Report Update Nov 1, 2024

Nigeria - Fish Fats and Oils - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Nigeria

The Nigerien fish fat and oil market expanded significantly to $X in 2022, increasing by 7% against the previous year. In general, consumption recorded a resilient expansion. Fish fat and oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Fish Fats And Oils in Nigeria

In value terms, fish fat and oil production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production showed strong growth. The pace of growth was the most pronounced in 2019 with an increase of 81% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Fish Fats And Oils

Exports from Nigeria

In 2022, overseas shipments of fish fats and oils increased by 19% to X kg, rising for the sixth year in a row after four years of decline. Overall, exports, however, saw a sharp decrease. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, fish fat and oil exports soared to $X in 2022. Over the period under review, exports, however, showed a precipitous descent. The pace of growth was the most pronounced in 2021 when exports increased by 36% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X kg) was the main destination for fish fat and oil exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada stood at -28.3%.

In value terms, Canada ($X) also remains the key foreign market for fish fats and oils exports from Nigeria.

From 2012 to 2022, the average annual growth rate of value to Canada stood at -29.7%.

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, which is down by -3.5% against the previous year. In general, the export price recorded a mild curtailment. The pace of growth was the most pronounced in 2021 when the average export price increased by 16% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to -1.9% per year.

Imports of Fish Fats And Oils

Imports into Nigeria

In 2022, supplies from abroad of fish fats and oils increased by 0.6% to X tons, rising for the sixth year in a row after two years of decline. In general, imports recorded a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 212%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, fish fat and oil imports declined to $X in 2022. Over the period under review, imports saw a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 155% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

Germany (X tons), Poland (X tons) and Brazil (X tons) were the main suppliers of fish fat and oil imports to Nigeria, together comprising 39% of total imports. Chile, Turkey, Latvia and India lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +1,534,233.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil suppliers to Nigeria were Latvia ($X), Germany ($X) and Poland ($X), together accounting for 35% of total imports. Brazil, Chile, Turkey and India lagged somewhat behind, together comprising a further 19%.

Turkey, with a CAGR of +1,155,876.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, dropping by -10.9% against the previous year. In general, the import price saw a drastic downturn. The pace of growth was the most pronounced in 2013 an increase of 39% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 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 Latvia ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for fish fats and oils in the world?

The country with the largest volume of fish fat and oil consumption was Norway, comprising approx. 60% of total volume. Moreover, fish fat and oil consumption in Norway exceeded the figures recorded by the second-largest consumer, China, more than tenfold. The third position in this ranking was occupied by the United States, with a 3.4% share.

What are the largest producers of fish fats and oils in the world?

Norway remains the largest fish fat and oil producing country worldwide, accounting for 60% of total volume. Moreover, fish fat and oil production in Norway exceeded the figures recorded by the second-largest producer, China, more than tenfold. The United States ranked third in terms of total production with a 3.6% share.

What are the leading suppliers of fish fats and oils to Nigeria?

In value terms, Germany, Poland and the United States were the largest fish fat and oil suppliers to Nigeria, together comprising 68% of total imports. Latvia, Chile, the UK and Brazil lagged somewhat behind, together accounting for a further 17%.

What is the average export price for fish fats and oils in Nigeria?

In 2021, the average fish fat and oil export price amounted to $1,411 per ton, stabilizing at the previous year.

What is the average import price for fish fats and oils in Nigeria?

In 2021, the average fish fat and oil import price amounted to $1,658 per ton, growing by 4% against the previous year.

This report provides an in-depth analysis of the market for fish fat and 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:

Prodcom 10411200 - Fats and oils and their fractions of fish or marine mammals (excluding chemically modified)

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