Nigeria: Molluscs Market 2024

Molluscs Market Size in Nigeria

In 2021, the Nigerien molluscs market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, recorded a slight reduction. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Molluscs Production in Nigeria

In value terms, molluscs production skyrocketed to $X in 2021 estimated in export price. In general, production, however, recorded a slight slump. The pace of growth appeared the most rapid in 2017 with an increase of 47%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Molluscs Exports

Exports from Nigeria

Molluscs exports from Nigeria surged to X tons in 2021, increasing by 323% against 2020. Overall, exports, however, showed a precipitous decrease. The pace of growth was the most pronounced in 2017 with an increase of 996% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, molluscs exports surged to $X in 2021. Over the period under review, exports, however, recorded a significant decline. The pace of growth was the most pronounced in 2017 when exports increased by 1,000%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

France (X tons), the Netherlands (X tons) and Benin (X kg) were the main destinations of molluscs exports from Nigeria, with a combined 74% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Benin (with a CAGR of +12.7%), while the other leaders experienced a decline.

In value terms, France ($X) remains the key foreign market for molluscs (scallops, mussels, cuttle fish, squid and octopus) exports from Nigeria, comprising 50% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 21% share of total exports. It was followed by Canada, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to France stood at +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-32.2% per year) and Canada (-0.2% per year).

Export Prices by Country

The average molluscs export price stood at $X per ton in 2021, declining by -35.4% against the previous year. Over the period under review, the export price saw a noticeable setback. The most prominent rate of growth was recorded in 2016 an increase of 52%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Benin ($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 Canada (+4.3%), while the prices for the other major destinations experienced mixed trend patterns.

Molluscs Imports

Imports into Nigeria

In 2021, supplies from abroad of molluscs (scallops, mussels, cuttle fish, squid and octopus) increased by 1,307% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports saw resilient growth. The pace of growth was the most pronounced in 2013 when imports increased by 17,191%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, molluscs imports skyrocketed to $X in 2021. In general, imports recorded a noticeable expansion. The growth pace was the most rapid in 2013 when imports increased by 12,218%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of molluscs to Nigeria, with a 74% share of total imports. Moreover, molluscs imports from Italy exceeded the figures recorded by the second-largest supplier, South Africa (X tons), more than tenfold. The third position in this ranking was held by China (X tons), with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy amounted to +29.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+13.8% per year) and China (+6.8% per year).

In value terms, Italy ($X) constituted the largest supplier of molluscs (scallops, mussels, cuttle fish, squid and octopus) to Nigeria, comprising 56% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 22% share of total imports. It was followed by South Africa, with a 5% share.

From 2012 to 2021, the average annual growth rate of value from Italy stood at +20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+23.0% per year) and South Africa (+9.5% per year).

Import Prices by Country

The average molluscs import price stood at $X per ton in 2021, growing by 53% against the previous year. Overall, the import price, however, showed a deep downturn. The growth pace was the most rapid in 2015 an increase of 163% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Oman (+610.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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