ECOWAS: Market for Flours, Meals And Pellets Of Fish 2024

Market Size for Flours, Meals And Pellets Of Fish in ECOWAS

The ECOWAS fish meals and pellet market skyrocketed to $X in 2021, picking up by 490% against the previous year. In general, consumption continues to indicate a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Flours, Meals And Pellets Of Fish in ECOWAS

In value terms, fish meals and pellet production expanded notably to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 26%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Exports of Flours, Meals And Pellets Of Fish

Exports in ECOWAS

In 2021, fish meals and pellet exports in ECOWAS fell rapidly to X tons, waning by -20.6% against 2020. Overall, exports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 69% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, fish meals and pellet exports fell to $X in 2021. Total exports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -11.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 26% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Senegal represented the main exporter of flours, meals and pellets of fish in ECOWAS, with the volume of exports reaching X tons, which was approx. 71% of total exports in 2021. Ghana (X tons) ranks second in terms of the total exports with a 15% share, followed by Gambia (8.8%). Burkina Faso (X tons) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to fish meals and pellet exports from Senegal stood at +15.4%. At the same time, Burkina Faso (+36.3%) and Gambia (+2.2%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +36.3% from 2012-2021. Ghana experienced a relatively flat trend pattern. From 2012 to 2021, the share of Senegal and Burkina Faso increased by +28 and +2.1 percentage points, respectively.

In value terms, Senegal ($X) remains the largest fish meals and pellet supplier in ECOWAS, comprising 82% of total exports. The second position in the ranking was taken by Ghana ($X), with a 7.3% share of total exports. It was followed by Gambia, with a 3.6% share.

In Senegal, fish meals and pellet exports expanded at an average annual rate of +21.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-17.3% per year) and Gambia (-7.7% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with an increase of 19% against the previous year. Overall, the export price, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2017 an increase of 51% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+4.9%), while the other leaders experienced a decline in the export price figures.

Imports of Flours, Meals And Pellets Of Fish

Imports in ECOWAS

In 2021, fish meals and pellet imports in ECOWAS surged to X tons, growing by 674% against the year before. In general, imports recorded a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, fish meals and pellet imports surged to $X in 2021. Over the period under review, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the major importing country with an import of about X tons, which recorded 84% of total imports. It was distantly followed by Togo (X tons), mixing up an 11% share of total imports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to fish meals and pellet imports into Nigeria stood at +34.4%. At the same time, Guinea (+54.0%) and Togo (+17.9%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +54.0% from 2012-2021. Nigeria (+24 p.p.) and Guinea (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Togo saw its share reduced by -14.9% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported flours, meals and pellets of fish in ECOWAS, comprising 92% of total imports. The second position in the ranking was held by Guinea ($X), with a 3.8% share of total imports.

In Nigeria, fish meals and pellet imports expanded at an average annual rate of +35.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Guinea (+49.6% per year) and Togo (+28.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with an increase of 26% against the previous year. Import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fish meals and pellet import price decreased by -33.2% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 49%. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Guinea ($X per ton), while Togo ($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 (+9.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform