Nigeria: Preserved Mackerel Market 2024

Preserved Mackerel Market Size in Nigeria

The Nigerien preserved mackerel market totaled $X in 2021, surging by 13% against the previous year. Overall, consumption recorded a buoyant expansion. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Preserved Mackerel Production in Nigeria

In value terms, preserved mackerel production rose markedly to $X in 2021 estimated in export price. In general, production showed a buoyant expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 192%. Preserved mackerel production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Preserved Mackerel Exports

Exports from Nigeria

In 2021, overseas shipments of mackerel (prepared or preserved) decreased by -0.6% to X kg, falling for the fourth consecutive year after two years of growth. In general, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 888%. The exports peaked at X kg in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved mackerel exports soared to $X in 2021. Overall, exports saw a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 390%. 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

Canada (X kg), Finland (X kg) and Ghana (X kg) were the main destinations of preserved mackerel exports from Nigeria, together comprising 80% of total exports.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +46.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Finland ($X) emerged as the key foreign market for mackerel (prepared or preserved) exports from Nigeria, comprising 42% of total exports. The second position in the ranking was held by Canada ($X), with a 20% share of total exports. It was followed by Benin, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Finland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+49.0% per year) and Benin (+7.8% per year).

Export Prices by Country

The average preserved mackerel export price stood at $X per ton in 2021, rising by 43% against the previous year. Overall, the export price enjoyed moderate growth. The most prominent rate of growth was recorded in 2014 an increase of 55% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Canada ($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 South Africa (+19.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Mackerel Imports

Imports into Nigeria

In 2021, the amount of mackerel (prepared or preserved) imported into Nigeria soared to X tons, increasing by 166% against the previous year. In general, imports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2019 when imports increased by 231% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, preserved mackerel imports soared to $X in 2021. Overall, imports, however, saw a perceptible downturn. The pace of growth appeared the most rapid in 2019 when imports increased by 388% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) constituted the largest preserved mackerel supplier to Nigeria, accounting for a 86% share of total imports. Moreover, preserved mackerel imports from Brazil exceeded the figures recorded by the second-largest supplier, China (X tons), tenfold.

From 2012 to 2021, the average annual growth rate of volume from Brazil amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-21.2% per year) and Morocco (+27.0% per year).

In value terms, Brazil ($X) constituted the largest supplier of mackerel (prepared or preserved) to Nigeria, comprising 82% of total imports. The second position in the ranking was taken by China ($X), with a 7.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Brazil stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-19.4% per year) and Morocco (+15.8% per year).

Import Prices by Country

The average preserved mackerel import price stood at $X per ton in 2021, increasing by 13% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved mackerel import price decreased by -21.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 48%. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Morocco ($X per ton), while the price for China ($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 (+2.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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