Nigeria: Market for Flours, Meals And Pellets Of Fish 2024

Market Size for Flours, Meals And Pellets Of Fish in Nigeria

The Nigerien fish meals and pellet market soared to $X in 2021, increasing by 2,366% 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 posted significant growth. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in years to come.

Exports of Flours, Meals And Pellets Of Fish

Exports from Nigeria

In 2021, approx. X tons of flours, meals and pellets of fish were exported from Nigeria; jumping by 20% on 2020 figures. In general, exports, however, recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 159%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, fish meals and pellet exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of 169%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for fish meals and pellet exports from Nigeria, accounting for a 87% share of total exports. Moreover, fish meals and pellet exports to the United Arab Emirates exceeded the volume sent to the second major destination, Pakistan (X kg), ninefold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +36.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+9.0% per year) and Botswana (-58.1% per year).

In value terms, the United Arab Emirates ($X), Pakistan ($X) and Botswana ($X) were the largest markets for fish meals and pellet exported from Nigeria worldwide, together comprising 78% of total exports.

Pakistan, with a CAGR of +27.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average fish meals and pellet export price stood at $X per ton in 2021, increasing by 5.4% against the previous year. Over the period under review, the export price, however, showed a pronounced downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by 144%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Pakistan ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flours, Meals And Pellets Of Fish

Imports into Nigeria

In 2021, fish meals and pellet imports into Nigeria surged to X tons, rising by 1,911% compared with 2020 figures. Over the period under review, imports saw a significant increase. The pace of growth appeared the most rapid in 2019 when imports increased by 2,886%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, fish meals and pellet imports skyrocketed to $X in 2021. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 2,815%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

Imports by Country

The Netherlands (X tons), Belgium (X tons) and Ireland (X tons) were the main suppliers of fish meals and pellet imports to Nigeria, with a combined 68% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +95.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Russia ($X) and the UK ($X) appeared to be the largest fish meals and pellet suppliers to Nigeria, together comprising 83% of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +80.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish meals and pellet import price stood at $X per ton in 2021, rising by 36% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 39%. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Russia ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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