ECOWAS: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in ECOWAS

The ECOWAS frozen norway lobster market shrank to $X in 2022, with a decrease of -10.7% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then reduced in the following year.

Frozen Norway Lobster Production in ECOWAS

In value terms, frozen norway lobster production stood at $X in 2022 estimated in export price. In general, production saw a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 35% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Frozen Norway Lobster Exports

Exports in ECOWAS

In 2022, shipments abroad of frozen norway lobsters was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports saw a significant expansion. The growth pace was the most rapid in 2013 with an increase of 279,100% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, frozen norway lobster exports soared to $X in 2022. In general, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 1,644,300%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria represented the main exporting country with an export of around X kg, which resulted at 86% of total exports. It was distantly followed by Senegal (X kg), generating a 14% share of total exports.

Nigeria was also the fastest-growing in terms of the frozen norway lobsters exports, with a CAGR of +73.4% from 2012 to 2022. Senegal (-2.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal increased by +14 percentage points.

In value terms, Nigeria ($X) emerged as the largest frozen norway lobster supplier in ECOWAS, comprising 81% of total exports. The second position in the ranking was taken by Senegal ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +123.2%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, which is down by -12% against the previous year. Overall, the export price, however, continues to indicate a significant increase. The growth pace was the most rapid in 2013 when the export price increased by 489%. The level of export peaked at $X per ton in 2021, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+28.7%).

Frozen Norway Lobster Imports

Imports in ECOWAS

In 2022, imports of frozen norway lobsters in ECOWAS reduced sharply to X tons, which is down by -30.9% against the previous year. In general, imports recorded a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 140%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, frozen norway lobster imports shrank notably to $X in 2022. Overall, imports continue to indicate a deep contraction. The growth pace was the most rapid in 2021 with an increase of 187% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire represented the largest importer of frozen norway lobsters in ECOWAS, with the volume of imports recording X tons, which was approx. 47% of total imports in 2022. Cabo Verde (X kg) took the second position in the ranking, followed by Niger (X kg), Mali (X kg) and Burkina Faso (X kg). All these countries together took near 46% share of total imports. Benin (X kg) and Ghana (X kg) held a relatively small share of total imports.

Imports into Cote d'Ivoire increased at an average annual rate of +41.7% from 2012 to 2022. At the same time, Ghana (+72.8%), Burkina Faso (+16.4%), Niger (+15.0%) and Mali (+8.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +72.8% from 2012-2022. Benin experienced a relatively flat trend pattern. By contrast, Cabo Verde (-26.0%) illustrated a downward trend over the same period. Cote d'Ivoire (+47 p.p.), Niger (+15 p.p.), Burkina Faso (+5.3 p.p.), Mali (+5.2 p.p.), Benin (+3 p.p.) and Ghana (+2 p.p.) significantly strengthened its position in terms of the total imports, while Cabo Verde saw its share reduced by -78% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported frozen norway lobsters in ECOWAS, comprising 58% of total imports. The second position in the ranking was held by Cabo Verde ($X), with a 12% share of total imports. It was followed by Niger, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at +71.3%. In the other countries, the average annual rates were as follows: Cabo Verde (-22.5% per year) and Niger (+17.5% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price, however, posted a prominent increase. The pace of growth was the most pronounced in 2018 an increase of 62%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the 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 Ghana ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+20.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform