Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Nigeria has been experiencing moderate growth, driven by factors such as increasing demand for fresh and processed fish & seafood, rising health consciousness among consumers, and the convenience of online purchasing. However, challenges such as limited infrastructure, high production costs, and lack of government support are impacting the market's growth rate.
Customer preferences: The Fish & Seafood Market in Nigeria has experienced a rise in demand for sustainably sourced and locally caught seafood products. This trend is driven by the growing awareness of the negative environmental impact of large-scale fishing practices, as well as the desire for fresher, healthier options. Additionally, there has been an increase in demand for value-added seafood products, such as smoked and marinated fish, as consumers look for convenient and ready-to-eat options. These shifts in consumer preferences are influenced by the cultural tradition of consuming fresh seafood and the growing health-consciousness among the population. This has also led to an increase in the use of e-commerce platforms for purchasing seafood, as consumers seek out more convenient and efficient ways to access their favorite seafood products.
Trends in the market: In Nigeria, the Fish & Seafood market is experiencing a surge in demand for aquaculture products, driven by the growing population and increasing health consciousness among consumers. This trend is expected to continue as the government promotes sustainable fishing practices and invests in modernizing the industry. Additionally, there is a growing trend of online seafood marketplaces, allowing consumers to purchase fresh seafood directly from fishermen. These developments are significant for industry stakeholders as they present opportunities for growth and innovation in the market. However, it also poses challenges for traditional seafood retailers who may struggle to compete with the convenience and variety offered by online platforms. As the market continues to evolve, stakeholders will need to adapt and embrace technology to stay competitive and meet consumer demands.
Local special circumstances: In Nigeria, the Fish & Seafood Market is heavily influenced by the country's vast coastline and rich fishing resources. This has led to a strong emphasis on seafood in the local cuisine and a robust fishing industry. Additionally, cultural factors such as the high demand for fresh, locally sourced seafood and the tradition of communal meals have contributed to the growth of this market. Regulatory circumstances, such as strict government regulations on fishing practices, have also played a role in shaping the dynamics of the market. These unique factors have created a thriving seafood market in Nigeria, attracting both local and international consumers.
Underlying macroeconomic factors: The Fish & Seafood Market in Nigeria is significantly impacted by macroeconomic factors such as global trade policies, availability of resources, and consumer preferences. The country's economic health and fiscal policies also play a crucial role in the market's performance. Nigeria's strategic location along the Atlantic Ocean makes it a major exporter of fish and seafood products, contributing significantly to its GDP. However, fluctuations in global demand and supply, as well as changes in trade agreements, can have a significant impact on the market. Additionally, government initiatives to promote sustainable fishing practices and investments in infrastructure and technology are driving market growth. The growing population and increasing middle-class income in Nigeria are also creating a higher demand for high-quality seafood products, further propelling the market's expansion.
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.
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