Nigeria: Market for Frozen, Dried And Smoked Fish 2024

Market Size for Frozen, Dried And Smoked Fish in Nigeria

The Nigerien market for frozen, dried and smoked fish rose slightly to $X in 2023, growing by X% against the previous year. Overall, consumption continues to indicate a perceptible increase. Frozen, dried and smoked fish consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Frozen, Dried And Smoked Fish in Nigeria

In value terms, frozen, dried and smoked fish production stood at $X in 2023 estimated in export price. Over the period under review, production saw a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

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Exports of Frozen, Dried And Smoked Fish

Exports from Nigeria

Frozen, dried and smoked fish exports from Nigeria rose modestly to X tons in 2023, picking up by X% on the previous year's figure. Overall, exports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, frozen, dried and smoked fish exports surged to $X in 2023. Over the period under review, exports, however, recorded a deep slump. The pace of growth appeared the most rapid in 2018 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for frozen, dried and smoked fish exports from Nigeria, with a X% share of total exports. Moreover, frozen, dried and smoked fish exports to the Netherlands exceeded the volume sent to the second major destination, Belgium (X tons), fourfold. Spain (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Spain (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for frozen, dried and smoked fish exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Belgium ($X), with an X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and the United States (X% per year).

Export Prices by Country

In 2023, the average export price for frozen, dried and smoked fish amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price posted a resilient expansion. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. The export price peaked in 2023 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Barbados ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Barbados (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen, Dried And Smoked Fish

Imports into Nigeria

After two years of decline, overseas purchases of frozen, dried and smoked fish increased by X% to X tons in 2023. In general, imports, however, saw a perceptible curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by X%. Imports peaked at X tons in 2020; however, from 2021 to 2023, imports failed to regain momentum.

In value terms, frozen, dried and smoked fish imports shrank to $X in 2023. Over the period under review, imports, however, showed a abrupt decline. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Chile (X tons) constituted the largest frozen, dried and smoked fish supplier to Nigeria, accounting for a X% share of total imports. Moreover, frozen, dried and smoked fish imports from Chile exceeded the figures recorded by the second-largest supplier, Ireland (X tons), twofold. The third position in this ranking was taken by the Netherlands (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Chile amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (X% per year) and the Netherlands (X% per year).

In value terms, the largest frozen, dried and smoked fish suppliers to Nigeria were Chile ($X), the Netherlands ($X) and Iceland ($X), together accounting for X% of total imports. Faroe Islands, Ireland, South Korea, Norway, Russia, China, Mauritania, the UK, Japan and Peru lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Japan, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for frozen, dried and smoked fish stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the import price recorded a pronounced slump. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Faroe Islands ($X per ton), while the price for Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform