The Nigerien crude palm oil market stood at $1.4B in 2024, picking up by 4.4% against the previous year. Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2024: its value increased at an average annual rate of +3.5% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -6.8% against 2022 indices.

Nigeria Commodity Price: Palm Oil data was reported at 873.670 USD/Metric Ton in Jun 2024. This records an increase from the previous number of 859.150 USD/Metric Ton for May 2024. Nigeria Commodity Price: Palm Oil data is updated monthly, averaging 762.830 USD/Metric Ton from Jan 2009 (Median) to Jun 2024, with 186 observations. The data reached an all-time high of 1,776.960 USD/Metric Ton in Mar 2022 and a record low of 483.490 USD/Metric Ton in Sep 2015. Nigeria Commodity Price: Palm Oil data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.P001: Commodity Prices.

Palm Oil Price in Nigeria - 2022. Find the latest marketing data on the IndexBox platform.

The Nigerien refined palm oil market rose to $3.1B in 2024, surging by 3.4% against the previous year. In general, consumption recorded a resilient expansion. Over the period under review, the market attained the peak level at $3.3B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The global production of palm oil was around 76.26 million metric tons in the marketing year 2023/24, decreasing from approximately 76.63 million metric tons in 2022/23. In that period, Indonesia and Malaysia were the leading exporters of palm oil worldwide. Leading palm oil producers Palm oil grows mainly in Asia, Africa and Latin America. Indonesia and Malaysia are the main palm oil producers, followed by Thailand, Colombia, and Nigeria. Unsurprisingly, Indonesia and Malaysia have the largest certified area planted with palm trees. In 2017, the Roundtable on Sustainable Palm Oil (RSPO) certified area planted with palm trees in Indonesia reached 1.7 million hectares, up from 1.54 million hectares in 2016. Global market Import volume of palm oil has increased worldwide over the past few years. According to the World Bank, in 2021, the average price for palm oil stood at 1,131 nominal U.S. dollars per metric ton. It is expected to drop to about 1,054 nominal U.S. dollars per metric ton by 2024.

In 2024/25, Indonesian production volume of palm oil amounted to 46.5 million metric tons. This is more than twice as much as the production volume in Malaysia, which had the second-highest production levels worldwide in that year. Palm oil is an edible vegetable oil commonly used for food products, detergents, and cosmetics. Palm oil production worldwide The leading palm oil export markets for Malaysia are India, the European Union, and China. Almost two-thirds of Malaysia's palm oil exports go to these three markets. Colombia, which ranks fourth in total palm oil production worldwide, produces nearly twice as much as any other Latin American palm oil-producing country. In Nigeria, the production of palm oil has continuously increased during the last decade. The world’s leading palm oil production company, based on market capitalization, is Wilmar International Limited. The Singapore-based agricultural company's palm oil market capitalization amounted to approximately two billion U.S. dollars in 2022. Palm oil in Indonesia Between 2013 and 2019, Indonesia’s palm oil production increased from around 28 million metric tons to about 47 million metric tons. Production levels have remained relatively steady in recent years at around 45 million metric tons. A breakdown of the palm oil production by Indonesian provinces shows that about one-fifth of Indonesia’s total palm oil production is manufactured in the province of Riau, which is more than in any other Indonesian province. Indonesian exports of palm oil amounted to approximately 26 million metric tons in 2022. India is by far the leading recipient of Indonesian palm oil. The share of Indonesia’s crude palm oil exports going to India amounted to more than three-quarters of its total crude palm oil exports.