ECOWAS: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in ECOWAS

In 2021, the ECOWAS fresh fish fillet market decreased by -13.3% to $X for the first time since 2016, thus ending a four-year rising trend. In general, consumption, however, showed a strong expansion. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Fresh Fish Fillet Production in ECOWAS

In value terms, fresh fish fillet production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, posted strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 45%. Over the period under review, production reached the peak level at $X in 2020, and then dropped in the following year.

Fresh Fish Fillet Exports

Exports in ECOWAS

Fresh fish fillet exports soared to X tons in 2021, growing by 118% compared with 2020 figures. In general, exports posted a strong expansion. The pace of growth appeared the most rapid in 2014 with an increase of 822% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, fresh fish fillet exports soared to $X in 2021. Over the period under review, exports continue to indicate buoyant growth. The growth pace was the most rapid in 2014 when exports increased by 457% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire represented the key exporter of fresh or chilled fish fillets in ECOWAS, with the volume of exports accounting for X tons, which was approx. 68% of total exports in 2021. It was distantly followed by Senegal (X tons), generating a 25% share of total exports. The following exporters - Sierra Leone (X tons) and Nigeria (X tons) - each resulted at a 6.1% share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +20.3% from 2012 to 2021. At the same time, Senegal (+87.1%), Sierra Leone (+34.5%) and Nigeria (+8.1%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +87.1% from 2012-2021. While the share of Senegal (+24 p.p.), Cote d'Ivoire (+13 p.p.) and Sierra Leone (+3.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-3.1 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest fresh fish fillet supplier in ECOWAS, comprising 78% of total exports. The second position in the ranking was held by Senegal ($X), with a 16% share of total exports. It was followed by Sierra Leone, with a 0.7% share.

In Cote d'Ivoire, fresh fish fillet exports increased at an average annual rate of +20.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+79.2% per year) and Sierra Leone (+16.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, declining by -22% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 112%. The level of export peaked at $X per ton in 2020, and then fell notably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Sierra Leone ($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 (+0.4%), while the other leaders experienced a decline in the export price figures.

Fresh Fish Fillet Imports

Imports in ECOWAS

After three years of decline, purchases abroad of fresh or chilled fish fillets increased by 74% to X tons in 2021. Overall, imports posted a remarkable increase. The pace of growth was the most pronounced in 2017 when imports increased by 177% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, fresh fish fillet imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a measured increase. The most prominent rate of growth was recorded in 2017 when imports increased by 93% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ghana was the major importer of fresh or chilled fish fillets in ECOWAS, with the volume of imports finishing at X tons, which was near 43% of total imports in 2021. Guinea (X tons) held the second position in the ranking, distantly followed by Cote d'Ivoire (X tons), Benin (X tons) and Nigeria (X tons). All these countries together held approx. 52% share of total imports. Liberia (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +52.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh fish fillet importing markets in ECOWAS were Ghana ($X), Guinea ($X) and Cote d'Ivoire ($X), together comprising 74% of total imports.

Among the main importing countries, Guinea, with a CAGR of +58.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, dropping by -9% against the previous year. In general, the import price saw a noticeable downturn. The most prominent rate of growth was recorded in 2013 an increase of 27% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Liberia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+3.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform