Nigeria: Preserved Tuna Market 2024

Preserved Tuna Market Size in Nigeria

The Nigerien preserved tuna market contracted to $X in 2021, with a decrease of -12.1% against the previous year. Overall, consumption, however, continues to indicate a buoyant expansion. Preserved tuna consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Preserved Tuna Production in Nigeria

In value terms, preserved tuna production declined to $X in 2021 estimated in export price. Overall, production, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of 149% against the previous year. Preserved tuna production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Preserved Tuna Exports

Exports from Nigeria

Preserved tuna exports from Nigeria skyrocketed to X kg in 2021, rising by 72% on the year before. Over the period under review, exports recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of 280% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, preserved tuna exports surged to $X in 2021. Overall, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 203% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

Benin (X kg) was the main destination for preserved tuna exports from Nigeria, accounting for a 83% share of total exports. Moreover, preserved tuna exports to Benin exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), sevenfold. Ghana (X kg) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin stood at +64.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+58.7% per year) and Ghana (+4.3% per year).

In value terms, Benin ($X) remains the key foreign market for tuna (prepared or preserved) exports from Nigeria, comprising 79% of total exports. The second position in the ranking was taken by Ghana ($X), with a 12% share of total exports. It was followed by the United Arab Emirates, with a 6% share.

From 2012 to 2021, the average annual growth rate of value to Benin amounted to +48.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (0.0% per year) and the United Arab Emirates (+36.3% per year).

Export Prices by Country

The average preserved tuna export price stood at $X per ton in 2021, declining by -30.3% against the previous year. Overall, the export price recorded a abrupt contraction. The growth pace was the most rapid in 2016 an increase of 140% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, 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 Ghana ($X per ton), while the average price for exports to the United Arab Emirates ($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 (+12.3%), while the prices for the other major destinations experienced a decline.

Preserved Tuna Imports

Imports into Nigeria

In 2021, the amount of tuna (prepared or preserved) imported into Nigeria dropped sharply to X tons, shrinking by -22% on the previous year. In general, imports recorded a abrupt setback. The pace of growth was the most pronounced in 2020 when imports increased by 355%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, preserved tuna imports contracted markedly to $X in 2021. Over the period under review, imports showed a perceptible setback. The most prominent rate of growth was recorded in 2014 when imports increased by 463% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of preserved tuna to Nigeria, accounting for a 22% share of total imports. Moreover, preserved tuna imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Indonesia (X tons), with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand stood at -13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+23.2% per year) and Indonesia (-10.3% per year).

In value terms, the largest preserved tuna suppliers to Nigeria were Thailand ($X), Mauritius ($X) and South Africa ($X), with a combined 40% share of total imports.

Among the main suppliers, Mauritius, with a CAGR of +46.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average preserved tuna import price amounted to $X per ton, increasing by 8.2% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 69%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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