Report Update May 1, 2024

Nigeria - Frozen Lobster - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Frozen Lobster Market 2024

Frozen Lobster Market Size in Nigeria

In 2022, the Nigerien frozen lobster market increased by 74% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a deep reduction. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Frozen Lobster Production in Nigeria

In value terms, frozen lobster production totaled $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 1,045,400%. Frozen lobster production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Frozen Lobster Exports

Exports from Nigeria

In 2022, after three years of growth, there was significant decline in overseas shipments of frozen lobster, when their volume decreased by -46% to X kg. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 9,894%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen lobster exports declined sharply to $X in 2022. Over the period under review, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2014 when exports increased by 5,854%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Botswana (X kg) was the main destination for frozen lobster exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Botswana was relatively modest.

In value terms, Botswana ($X) also remains the key foreign market for frozen lobster exports from Nigeria.

From 2012 to 2022, the average annual growth rate of value to Botswana stood at -5.0%.

Export Prices by Country

In 2022, the average frozen lobster export price amounted to $X per ton, growing by 1.6% against the previous year. Overall, the export price, however, continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2019 an increase of 27%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Botswana.

From 2012 to 2022, the rate of growth in terms of prices for South Africa amounted to +136.7% per year.

Frozen Lobster Imports

Imports into Nigeria

In 2022, overseas purchases of frozen lobster increased by 2.8% to X kg for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 146% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, frozen lobster imports skyrocketed to $X in 2022. In general, imports, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2019 with an increase of 170%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Italy (X kg) constituted the largest supplier of frozen lobster to Nigeria, with a 65% share of total imports. Moreover, frozen lobster imports from Italy exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy totaled -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-7.5% per year) and Germany (-21.5% per year).

In value terms, Italy ($X) constituted the largest supplier of frozen lobster to Nigeria, comprising 68% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy stood at +17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-11.5% per year) and Germany (-24.0% per year).

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, rising by 30% against the previous year. In general, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen lobster import price decreased by -18.1% against 2020 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 50%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Luxembourg (+245.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for frozen lobster in the world?

The countries with the highest volumes of consumption in 2022 were the United States, India and Canada, with a combined 56% share of global consumption. Spain, China, South Korea, France, Japan, Italy and Egypt lagged somewhat behind, together comprising a further 23%.

What are the largest producers of frozen lobster in the world?

Canada constituted the country with the largest volume of frozen lobster production, accounting for 66% of total volume. Moreover, frozen lobster production in Canada exceeded the figures recorded by the second-largest producer, India, threefold. Egypt ranked third in terms of total production with a 3.2% share.

What are the leading suppliers of frozen lobster to Nigeria?

In value terms, Italy constituted the largest supplier of frozen lobster to Nigeria, comprising 68% of total imports. The second position in the ranking was held by the Netherlands, with a 12% share of total imports.

What are the leading importers of frozen lobster from Nigeria?

In value terms, Botswana $422) remains the key foreign market for frozen lobster exports from Nigeria.

What is the average export price for frozen lobster in Nigeria?

The average frozen lobster export price stood at $6,206 per ton in 2022, picking up by 1.6% against the previous year.

What is the average import price for frozen lobster in Nigeria?

In 2022, the average frozen lobster import price amounted to $33,393 per ton, growing by 30% against the previous year.

This report provides an in-depth analysis of the frozen lobster 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:

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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023