ECOWAS: Frozen Fish Market 2024

Frozen Fish Market Size in ECOWAS

The ECOWAS frozen fish market declined to $X in 2022, falling by X% against the previous year. The total consumption 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, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Frozen Fish Production in ECOWAS

In value terms, frozen fish production contracted slightly to $X in 2022 estimated in export price. The total production indicated buoyant 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 most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Frozen Fish Exports

Exports in ECOWAS

In 2022, shipments abroad of frozen fish decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, recorded strong growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen fish exports shrank to $X in 2022. Total exports indicated a buoyant expansion 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 decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal represented the main exporter of frozen fish in ECOWAS, with the volume of exports finishing at X tons, which was near X% of total exports in 2022. It was distantly followed by Guinea-Bissau (X tons) and Ghana (X tons), together comprising a X% share of total exports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen fish exports from Senegal stood at X%. At the same time, Guinea-Bissau (X%) displayed positive paces of growth. Moreover, Guinea-Bissau emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Ghana experienced a relatively flat trend pattern. By contrast, Guinea (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) and Guinea-Bissau (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) and Guinea (X p.p.) displayed negative dynamics.

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

From 2012 to 2022, the average annual rate of growth in terms 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

The export price in ECOWAS stood at $X per ton in 2022, remaining constant against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 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 Guinea ($X per ton), while Guinea-Bissau ($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.

Frozen Fish Imports

Imports in ECOWAS

In 2022, overseas purchases of frozen fish decreased by X% to X tons, falling for the second consecutive year after six years of growth. In general, imports, however, showed a temperate increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, frozen fish imports contracted to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by X%. The level of import peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Cote d'Ivoire was the largest importing country with an import of about X tons, which resulted at X% of total imports. Nigeria (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%), Burkina Faso (X%), Benin (X%) and Mali (X%). Togo (X tons) followed a long way behind the leaders.

Imports into Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%), Mali (X%), Burkina Faso (X%), Togo (X%) and Ghana (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. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Burkina Faso, Benin and Mali increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen fish importing markets in ECOWAS were Cote d'Ivoire ($X), Nigeria ($X) and Ghana ($X), together comprising X% of total imports. Benin, Mali, Togo and Burkina Faso lagged somewhat behind, together accounting for a further X%.

Mali, with a CAGR of X%, recorded 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, almost unchanged from the previous year. Over the period under review, the import price recorded a noticeable slump. The pace of growth appeared the most rapid in 2020 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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