ECOWAS: Fish Parts Market 2024

Fish Parts Market Size in ECOWAS

After two years of growth, the ECOWAS fish parts market decreased by -16.3% to $X in 2022. Over the period under review, consumption, however, continues to indicate a prominent increase. The level of consumption peaked at $X in 2021, and then reduced markedly in the following year.

Fish Parts Production in ECOWAS

In value terms, fish parts production rose slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a mild slump. The pace of growth was the most pronounced in 2017 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Fish Parts Exports

Exports in ECOWAS

In 2022, overseas shipments of fish heads, tails and maws were finally on the rise to reach X tons after two years of decline. Over the period under review, exports enjoyed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, fish parts exports soared to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal prevails in exports structure, accounting for X tons, which was approx. 75% of total exports in 2022. It was distantly followed by Guinea (X tons), constituting a 7.4% share of total exports. Sierra Leone (X tons), Togo (X tons), Nigeria (X tons), Ghana (X tons) and Liberia (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the fish heads, tails and maws exports, with a CAGR of +48.3% from 2012 to 2022. At the same time, Liberia (+26.9%), Sierra Leone (+16.3%) and Nigeria (+12.8%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. By contrast, Guinea (-4.9%) and Togo (-12.5%) illustrated a downward trend over the same period. While the share of Senegal (+75 p.p.) and Sierra Leone (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-5.1 p.p.), Guinea (-27.3 p.p.) and Togo (-32.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest fish parts supplying countries in ECOWAS were Senegal ($X), Togo ($X) and Nigeria ($X), together accounting for 69% of total exports.

Senegal, with a CAGR of +57.5%, saw the highest rates of growth with regard to the value of exports, in terms of 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

The export price in ECOWAS stood at $X per ton in 2022, falling by -24.6% against the previous year. Overall, the export price recorded a deep reduction. The pace of growth was the most pronounced in 2018 when the export price increased by 48%. The level of export peaked 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 Togo ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+13.6%), while the other leaders experienced more modest paces of growth.

Fish Parts Imports

Imports in ECOWAS

After ten years of growth, supplies from abroad of fish heads, tails and maws decreased by -19.8% to X tons in 2022. Overall, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 8,880%. The volume of import peaked at X tons in 2021, and then fell dramatically in the following year.

In value terms, fish parts imports declined significantly to $X in 2022. Over the period under review, imports, however, posted significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 35,717%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was near 96% of total imports in 2022. Benin (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to fish parts imports into Nigeria stood at +32.6%. At the same time, Benin (+55.8%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +55.8% from 2012-2022. Nigeria (+96 p.p.) significantly strengthened its position in terms of the total imports, while Benin saw its share reduced by -76.6% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported fish heads, tails and maws in ECOWAS, comprising 98% of total imports. The second position in the ranking was held by Benin ($X), with a 2.3% share of total imports.

In Nigeria, fish parts imports expanded at an average annual rate of +6.7% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with a decrease of -10.4% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 299% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices remained at a somewhat lower figure.

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 Nigeria ($X per ton), while Benin totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (-4.9%).

Source: IndexBox Platform