Overall, exports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for sunflower-seed and safflower oil exports from Nigeria, with a approx. X% share of total exports.

From 2013 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest.

From 2013 to 2022, the average annual growth rate of value to the United States was relatively modest.

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price enjoyed a noticeable expansion. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2013 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Imports of Sunflower-Seed And Safflower Oil

Imports into Nigeria

In 2022, the amount of sunflower-seed and safflower oil imported into Nigeria fell rapidly to X tons, shrinking by X% against the year before. Overall, imports showed a dramatic contraction. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports contracted dramatically to $X in 2022. Over the period under review, imports saw a sharp slump. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest sunflower-seed and safflower oil supplier to Nigeria, with a X% share of total imports. Moreover, sunflower-seed and safflower oil imports from China exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. The third position in this ranking was held by Turkey (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and Turkey (X% per year).

In value terms, China ($X) constituted the largest supplier of sunflower-seed and safflower oil to Nigeria, comprising X% of total imports. The second position in the ranking was taken by Spain ($X), with a X% share of total imports. It was followed by Turkey, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and Turkey (X% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, with a decrease of X% against the previous year. In general, the import price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price reached the peak level of $X per ton, and then contracted notably in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per ton) and Spain ($X per ton), while the price for Germany ($X per ton) and Turkey ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for sunflower-seed and safflower oil in the world?

The countries with the highest volumes of consumption in 2023 were Russia, Ukraine and Turkey, together accounting for 34% of global consumption. India, Spain, Italy, China, France, Germany, Iraq, Bulgaria, Iran and the United States lagged somewhat behind, together comprising a further 36%.

What are the largest producers of sunflower-seed and safflower oil in the world?

The countries with the highest volumes of production in 2022 were Ukraine, Russia and Turkey, together comprising 59% of global production. Argentina, Bulgaria, Spain, France, Italy, Hungary and Romania lagged somewhat behind, together comprising a further 24%.

What are the leading suppliers of sunflower-seed and safflower oil to Nigeria?

In value terms, China constituted the largest supplier of sunflower-seed and safflower oil to Nigeria, comprising 56% of total imports. The second position in the ranking was taken by Spain, with a 25% share of total imports. It was followed by Turkey, with a 9.1% share.

What is the average export price for sunflower-seed and safflower oil in Nigeria?

The average sunflower-seed and safflower oil export price stood at $974 per ton in 2022, therefore, remained relatively stable against the previous year.

What is the average import price for sunflower-seed and safflower oil in Nigeria?

The average sunflower-seed and safflower oil import price stood at $911 per ton in 2022, waning by -43% against the previous year.

This report provides an in-depth analysis of the market for sunflower-seed and safflower oil 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 268 - Oil of Sunflower Seed
FCL 281 - Oil of Safflower Seed

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
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. 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
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. 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
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. 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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. 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
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. 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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023