The crustaceans market in Nigeria saw significant growth from 22.74 thousand metric tons in 2014 to 66.93 thousand metric tons in 2023. The year-on-year analysis reveals notable fluctuations, with the highest growth of 102.9% in 2017 and a decline of 12.96% in 2020. The Compound Annual Growth Rate (CAGR) from 2019 to 2023 stood at 3.9%, indicating a steady average yearly increase.
Major variations include:
- 2015 saw a substantial increase of 21.77%.
- 2017 experienced a dramatic 102.9% growth.
- 2020 marked a decline of 12.96%.
- Recent years show stabilization with 9.75% growth in 2022 and 3.99% in 2023.
Future trends indicate a forecasted volume reaching 80.22 thousand metric tons by 2028, with an average annual growth rate (5-year CAGR) of 2.9%, totaling a growth rate of 15.35% over the next five years.
Future trends to watch for include:
- Potential impacts of economic policies on seafood imports and exports.
- Changes in consumer preferences towards sustainable and locally sourced seafood.
- Technological advancements in aquaculture enhancing production efficiency.
