Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in Nigeria is experiencing mild growth, driven by factors such as increasing demand for convenience in The Food market, growing health consciousness among consumers, and the availability of a variety of canned, dried, smoked, and prepared fish products. These factors are contributing to the overall growth rate of the market, which is expected to continue in the coming years.
Customer preferences: As the Nigerian population becomes more urbanized, there is a growing demand for convenience and time-saving solutions. This has led to an increase in the consumption of processed fish and seafood, which offers a quick and easy meal option for busy individuals. Additionally, there is a growing trend towards healthier eating habits, with consumers opting for processed fish and seafood that are low in fat and high in protein. This is driven by a rise in health consciousness and the desire for nutritious food choices.
Trends in the market: In Nigeria, there is a growing demand for processed fish and seafood due to increasing health consciousness and a shift towards convenience foods. This trend is expected to continue, with a rise in the number of companies offering ready-to-eat and ready-to-cook fish and seafood products. Additionally, there is a shift towards sustainable and traceable products, with consumers demanding transparency in the sourcing and production of their food. This trend presents opportunities for industry stakeholders to differentiate their products and cater to the growing demand for sustainable and healthy options.
Local special circumstances: In Nigeria, the Processed Fish & Seafood Market is heavily influenced by the country's rich coastal resources and strong fishing industry. This has led to a wide variety of traditional fish and seafood products being processed and consumed in the local market. Additionally, the government's efforts to promote and regulate the fishing industry have resulted in a unique market landscape. This includes strict regulations on fishing practices and the use of sustainable methods, as well as the promotion of locally produced seafood to support the economy. These factors contribute to the dynamic and diverse nature of the Processed Fish & Seafood Market in Nigeria.
Underlying macroeconomic factors: The Processed Fish & Seafood Market in Nigeria is heavily influenced by macroeconomic factors such as international trade policies, currency exchange rates, and government regulations. The country's economy has been experiencing steady growth in recent years, with a focus on diversifying its industries beyond oil and gas. This has created a favorable business climate for the seafood industry, with increased investments in infrastructure and support for local production and exports. However, the market is also impacted by global economic trends, such as fluctuations in commodity prices and consumer demand, which can affect the availability and affordability of raw materials and the overall market performance. Additionally, government fiscal policies, such as tax rates and subsidies, can also impact the profitability and competitiveness of the Processed Fish & Seafood Market in Nigeria. Overall, the market is expected to continue growing in the coming years, driven by the country's efforts to develop its non-oil sectors and the growing demand for sustainable and nutritious food 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.
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