ECOWAS: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in ECOWAS

In 2022, the ECOWAS frozen fish and seafood market decreased by X% to $X, falling for the second year in a row after five years of growth. The total consumption indicated a notable 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, consumption decreased by X% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Frozen Fish And Seafood in ECOWAS

In value terms, frozen fish and seafood production rose modestly to $X in 2022 estimated in export price. The total production indicated prominent growth 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 growth pace was the most rapid in 2013 with an increase of X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Frozen Fish And Seafood

Exports in ECOWAS

Frozen fish and seafood exports expanded slightly to X tons in 2022, increasing by X% on 2021. Total exports indicated a prominent increase from 2012 to 2022: its volume 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, exports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when exports increased by X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, frozen fish and seafood exports reached $X in 2022. Total exports indicated a modest 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of X%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Senegal prevails in exports structure, finishing at X tons, which was near X% of total exports in 2022. Guinea-Bissau (X tons) took the second position in the ranking, followed by Ghana (X tons). All these countries together took approx. X% share of total exports. The following exporters - Guinea (X tons) and Gambia (X tons) - together made up X% of total exports.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2022. At the same time, Gambia (X%), Guinea-Bissau (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Guinea (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Guinea-Bissau increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest frozen fish and seafood supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Guinea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Senegal totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Guinea (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, saw a deep setback. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Gambia ($X per ton), while Guinea-Bissau ($X per ton) was amongst the lowest.

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

Imports of Frozen Fish And Seafood

Imports in ECOWAS

In 2022, supplies from abroad of frozen fish and seafood decreased by X% to X tons, falling for the second consecutive year after six years of growth. Total imports indicated a temperate increase from 2012 to 2022: its volume 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, imports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, frozen fish and seafood imports shrank to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

Cote d'Ivoire represented the largest importing country with an import of about X tons, which amounted to X% of total imports. Nigeria (X tons) held the second position in the ranking, followed by Ghana (X tons), Burkina Faso (X tons), Benin (X tons) and Mali (X tons). All these countries together took near X% share of total imports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen fish and seafood imports into Cote d'Ivoire stood at X%. At the same time, Benin (X%), Mali (X%), Burkina Faso (X%) and Togo (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Ghana experienced a relatively flat trend pattern. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.), Burkina Faso (X p.p.), Benin (X p.p.) and Mali (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Nigeria saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Benin, Mali, Togo and Burkina Faso lagged somewhat behind, together comprising a further X%.

Mali, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 2022, leveling off at the previous year. Over the period under review, the import price recorded a perceptible curtailment. The growth pace was the most rapid in 2020 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform