ECOWAS: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in ECOWAS

The ECOWAS market for cod, salted or in brine reached $X in 2022, picking up by 2.4% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.3% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Cod, Salted or in Brine in ECOWAS

In value terms, cod, salted or in brine production rose to $X in 2022 estimated in export price. The total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 61%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Cod, Salted or in Brine

Exports in ECOWAS

In 2021, overseas shipments of cod, salted or in brine decreased by 0% to X kg, falling for the second year in a row after two years of decline. Over the period under review, exports continue to indicate a pronounced setback. The most prominent rate of growth was recorded in 2017 when exports increased by 125%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, cod, salted or in brine exports totaled $X in 2021. Overall, exports saw a abrupt shrinkage. The smallest decline of -10.9% was in 2017. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, rising by 35% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 an increase of 35%. The level of export peaked at $X per ton in 2012; however, from 2013 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 Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to +16.3% per year.

Imports of Cod, Salted or in Brine

Imports in ECOWAS

In 2022, supplies from abroad of cod, salted or in brine was finally on the rise to reach X tons after two years of decline. In general, imports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2014 when imports increased by 304% against the previous year. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, cod, salted or in brine imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2014 with an increase of 253% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria was the major importing country with an import of about X tons, which finished at 55% of total imports. It was distantly followed by Cabo Verde (X kg) and Guinea-Bissau (X kg), together creating a 40% share of total imports. Liberia (X kg) and Benin (X kg) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -14.1% from 2012 to 2022. At the same time, Benin (+19.2%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.2% from 2012-2022. By contrast, Cabo Verde (-4.9%), Guinea-Bissau (-6.9%) and Liberia (-15.5%) illustrated a downward trend over the same period. Cabo Verde (+14 p.p.), Guinea-Bissau (+5.1 p.p.) and Benin (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Liberia and Nigeria saw its share reduced by -1.7% and -19.1% from 2012 to 2022, respectively.

In value terms, Nigeria ($X), Cabo Verde ($X) and Guinea-Bissau ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 87% share of total imports. Liberia and Benin lagged somewhat behind, together accounting for a further 13%.

Among the main importing countries, Benin, with a CAGR of +17.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, increasing by 3.1% against the previous year. Over the period under review, the import price, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2015 when the import price increased by 34%. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Liberia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform