Nigeria: Market for Flours, Meals And Pellets Of Fish 2023

Market Size for Flours, Meals And Pellets Of Fish in Nigeria

The Nigerien fish meals and pellet market contracted rapidly to $X in 2022, waning by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a sharp shrinkage. Over the period under review, the market reached the maximum level at $X in 2021, and then contracted rapidly in the following year.

Exports of Flours, Meals And Pellets Of Fish

Exports from Nigeria

For the fourth consecutive year, Nigeria recorded growth in overseas shipments of flours, meals and pellets of fish, which increased by X% to X tons in 2022. Over the period under review, exports showed a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, fish meals and pellet exports reached $X in 2022. Overall, exports, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for fish meals and pellet exports from Nigeria, accounting for a X% share of total exports. Moreover, fish meals and pellet exports to the United Arab Emirates exceeded the volume sent to the second major destination, Benin (X tons), twofold. The third position in this ranking was taken by Pakistan (X kg), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (X% per year) and Pakistan (X% per year).

In value terms, the United Arab Emirates ($X), Pakistan ($X) and Benin ($X) appeared to be the largest markets for fish meals and pellet exported from Nigeria worldwide, with a combined X% share of total exports.

Pakistan, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average fish meals and pellet export price amounted to $X per ton, which is down by X% against the previous year. In general, the export price saw a abrupt shrinkage. The growth pace was the most rapid in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to Benin ($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 Pakistan (X%), while the prices for the other major destinations experienced a decline.

Imports of Flours, Meals And Pellets Of Fish

Imports into Nigeria

In 2022, the amount of flours, meals and pellets of fish imported into Nigeria reduced sharply to X tons, falling by X% against 2021. Over the period under review, imports faced a dramatic slump. The most prominent rate of growth was recorded in 2019 with an increase of X%. Imports peaked at X tons in 2021, and then shrank dramatically in the following year.

In value terms, fish meals and pellet imports shrank markedly to $X in 2022. Overall, imports showed a dramatic decrease. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted dramatically in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of fish meals and pellet to Nigeria, accounting for a X% share of total imports. Moreover, fish meals and pellet imports from China exceeded the figures recorded by the second-largest supplier, Niger (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%.

In value terms, Niger ($X) constituted the largest supplier of flours, meals and pellets of fish to Nigeria, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Niger amounted to X%.

Import Prices by Country

The average fish meals and pellet import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish meals and pellet import price increased by X% against 2018 indices. The growth pace was the most rapid in 2016 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, 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 Niger ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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