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

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

The Nigerien seafood meals and pellets market contracted to $X in 2021, remaining relatively unchanged against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Production of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in Nigeria

In value terms, seafood meals and pellets production rose sharply to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 85%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Exports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Exports from Nigeria

Seafood meals and pellets exports from Nigeria declined dramatically to X kg in 2021, with a decrease of -91.3% compared with the previous year's figure. Overall, exports saw a sharp shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 4,658%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, seafood meals and pellets exports dropped dramatically to $X in 2021. Over the period under review, exports faced a significant decline. The most prominent rate of growth was recorded in 2018 when exports increased by 5,091% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Africa (X kg) was the main destination for seafood meals and pellets exports from Nigeria, accounting for a 97% share of total exports. It was followed by Benin (X kg), with a 2.6% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to South Africa stood at +16.8%.

In value terms, South Africa ($X) emerged as the key foreign market for flours, meals and pellets of fish or of crustaceans and molluscs exports from Nigeria, comprising 95% of total exports. The second position in the ranking was held by Benin ($X), with a 4.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to South Africa amounted to +10.7%.

Export Prices by Country

The average seafood meals and pellets export price stood at $X per ton in 2021, with a decrease of -47.2% against the previous year. Over the period under review, the export price recorded a perceptible setback. The pace of growth appeared the most rapid in 2013 when the average export price increased by 120%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Benin ($X per ton), while the average price for exports to South Africa totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (+15.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Imports into Nigeria

After two years of growth, supplies from abroad of flours, meals and pellets of fish or of crustaceans and molluscs decreased by -31.1% to X tons in 2021. Over the period under review, imports saw a noticeable contraction. The pace of growth was the most pronounced in 2020 with an increase of 61%. As a result, imports attained the peak of X tons, and then fell dramatically in the following year.

In value terms, seafood meals and pellets imports reduced dramatically to $X in 2021. In general, imports showed a perceptible slump. The growth pace was the most rapid in 2020 with an increase of 90%. As a result, imports attained the peak of $X, and then contracted sharply in the following year.

Imports by Country

The Netherlands (X tons), Brazil (X tons) and Germany (X tons) were the main suppliers of seafood meals and pellets imports to Nigeria, with a combined 43% share of total imports. Mauritania, Denmark, Latvia, South Africa, Oman, China, Russia and Lithuania lagged somewhat behind, together comprising a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Oman (with a CAGR of +173.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest seafood meals and pellets suppliers to Nigeria were the Netherlands ($X), Brazil ($X) and Germany ($X), with a combined 41% share of total imports. Denmark, Mauritania, South Africa, Latvia, Oman, China, Russia and Lithuania lagged somewhat behind, together accounting for a further 31%.

In terms of the main suppliers, Oman, with a CAGR of +193.9%, recorded 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

In 2021, the average seafood meals and pellets import price amounted to $X per ton, with a decrease of -4.4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2020 an increase of 19% against the previous year. The import price peaked 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 Denmark ($X per ton), while the price for Latvia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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