Nigeria: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Nigeria

The Nigerien market for fish fillets and other fish meat skyrocketed to $X in 2022, growing by 21% 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). In general, consumption enjoyed prominent growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Exports of Fish Fillets and Other Fish Meat

Exports from Nigeria

In 2022, approx. X tons of fish fillets and other fish meat were exported from Nigeria; dropping by -22.8% compared with the previous year's figure. Overall, exports saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 84% against the previous year. Over the period under review, the exports of attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of fish fillets and other fish meat declined remarkably to $X in 2022. In general, exports saw a deep downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 61% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X tons) was the main destination for exports of fish fillets and other fish meat from Nigeria, accounting for a 36% share of total exports. Moreover, exports of fish fillets and other fish meat to Belgium exceeded the volume sent to the second major destination, Niger (X tons), twofold. Germany (X tons) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belgium totaled -11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+199.0% per year) and Germany (+10.5% per year).

In value terms, Belgium ($X) remains the key foreign market for fish fillets and other fish meat exports from Nigeria, comprising 38% of total exports. The second position in the ranking was held by Germany ($X), with a 6.1% share of total exports. It was followed by Niger, with a 5% share.

From 2012 to 2022, the average annual growth rate of value to Belgium totaled -11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+15.4% per year) and Niger (+229.5% per year).

Export Prices by Country

The average export price for fish fillets and other fish meat stood at $X per ton in 2022, with an increase of 5% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 24% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 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 Luxembourg ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fillets and Other Fish Meat

Imports into Nigeria

In 2022, imports of fish fillets and other fish meat into Nigeria skyrocketed to X tons, with an increase of 29% against 2021. Overall, imports saw buoyant growth. The growth pace was the most rapid in 2017 when imports increased by 916%. Over the period under review, imports of reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, imports of fish fillets and other fish meat dropped to $X in 2022. Over the period under review, imports enjoyed a prominent expansion. The growth pace was the most rapid in 2019 with an increase of 499% against the previous year. Imports peaked at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, Ireland (X tons) constituted the largest fish fillets and other fish meat supplier to Nigeria, accounting for a 17% share of total imports. Moreover, imports of fish fillets and other fish meat from Ireland exceeded the figures recorded by the second-largest supplier, Norway (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume from Ireland totaled +43.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-0.9% per year) and the Netherlands (+8.7% per year).

In value terms, Norway ($X), the Netherlands ($X) and Ireland ($X) were the largest fish fillets and other fish meat suppliers to Nigeria, with a combined 38% share of total imports.

Ireland, with a CAGR of +20.5%, 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 import price for fish fillets and other fish meat stood at $X per ton in 2022, dropping by -24.9% against the previous year. Over the period under review, the import price recorded a noticeable reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 103%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Norway ($X per ton), while the price for Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+23.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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