Nigeria: Preserved Sardines Market 2024

Preserved Sardines Market Size in Nigeria

The Nigerien preserved sardines market surged to $X in 2022, jumping by 27% against the previous year. In general, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +59.7% against 2018 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Preserved Sardines Production in Nigeria

In value terms, preserved sardines production shrank to $X in 2022 estimated in export price. Overall, production, however, showed strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 115% against the previous year. Preserved sardines production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Preserved Sardines Exports

Exports from Nigeria

For the fourth year in a row, Nigeria recorded decline in shipments abroad of sardines (prepared or preserved), which decreased by -5.2% to X tons in 2022. In general, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2014 with an increase of 317%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, preserved sardines exports soared to $X in 2022. Overall, exports recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 390%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X tons) was the main destination for preserved sardines exports from Nigeria, with a 37% share of total exports. Moreover, preserved sardines exports to Benin exceeded the volume sent to the second major destination, South Africa (X tons), fourfold. Cameroon (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume to Benin stood at +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (-13.5% per year) and Cameroon (-1.4% per year).

In value terms, Benin ($X), Cameroon ($X) and the United States ($X) constituted the largest markets for preserved sardines exported from Nigeria worldwide, with a combined 53% share of total exports. Ireland, Ghana, Niger and South Africa lagged somewhat behind, together accounting for a further 19%.

Ghana, with a CAGR of +16.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average preserved sardines export price stood at $X per ton in 2022, rising by 28% against the previous year. Over the period under review, the export price enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 an increase of 57%. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to South Africa ($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 Niger (+5.3%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Sardines Imports

Imports into Nigeria

In 2022, imports of sardines (prepared or preserved) into Nigeria surged to X tons, jumping by 127% compared with the year before. Overall, imports, however, continue to indicate a deep reduction. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, preserved sardines imports skyrocketed to $X in 2022. Over the period under review, imports, however, faced a abrupt slump. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Bangladesh (X tons) constituted the largest supplier of preserved sardines to Nigeria, with a 67% share of total imports. Moreover, preserved sardines imports from Bangladesh exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Australia (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bangladesh totaled -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-15.7% per year) and Australia (-16.4% per year).

In value terms, Bangladesh ($X) constituted the largest supplier of sardines (prepared or preserved) to Nigeria, comprising 56% of total imports. The second position in the ranking was taken by Australia ($X), with a 27% share of total imports. It was followed by China, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Bangladesh stood at -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-11.3% per year) and China (-20.7% per year).

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, reducing by -13.5% against the previous year. In general, the import price recorded a abrupt slump. The growth pace was the most rapid in 2015 an increase of 44%. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Morocco ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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