Nigeria: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in Nigeria

In 2022, the Nigerien frozen crustaceans market decreased by X% to $X, falling for the second consecutive year after five years of growth. Over the period under review, consumption, however, enjoyed a resilient increase. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Frozen Crustaceans Production in Nigeria

In value terms, frozen crustaceans production expanded rapidly to $X in 2022 estimated in export price. In general, production posted measured growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Frozen Crustaceans Exports

Exports from Nigeria

In 2022, shipments abroad of frozen crustaceans increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, faced a abrupt decrease. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, frozen crustaceans exports surged to $X in 2022. In general, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), Belgium (X tons) and France (X tons) were the main destinations of frozen crustaceans exports from Nigeria, together comprising X% of total exports. Spain, Taiwan (Chinese) and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) remains the key foreign market for frozen crustaceans exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Belgium ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and France (X% per year).

Export Prices by Country

In 2022, the average frozen crustaceans export price amounted to $X per ton, rising by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of X% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the Netherlands (X%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Crustaceans Imports

Imports into Nigeria

Frozen crustaceans imports into Nigeria reduced remarkably to X tons in 2022, shrinking by X% compared with the year before. Over the period under review, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen crustaceans imports dropped notably to $X in 2022. Overall, imports saw a abrupt decrease. The pace of growth was the most pronounced in 2015 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of frozen crustaceans to Nigeria, with a X% share of total imports. Moreover, frozen crustaceans imports from China exceeded the figures recorded by the second-largest supplier, Norway (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (X% per year) and Vietnam (X% per year).

In value terms, the largest frozen crustaceans suppliers to Nigeria were China ($X), Norway ($X) and Vietnam ($X), together accounting for X% of total imports.

Among the main suppliers, China, with a CAGR of X%, 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 a decline.

Import Prices by Country

In 2022, the average frozen crustaceans import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2015 an increase of X% 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 failed to regain momentum.

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 Norway ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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