Nigeria - Frozen Crustaceans - Market Analysis, Forecast, Size, Trends And Insights
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View PricingFrozen Crustaceans Price in Nigeria - 2022
Contents:
- Frozen Crustaceans Price in Nigeria (FOB) - 2022
- Frozen Crustaceans Price in Nigeria (CIF) - 2022
- Frozen Crustaceans Exports in Nigeria
- Frozen Crustaceans Imports in Nigeria
Frozen Crustaceans Price in Nigeria (FOB) - 2022
In June 2022, the average frozen crustaceans export price amounted to $14,106 per ton, rising by 3.1% against the previous month. Overall, the export price continues to indicate a slight expansion. The most prominent rate of growth was recorded in August 2021 an increase of 28% m-o-m. The export price peaked at $16,794 per ton in February 2022; however, from March 2022 to June 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was France ($15,508 per ton), while the average price for exports to Spain ($6,943 per ton) was amongst the lowest.
From June 2021 to June 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.
Frozen Crustaceans Price in Nigeria (CIF) - 2022
The average frozen crustaceans import price stood at $3,005 per ton in 2022, reducing by -17.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 226% against the previous year. As a result, import price attained the peak level of $10,722 per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($6,169 per ton), while the price for Thailand ($694 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+37.6%), while the prices for the other major suppliers experienced mixed trend patterns.
Frozen Crustaceans Exports in Nigeria
In 2022, the amount of frozen crustaceans exported from Nigeria expanded slightly to 4.2K tons, growing by 2.2% compared with 2021 figures. In general, total exports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +5.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +86.8% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 83% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.
In value terms, frozen crustaceans exports rose markedly to $49M in 2022. Over the period under review, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2021 with an increase of 87% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.
| Export of Frozen Crustaceans in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 17.6 | 13.1 | 27.0 | 27.4 | 15.9% |
| Belgium | 4.6 | 3.2 | 6.2 | 7.5 | 17.7% |
| France | 3.1 | 3.7 | 5.8 | 7.0 | 31.2% |
| United States | 2.3 | 0.7 | 0.8 | 2.5 | 2.8% |
| Spain | 0.6 | 0.8 | 2.6 | 2.0 | 49.4% |
| United Kingdom | N/A | N/A | N/A | 1.9 | 0% |
| Portugal | 0.1 | N/A | 0.4 | 0.4 | 58.7% |
| Taiwan (Chinese) | 0.8 | 0.3 | 0.4 | 0.3 | -27.9% |
| Others | 1.7 | 1.4 | 0.2 | N/A | -65.7% |
| Total | 30.8 | 23.2 | 43.3 | 49.0 | 16.7% |
Top Export Markets for Frozen Crustaceans from Nigeria in 2022:
- Netherlands (2089.3 tons)
- Spain (577.2 tons)
- Belgium (523.7 tons)
- France (469.9 tons)
- United States (274.7 tons)
- Portugal (137.5 tons)
- United Kingdom (85.8 tons)
- Taiwan (Chinese) (26.4 tons)
Frozen Crustaceans Imports in Nigeria
In 2022, frozen crustaceans imports into Nigeria expanded significantly to 320 tons, increasing by 7.5% compared with the previous year's figure. Over the period under review, imports showed a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 301% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, frozen crustaceans imports dropped to $962K in 2022. In general, imports recorded a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 342% against the previous year. As a result, imports attained the peak of $1.1M, and then dropped in the following year.
| Import of Frozen Crustaceans in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Norway | 136 | 127 | 523 | 342 | 36.0% |
| Vietnam | 128 | 95.1 | 9.8 | 265 | 27.5% |
| Italy | N/A | N/A | N/A | 232 | 0% |
| China | 4.1 | 23.6 | 537 | 52.5 | 134.0% |
| Thailand | 18.9 | N/A | N/A | 39.2 | 27.5% |
| Iceland | N/A | N/A | N/A | 16.3 | 0% |
| India | 1.3 | 0.4 | 17.8 | N/A | 270.0% |
| Others | N/A | N/A | N/A | 15.4 | 0% |
| Total | 289 | 246 | 1,087 | 962 | 49.3% |
Top Suppliers of Frozen Crustaceans to Nigeria in 2022:
- Norway (117.0 tons)
- Thailand (56.5 tons)
- Italy (54.0 tons)
- Vietnam (43.0 tons)
- China (26.5 tons)
- Iceland (20.8 tons)
This report provides an in-depth analysis of the frozen crustaceans market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 10203100 - Frozen crustaceans, frozen flours, meals and pellets of crustaceans, fit for human consumption
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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