Nigeria: Frozen Fish Market 2024

Frozen Fish Market Size in Nigeria

In 2022, the Nigerien frozen fish market decreased by X% to $X, falling for the second year in a row after four years of growth. In general, consumption continues to indicate a deep downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Frozen Fish Production in Nigeria

In value terms, frozen fish production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Frozen Fish Exports

Exports from Nigeria

In 2022, exports of frozen fish from Nigeria shrank rapidly to X tons, with a decrease of X% on the previous year. Over the period under review, exports, however, continue to indicate a mild expansion. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen fish exports declined significantly to $X in 2022. Overall, exports, however, recorded mild growth. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for frozen fish exports from Nigeria, with a X% share of total exports. Moreover, frozen fish exports to the United Arab Emirates exceeded the volume sent to the second major destination, Belgium (X tons), threefold. The third position in this ranking was taken by France (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates 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).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for frozen fish exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Belgium ($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 United Arab Emirates amounted to 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 fish export price amounted to $X per ton, surging by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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

Frozen Fish Imports

Imports into Nigeria

In 2022, purchases abroad of frozen fish decreased by X% to X tons, falling for the second year in a row after four years of growth. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, frozen fish imports contracted slightly to $X in 2022. Over the period under review, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2020 when imports increased by X%. Over the period under review, imports attained the maximum 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 imports to Nigeria, together accounting for X% of total imports. Mauritania, South Korea, Norway, Ireland, Faroe Islands, Morocco, Poland, China, the UK and Uruguay lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

Poland, with a CAGR of X%, saw 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 import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, 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 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 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 the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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