Report Update Nov 1, 2024

Nigeria - Anchovies (Prepared or Preserved) - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Nigeria

In 2021, the Nigerien preserved anchovies market decreased by -12.1% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, showed a prominent expansion. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Preserved Anchovies Production in Nigeria

In value terms, preserved anchovies production dropped to $X in 2021 estimated in export price. Overall, production, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 90%. Preserved anchovies production peaked at $X in 2020, and then dropped in the following year.

Preserved Anchovies Exports

Exports from Nigeria

In 2021, after two years of growth, there was significant decline in shipments abroad of anchovies (prepared or preserved), when their volume decreased by -31.7% to X kg. In general, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 122% against the previous year. As a result, the exports attained the peak of X kg, and then fell dramatically in the following year.

In value terms, preserved anchovies exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 39%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Canada (X kg) was the main destination for preserved anchovies exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2019 to 2021, the average annual rate of growth in terms of volume to Canada totaled +23.2%.

In value terms, Canada ($X) also remains the key foreign market for anchovies (prepared or preserved) exports from Nigeria.

From 2019 to 2021, the average annual growth rate of value to Canada stood at +37.4%.

Export Prices by Country

In 2021, the average preserved anchovies export price amounted to $X per ton, picking up by 98% against the previous year. Overall, the export price showed a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2019 to 2021, the rate of growth in terms of prices for Canada amounted to +11.5% per year.

Preserved Anchovies Imports

Imports into Nigeria

In 2021, after three years of growth, there was significant decline in overseas purchases of anchovies (prepared or preserved), when their volume decreased by -48.2% to X tons. In general, imports, however, saw a significant increase. The growth pace was the most rapid in 2014 with an increase of 3,381% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then dropped significantly in the following year.

In value terms, preserved anchovies imports dropped significantly to $X in 2021. Overall, imports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 4,248%. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) was the main supplier of preserved anchovies to Nigeria, accounting for a 91% share of total imports. Moreover, preserved anchovies imports from South Korea exceeded the figures recorded by the second-largest supplier, Italy (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +27.6%.

In value terms, South Korea ($X) constituted the largest supplier of anchovies (prepared or preserved) to Nigeria, comprising 85% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea totaled +25.4%.

Import Prices by Country

In 2021, the average preserved anchovies import price amounted to $X per ton, with a decrease of -1.9% against the previous year. In general, the import price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2013 when the average import price increased by 32%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for South Korea amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for anchovies (prepared or preserved) in the world?

The countries with the highest volumes of preserved anchovies consumption in 2021 were China, the United States and India, together comprising 27% of global consumption. Japan, Pakistan, Germany, Brazil, Russia, Indonesia, Nigeria, Italy, the UK and Bangladesh lagged somewhat behind, together comprising a further 26%.

What are the largest producers of anchovies (prepared or preserved) in the world?

The countries with the highest volumes of preserved anchovies production in 2021 were China, the United States and India, with a combined 27% share of global production. Japan, Pakistan, Brazil, Germany, Russia, Indonesia, Nigeria, Bangladesh, the UK and Mexico lagged somewhat behind, together comprising a further 26%.

What are the leading suppliers of anchovies (prepared or preserved) to Nigeria?

In value terms, South Korea constituted the largest supplier of preserved anchovies to Nigeria, comprising 86% of total imports. The second position in the ranking was occupied by Italy, with an 11% share of total imports.

What are the leading importers of anchovies (prepared or preserved) from Nigeria?

In value terms, Canada $128) remains the key foreign market for preserved anchovies exports from Nigeria.

What is the average export price for anchovies (prepared or preserved) in Nigeria?

In 2021, the average preserved anchovies export price amounted to $2,560 per ton, growing by 3.1% against the previous year.

What is the average import price for anchovies (prepared or preserved) in Nigeria?

In 2021, the average preserved anchovies import price amounted to $6,331 per ton, picking up by 2.3% against the previous year.

This report provides an in-depth analysis of the preserved anchovies 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 10202560 - Prepared or preserved anchovies, whole or in pieces (excluding minced products and prepared meals and dishes)

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