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Fish & Seafood - Nigeria

Nigeria
  • Revenue in the Fish & Seafood market amounts to US$18.34bn in 2024. The market is expected to grow annually by 12.09% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$97bn in 2024).
  • In relation to total population figures, per person revenues of US$80.04 are generated in 2024.
  • In the Fish & Seafood market, volume is expected to amount to 788.60m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 4.3% in 2025.0.
  • The average volume per person in the Fish & Seafood market is expected to amount to 2.9kg in 2024.

Definition:

The Fish & Seafood market covers products made from edible fish and crustaceans, mollusks, and other seafood. These products have been farmed or harvested from freshwater or the ocean and are bought and consumed for nutrient-based purposes.

Structure:

The market consists of 3 different submarkets:

  • The Fresh Fish market covers all types of edible fish that are fresh, chilled, or frozen, and have been farmed or harvested from freshwater or the ocean.
  • The Fresh Seafood market covers all types of crustaceans and mollusks that are fresh, chilled, or frozen and have been farmed or harvested.
  • The Processed Fish & Seafood market covers all types of fish and seafood that have been dried, salted, brined, canned, or smoked.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Fresh and frozen fish((whole or part of, such as cuts, fillets)
  • Fresh and frozen seafood
  • Processed fish and seafood

Out-Of-Scope

  • Fish-based ready-to-eat meals
  • Seaweed and other aquatic plants
  • Caviar and prepared and preserved shark fins
  • Out-of-home consumption
Fish & Seafood: market data & analysis - Cover

Market Insights report

Fish & Seafood: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Demographics

    Most recent update: Mar 2024

    Sources: Statista Market Insights, Statista Consumer Insights Global

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    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.

    Methodology

    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.

    Consumer

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    Fish & Seafood: market data & analysis - BackgroundFish & Seafood: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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