ECOWAS: Market for Caviar (Salmon) And Caviar Substitutes 2024

Market Size for Caviar (Salmon) And Caviar Substitutes in ECOWAS

The ECOWAS market for caviar (salmon) and caviar substitutes reached $X in 2021, leveling off at the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Production of Caviar (Salmon) And Caviar Substitutes in ECOWAS

In value terms, caviar (salmon) and caviar substitutes production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 30% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Exports of Caviar (Salmon) And Caviar Substitutes

Exports in ECOWAS

In 2021, the amount of caviar (salmon) and caviar substitutes exported in ECOWAS soared to X kg, rising by 348% on the year before. Over the period under review, exports continue to indicate significant growth. The growth pace was the most rapid in 2019 with an increase of 248,900%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, caviar (salmon) and caviar substitutes exports soared to $X in 2021. In general, exports recorded significant growth. The growth pace was the most rapid in 2019 with an increase of 37,665% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of caviar (salmon) and caviar substitutes, namely Guinea, represented more than two-thirds of total export.

Guinea was also the fastest-growing in terms of the caviar (salmon) and caviar substitutes exports, with a CAGR of +347.6% from 2014 to 2021. While the share of Guinea (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) also remains the largest caviar (salmon) and caviar substitutes supplier in ECOWAS.

From 2014 to 2021, the average annual growth rate of value in Guinea totaled +330.8%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, shrinking by -3.8% against the previous year. In general, the export price, however, posted buoyant growth. The pace of growth was the most pronounced in 2019 an increase of 546%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Guinea.

From 2014 to 2021, the rate of growth in terms of prices for Guinea amounted to -3.8% per year.

Imports of Caviar (Salmon) And Caviar Substitutes

Imports in ECOWAS

In 2021, the amount of caviar (salmon) and caviar substitutes imported in ECOWAS reached X tons, growing by 3.3% against the previous year's figure. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 132%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, caviar (salmon) and caviar substitutes imports soared to $X in 2021. Overall, imports, however, continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2016 with an increase of 107%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Senegal (X tons) and Cote d'Ivoire (X tons) dominates imports structure, together achieving 76% of total imports. It was distantly followed by Sierra Leone (X kg), constituting a 4.7% share of total imports. Mali (X kg), Cabo Verde (X kg), Benin (X kg) and Ghana (X kg) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Senegal (with a CAGR of +41.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest caviar (salmon) and caviar substitutes importing markets in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Sierra Leone ($X), with a combined 79% share of total imports.

Among the main importing countries, Sierra Leone, with a CAGR of +36.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, jumping by 37% against the previous year. Overall, the import price, however, continues to indicate a pronounced downturn. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Sierra Leone ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+5.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform