Nigeria - Soya Sauce - Market Analysis, Forecast, Size, Trends And Insights
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View PricingSoya Sauce Price in Nigeria - 2022
Contents:
- Soya Sauce Price in Nigeria (CIF) - 2022
- Soya Sauce Price in Nigeria (FOB) - 2022
- Soya Sauce Imports in Nigeria
- Soya Sauce Exports in Nigeria
Soya Sauce Price in Nigeria (CIF) - 2022
In 2022, the average soya sauce import price amounted to $760 per ton, dropping by -51.1% against the previous year. Over the period under review, the import price recorded a abrupt descent. The pace of growth was the most pronounced in 2014 when the average import price increased by 56%. The import price peaked at $1,792 per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat 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 South Korea ($4,916 per ton), while the price for Egypt ($443 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.9%), while the prices for the other major suppliers experienced mixed trend patterns.
Soya Sauce Price in Nigeria (FOB) - 2022
In 2022, the average soya sauce export price amounted to $821 per ton, increasing by 3.7% against the previous year. In general, the export price, however, continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2013 when the average export price increased by 33%. The export price peaked at $2,251 per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($1,681 per ton), while the average price for exports to the UK amounted to $754 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (-4.6%).
Soya Sauce Imports in Nigeria
In 2022, purchases abroad of soya sauce was finally on the rise to reach 803 tons after two years of decline. Over the period under review, imports saw a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, soya sauce imports surged to $610K in 2022. Overall, imports, however, saw a abrupt descent.
Import of Soya Sauce in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 87.5 | 69.0 | 13.4 | 267 | 45.0% |
South Korea | 342 | 119 | 75.5 | 134 | -26.8% |
Oman | 90.5 | 33.4 | 43.3 | 68.5 | -8.9% |
United States | 52.1 | 2.4 | 6.0 | 48.7 | -2.2% |
Egypt | 80.6 | 54.6 | 26.1 | 34.9 | -24.3% |
India | 269 | 5.7 | 107 | 20.4 | -57.7% |
Others | 38.4 | 25.1 | 20.3 | 36.6 | -1.6% |
Total | 960 | 309 | 291 | 610 | -14.0% |
Top Suppliers of Soya Sauce to Nigeria in 2022:
- China (578.7 tons)
- Egypt (78.7 tons)
- United States (39.1 tons)
- Oman (38.0 tons)
- South Korea (27.3 tons)
- India (7.8 tons)
Soya Sauce Exports in Nigeria
In 2022, after three years of growth, there was significant decline in shipments abroad of soya sauce, when their volume decreased by -42.2% to 64 tons. In general, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 478%.
In value terms, soya sauce exports dropped rapidly to $52K in 2022. Over the period under review, exports, however, recorded a significant increase. The growth pace was the most rapid in 2020 when exports increased by 516%.
Export of Soya Sauce in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Kingdom | 1.1 | 4.6 | 4.5 | 45.7 | 246.3% |
Niger | 0.5 | 0.5 | 0.4 | 3.1 | 83.7% |
Philippines | N/A | N/A | 82.0 | N/A | 0% |
United States | N/A | 12.0 | N/A | N/A | 0% |
Others | 1.2 | 0.3 | 0.2 | 3.5 | 42.9% |
Total | 2.8 | 17.4 | 87.2 | 52.3 | 165.3% |
Top Export Markets for Soya Sauce from Nigeria in 2022:
- United Kingdom (60.6 tons)
- Niger (1.8 tons)
This report provides an in-depth analysis of the soya sauce 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 10841210 - Soya sauce
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
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In value terms, sauces imports totaled $X in 2016. The total import value increased at an average annual rate of +X% over the period from 2007 to 2016; however, the trend pattern indicated some no...
In value terms, sauces exports stood at $X in 2016. Overall, it indicated a prominent growth from 2007 to 2016: the total exports value increased at an average annual rate of +X% over the last nin...
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