ECOWAS: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in ECOWAS

In 2022, after two years of decline, there was significant growth in the ECOWAS frozen fish fillet market, when its value increased by 26% to $X. In general, consumption, however, continues to indicate a mild shrinkage. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Frozen Fish Fillet Production in ECOWAS

In value terms, frozen fish fillet production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a perceptible shrinkage. The growth pace was the most rapid in 2014 when the production volume increased by 14%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Frozen Fish Fillet Exports

Exports in ECOWAS

Frozen fish fillet exports surged to X tons in 2022, rising by 47% on the year before. Over the period under review, exports posted a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 96% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, frozen fish fillet exports skyrocketed to $X in 2022. Overall, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 80%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Ghana (X tons) and Senegal (X tons) prevails in exports structure, together constituting 93% of total exports. It was distantly followed by Gambia (X tons), creating a 4.7% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +18.4%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Gambia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 98% share of total exports.

Ghana, with a CAGR of +13.7%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, approximately equating the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 13% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Senegal ($X per ton) and Ghana ($X per ton), while Gambia ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+0.8%), while the other leaders experienced a decline in the export price figures.

Frozen Fish Fillet Imports

Imports in ECOWAS

In 2022, the amount of frozen fish fillet imported in ECOWAS totaled X tons, increasing by 10% on the year before. Overall, imports saw a remarkable increase. The pace of growth was the most pronounced in 2021 when imports increased by 130% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, frozen fish fillet imports skyrocketed to $X in 2022. In general, imports showed prominent growth. The pace of growth appeared the most rapid in 2019 when imports increased by 60% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

In 2022, Mali (X tons) was the key importer of frozen fish fillet, constituting 39% of total imports. Nigeria (X tons) held the second position in the ranking, followed by Cabo Verde (X tons), Ghana (X tons) and Cote d'Ivoire (X tons). All these countries together held near 55% share of total imports. Senegal (X tons) held a relatively small share of total imports.

Mali was also the fastest-growing in terms of the frozen fish fillet imports, with a CAGR of +65.2% from 2012 to 2022. At the same time, Senegal (+11.2%), Nigeria (+9.5%), Cote d'Ivoire (+8.9%), Ghana (+5.2%) and Cabo Verde (+2.7%) displayed positive paces of growth. While the share of Mali (+39 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-5.2 p.p.) and Cabo Verde (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen fish fillet importing markets in ECOWAS were Cabo Verde ($X), Mali ($X) and Ghana ($X), together comprising 72% of total imports.

Among the main importing countries, Mali, with a CAGR of +73.5%, saw 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, growing by 36% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 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 Cabo Verde ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform