The import volume of crustaceans in Nigeria saw a fluctuating trend from 2014 to 2023. In 2023, the import volume stood at 120 metric tons, showing a year-on-year decline of 7.69%. Over the past five years, the average annual decrease, as expressed by the Compound Annual Growth Rate (CAGR), was 7.79%. Notable past variations include a significant rise in 2015 by 138.71%, followed by a major drop in 2016 by 83.78%, and a relatively stable period in 2018. The market showed gradual declines in subsequent years, with a marked annual decline observed from 2020 onwards.
Future trends to watch for include a continuous decrease in the import volume, with a forecasted CAGR of -13.25% over the next five years, resulting in a 50.86% reduction in total volume by 2028. Market factors such as changing domestic production capabilities, economic conditions, and regulatory policies are likely to influence these trends significantly.
