ECOWAS: Market for Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs 2025

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

After two years of growth, the ECOWAS seafood meals and pellets market decreased by -8.9% to $X in 2021. The total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.4% against 2015 indices. Over the period under review, the market reached the peak level at $X in 2020, and then contracted in the following year.

Production of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs in ECOWAS

In value terms, seafood meals and pellets production reduced modestly to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +72.0% against 2015 indices. The most prominent rate of growth was recorded in 2013 with an increase of 44% against the previous year. The level of production peaked at $X in 2020, and then dropped modestly in the following year.

Exports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Exports in ECOWAS

In 2021, exports of flours, meals and pellets of fish or of crustaceans and molluscs in ECOWAS skyrocketed to X tons, picking up by 48% compared with 2020. Total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +9.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +51.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 76% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, seafood meals and pellets exports surged to $X in 2021. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2013 with an increase of 309%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Guinea (X tons) and Senegal (X tons) represented the major exporters of flours, meals and pellets of fish or of crustaceans and molluscs in 2021, amounting to approx. 35% and 31% of total exports, respectively. Gambia (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (12%). Ghana (X tons) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +91.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Guinea ($X) emerged as the largest seafood meals and pellets supplier in ECOWAS, comprising 47% of total exports. The second position in the ranking was taken by Senegal ($X), with a 22% share of total exports. It was followed by Cote d'Ivoire, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in Guinea totaled +88.2%. In the other countries, the average annual rates were as follows: Senegal (+11.2% per year) and Cote d'Ivoire (+103.5% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 21% against the previous year. In general, the export price showed a strong increase. The pace of growth was the most pronounced in 2013 an increase of 132%. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while Gambia ($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 (+14.2%), while the other leaders experienced more modest paces of growth.

Imports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Imports in ECOWAS

After two years of growth, overseas purchases of flours, meals and pellets of fish or of crustaceans and molluscs decreased by -22.3% to X tons in 2021. Over the period under review, imports recorded a abrupt decline. The growth pace was the most rapid in 2020 when imports increased by 47%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, seafood meals and pellets imports fell rapidly to $X in 2021. In general, imports saw a noticeable curtailment. The pace of growth was the most pronounced in 2020 when imports increased by 81%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria represented the largest importing country with an import of around X tons, which accounted for 78% of total imports. Burkina Faso (X tons) ranks second in terms of the total imports with an 11% share, followed by Benin (6%). Ghana (X tons) took a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -3.5% from 2012 to 2021. At the same time, Burkina Faso (+16.6%) and Benin (+5.8%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.6% from 2012-2021. By contrast, Ghana (-20.8%) illustrated a downward trend over the same period. While the share of Nigeria (+13 p.p.), Burkina Faso (+9 p.p.) and Benin (+3.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-9.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported flours, meals and pellets of fish or of crustaceans and molluscs in ECOWAS, comprising 94% of total imports. The second position in the ranking was held by Benin ($X), with a 3.1% share of total imports. It was followed by Ghana, with a 0.8% share.

In Nigeria, seafood meals and pellets imports declined by an average annual rate of -2.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Benin (+13.7% per year) and Ghana (-27.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, shrinking by -12.8% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 23%. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

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 Benin (+7.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform