ECOWAS: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in ECOWAS

In 2022, the ECOWAS frozen crustaceans market decreased by X% to $X, falling for the second consecutive year after six years of growth. In general, consumption, however, recorded a buoyant expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Frozen Crustaceans Production in ECOWAS

In value terms, frozen crustaceans production expanded rapidly to $X in 2022 estimated in export price. The total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Frozen Crustaceans Exports

Exports in ECOWAS

In 2022, the amount of frozen crustaceans exported in ECOWAS surged to X tons, jumping by X% compared with 2021 figures. Over the period under review, exports, however, saw a abrupt curtailment. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen crustaceans exports soared to $X in 2022. In general, exports, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) and Senegal (X tons) dominates exports structure, together generating X% of total exports. Gambia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Gambia (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Nigeria ($X), Senegal ($X) and Gambia ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Among the main exporting countries, Gambia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Gambia ($X per ton) was amongst the lowest.

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

Frozen Crustaceans Imports

Imports in ECOWAS

Frozen crustaceans imports reduced markedly to X tons in 2022, with a decrease of X% against 2021. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, frozen crustaceans imports contracted dramatically to $X in 2022. Overall, imports, however, saw noticeable growth. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Cabo Verde (X tons) and Ghana (X tons) represented the largest importers of frozen crustaceans in 2022, resulting at approx. X% and X% of total imports, respectively. Nigeria (X tons) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%) and Senegal (X%). The following importers - Burkina Faso (X tons) and Liberia (X tons) - each amounted to a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen crustaceans importing markets in ECOWAS were Ghana ($X), Cabo Verde ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Senegal, Nigeria, Liberia and Burkina Faso lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Burkina Faso, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform