ECOWAS: Market for Fish Fats And Oils 2025

Market Size for Fish Fats And Oils in ECOWAS

In 2022, the ECOWAS fish fat and oil market decreased by -0.6% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, enjoyed a strong expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fats And Oils in ECOWAS

In value terms, fish fat and oil production rose modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 36%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Fish Fats And Oils

Exports in ECOWAS

In 2022, the amount of fish fats and oils exported in ECOWAS skyrocketed to X tons, rising by 196% against the previous year. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2019 when exports increased by 199% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, fish fat and oil exports surged to $X in 2022. Over the period under review, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Senegal was the major exporter of fish fats and oils in ECOWAS, with the volume of exports resulting at X tons, which was near 73% of total exports in 2022. It was distantly followed by Guinea (X tons), Cote d'Ivoire (X tons) and Guinea-Bissau (X tons), together creating a 23% share of total exports. Ghana (X tons) held a relatively small share of total exports.

Senegal was also the fastest-growing in terms of the fish fats and oils exports, with a CAGR of +114.9% from 2012 to 2022. At the same time, Guinea (+30.9%), Ghana (+22.9%) and Cote d'Ivoire (+2.7%) displayed positive paces of growth. By contrast, Guinea-Bissau (-9.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal, Guinea and Guinea-Bissau increased by +72, +11 and +4.6 percentage points, respectively.

In value terms, Senegal ($X) remains the largest fish fat and oil supplier in ECOWAS, comprising 74% of total exports. The second position in the ranking was held by Guinea ($X), with a 12% share of total exports. It was followed by Cote d'Ivoire, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal stood at +110.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Guinea (+246.8% per year) and Cote d'Ivoire (+2.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of 71% against the previous year. Over the period under review, the export price saw a slight increase. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Guinea-Bissau ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+165.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Fish Fats And Oils

Imports in ECOWAS

In 2022, after three years of growth, there was significant decline in supplies from abroad of fish fats and oils, when their volume decreased by -6.2% to X tons. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 174%. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced in the following year.

In value terms, fish fat and oil imports declined to $X in 2022. In general, imports, however, showed a prominent increase. The growth pace was the most rapid in 2020 with an increase of 124% against the previous year. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Nigeria represented the major importer of fish fats and oils in ECOWAS, with the volume of imports amounting to X tons, which was near 88% of total imports in 2022. It was distantly followed by Ghana (X tons), mixing up a 10% share of total imports.

Nigeria was also the fastest-growing in terms of the fish fats and oils imports, with a CAGR of +29.6% from 2012 to 2022. At the same time, Ghana (+1.7%) displayed positive paces of growth. From 2012 to 2022, the share of Nigeria increased by +46 percentage points.

In value terms, Nigeria ($X) constitutes the largest market for imported fish fats and oils in ECOWAS, comprising 80% of total imports. The second position in the ranking was held by Ghana ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +14.6%.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, falling by -7.7% against the previous year. Overall, the import price recorded a deep contraction. The pace of growth was the most pronounced in 2017 an increase of 22%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.9%).

Source: IndexBox Platform