ECOWAS: Market for Dried Or Smoked Fish 2024

Market Size for Dried Or Smoked Fish in ECOWAS

After three years of growth, the ECOWAS dried or smoked fish market decreased by less than 0.1% to $X in 2021. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Dried Or Smoked Fish in ECOWAS

In value terms, dried or smoked fish production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2014 when the production volume increased by 19% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Exports of Dried Or Smoked Fish

Exports in ECOWAS

In 2021, dried or smoked fish exports in ECOWAS rose modestly to X tons, with an increase of 3.8% on the previous year's figure. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 45% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, dried or smoked fish exports reduced to $X in 2021. Overall, exports, however, showed a abrupt setback. The pace of growth appeared the most rapid in 2014 with an increase of 48%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Ghana (X tons), distantly followed by Senegal (X tons), Guinea (X tons), Sierra Leone (X tons), Nigeria (X tons) and Gambia (X tons) represented the key exporters of dried or smoked fish, together mixing up 95% of total exports. Cote d'Ivoire (X tons) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +38.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 62% of total exports. Guinea, Sierra Leone, Gambia and Cote d'Ivoire lagged somewhat behind, together accounting for a further 32%.

Cote d'Ivoire, with a CAGR of +36.2%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with a decrease of -11.6% against the previous year. Overall, the export price recorded a abrupt slump. The pace of growth was the most pronounced in 2014 an increase of 25%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+15.3%), while the other leaders experienced mixed trends in the export price figures.

Imports of Dried Or Smoked Fish

Imports in ECOWAS

Dried or smoked fish imports declined to X tons in 2021, which is down by -10.5% against 2020 figures. Overall, imports continue to indicate a slight descent. The pace of growth was the most pronounced in 2020 with an increase of 51% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, dried or smoked fish imports contracted to $X in 2021. In general, imports recorded a noticeable reduction. The pace of growth was the most pronounced in 2020 with an increase of 92% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Nigeria represented the main importer of dried or smoked fish in ECOWAS, with the volume of imports resulting at X tons, which was approx. 68% of total imports in 2021. It was distantly followed by Burkina Faso (X tons), comprising a 28% share of total imports. Togo (X tons) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of dried or smoked fish. Togo (-1.4%) and Burkina Faso (-3.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +4.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported dried or smoked fish in ECOWAS, comprising 96% of total imports. The second position in the ranking was taken by Burkina Faso ($X), with a 0.6% share of total imports.

In Nigeria, dried or smoked fish imports shrank by an average annual rate of -4.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Burkina Faso (-8.0% per year) and Togo (+7.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with an increase of 5.2% against the previous year. Over the period under review, the import price, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2014 when the import price increased by 62% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+8.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform