Nigeria: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in Nigeria

The Nigerien frozen fish and seafood market reached $X in 2022, remaining constant against the previous year. Overall, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Frozen fish and seafood consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Frozen Fish And Seafood in Nigeria

In value terms, frozen fish and seafood production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a strong increase. The growth pace was the most rapid in 2013 with an increase of X%. Frozen fish and seafood production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Frozen Fish And Seafood

Exports from Nigeria

In 2022, shipments abroad of frozen fish and seafood 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 shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, frozen fish and seafood exports rose significantly to $X in 2022. In general, exports, however, saw a deep downturn. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for frozen fish and seafood exports from Nigeria, accounting for a X% share of total exports. Moreover, frozen fish and seafood exports to the Netherlands exceeded the volume sent to the second major destination, Spain (X tons), fourfold. Belgium (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (X% per year) and Belgium (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for frozen fish and seafood exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Belgium ($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

The average frozen fish and seafood export price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to Niger ($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 South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish And Seafood

Imports into Nigeria

In 2022, overseas purchases of frozen fish and seafood decreased by X% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports showed a deep contraction. The pace of growth was the most pronounced in 2017 when imports increased by X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen fish and seafood imports reduced modestly to $X in 2022. In general, imports recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Russia (X tons), Chile (X tons) and the Netherlands (X tons) were the main suppliers of frozen fish and seafood imports to Nigeria, together comprising X% of total imports. Mauritania, South Korea, Norway, Ireland, Faroe Islands, Morocco, China, Poland, the UK and Uruguay lagged somewhat behind, together comprising a further X%.

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

In value terms, Russia ($X), the Netherlands ($X) and Chile ($X) constituted the largest frozen fish and seafood suppliers to Nigeria, together comprising X% of total imports. Faroe Islands, Ireland, Mauritania, Norway, South Korea, Poland, Morocco, the UK, China and Uruguay lagged somewhat behind, together comprising a further X%.

Poland, with a CAGR of X%, 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 frozen fish and seafood import price stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2015; however, from 2016 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 the Netherlands ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :