Report Update: May 15, 2024

Nigeria - Frozen Fish Meat - Market Analysis, Forecast, Size, Trends and Insights

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Frozen Fish Meat Price in Nigeria - 2022

Frozen Fish Meat Price in Nigeria (CIF) - 2022

In 2022, the average frozen fish meat import price amounted to $3,888 per ton, rising by 115% against the previous year. Over the period under review, the import price saw a resilient increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for South Africa.

From 2012 to 2022, the rate of growth in terms of prices for South Africa amounted to +13.1% per year.

Frozen Fish Meat Price in Nigeria (FOB) - 2022

The average frozen fish meat export price stood at $5,870 per ton in 2022, surging by 10% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2020 when the average export price increased by 22%. The export price peaked at $5,934 per ton in 2014; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the rate of growth in terms of prices for France amounted to +1.9% per year.

Frozen Fish Meat Imports in Nigeria

In 2022, overseas purchases of frozen fish meat decreased by -97.6% to 3 tons, falling for the second consecutive year after two years of growth. In general, imports showed a precipitous decrease. The pace of growth was the most pronounced in 2020 with an increase of 88%. As a result, imports reached the peak of 242 tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, frozen fish meat imports shrank remarkably to $12K in 2022. Over the period under review, imports saw a dramatic decrease. The pace of growth was the most pronounced in 2020 when imports increased by 95%. As a result, imports reached the peak of $343K. From 2021 to 2022, the growth of imports remained at a lower figure.

Import of Frozen Fish Meat in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
South Africa	0.5	0.8	0.5	11.6	185.2%
Norway	6.2	8.7	4.2	N/A	-17.7%
Iceland	163	318	214	N/A	14.6%
Canada	1.2	13.0	5.3	N/A	110.2%
Others	4.9	3.0	1.9	N/A	-37.7%
Total	176	343	226	11.6	-59.6%

Top Suppliers of Frozen Fish Meat to Nigeria in 2022:

South Africa (3.0 tons)

Frozen Fish Meat Exports in Nigeria

For the third consecutive year, Nigeria recorded decline in shipments abroad of frozen fish meat, which decreased by -2.6% to 9.8 tons in 2022. Over the period under review, exports showed a abrupt decline. The smallest decline of -2.2% was in 2021.

In value terms, frozen fish meat exports totaled $58K in 2022. The total export value increased at an average annual rate of +7.3% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 7.7%. The exports peaked in 2022 and are expected to retain growth in years to come.

Export of Frozen Fish Meat in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
France	29.2	49.3	53.2	57.3	25.2%
Niger	0.2	N/A	N/A	N/A	0%
Ghana	17.1	N/A	N/A	N/A	0%
Others	0.3	0.5	0.4	0.4	10.1%
Total	46.8	49.8	53.7	57.8	7.3%

Top Export Markets for Frozen Fish Meat from Nigeria in 2022:

France (9.7 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the frozen fish meat 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 10201500 - Frozen fish meat without bones (excluding fillets)

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