Fresh Seafood - Nigeria

Nigeria

Highlights

Revenue in the Fresh Seafood market amounts to US$3.94bn in 2024. The market is expected to grow annually by 12.27% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$17.19 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 101.40m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 7.7% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood market in Nigeria is experiencing a steady growth rate due to factors such as increasing demand for seafood, rising health consciousness among consumers, and the convenience of online seafood services. Digitalization and advancements in technology are also impacting the market's growth.

Customer preferences: In Nigeria, there has been a noticeable increase in demand for fresh seafood, driven by a growing interest in healthy eating and international cuisines. This is reflected in the rise of seafood-focused restaurants and the popularity of seafood delivery services. Additionally, with an increasing focus on sustainability, consumers in Nigeria are seeking out locally sourced and responsibly harvested seafood options. This trend is also influenced by a growing middle class with a greater disposable income, leading to a preference for premium and high-quality seafood products.

Trends in the market: In Nigeria, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for locally sourced, sustainable seafood. This trend is driven by consumer demand for healthier and more eco-friendly options, as well as government initiatives promoting sustainable fishing practices. As a result, there has been an increase in investment in aquaculture and fish farming, leading to improved supply chain efficiency and quality control. These developments are significant for industry stakeholders as they can expect to see continued growth in demand for locally sourced seafood and increased competition among suppliers. Additionally, this trend has potential implications for the overall sustainability and profitability of the seafood industry in Nigeria.

Local special circumstances: In Nigeria, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's vast coastline and abundant marine resources. Additionally, cultural preferences for fresh, locally caught seafood drive demand in this market. Regulatory factors also play a role, as strict seafood import regulations limit competition from foreign suppliers. These factors contribute to a unique market dynamic, with a strong emphasis on locally sourced and sustainable seafood options.

Underlying macroeconomic factors: The growth of the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economies and favorable fiscal policies tend to experience higher market growth, as consumers have more disposable income to spend on premium seafood products. Additionally, fluctuations in currency exchange rates, trade policies, and international trade agreements can impact the availability and pricing of seafood in the market. Moreover, the increasing demand for healthier and sustainable food options is driving the growth of the global seafood market, as consumers prioritize ethically sourced and environmentally friendly products.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.