ECOWAS: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in ECOWAS

The ECOWAS frozen whole fish market shrank to $X in 2021, which is down by -8.3% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2020, and then fell in the following year.

Frozen Whole Fish Production in ECOWAS

In value terms, frozen whole fish production declined slightly to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +64.1% against 2012 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 14% against the previous year. The level of production peaked at $X in 2020, and then shrank slightly in the following year.

Frozen Whole Fish Exports

Exports in ECOWAS

In 2021, the amount of frozen whole fish exported in ECOWAS expanded significantly to X tons, picking up by 9.3% against the previous year. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +8.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, frozen whole fish exports rose rapidly to $X in 2021. Total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -5.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 26%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Senegal dominates exports structure, reaching X tons, which was near 84% of total exports in 2021. The following exporters - Cote d'Ivoire (X tons), Ghana (X tons), Guinea (X tons), Cabo Verde (X tons) and Guinea-Bissau (X tons) - together made up 15% of total exports.

From 2012 to 2021, average annual rates of growth with regard to frozen whole fish exports from Senegal stood at +14.6%. At the same time, Cote d'Ivoire (+22.7%) and Cabo Verde (+2.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.7% from 2012-2021. By contrast, Ghana (-5.5%), Guinea-Bissau (-5.6%) and Guinea (-14.3%) illustrated a downward trend over the same period. While the share of Senegal (+32 p.p.), Cote d'Ivoire (+2.9 p.p.) and Cabo Verde (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Guinea-Bissau (-4.9 p.p.), Ghana (-8.4 p.p.) and Guinea (-22.3 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest frozen whole fish supplier in ECOWAS, comprising 72% of total exports. The second position in the ranking was held by Guinea ($X), with an 11% share of total exports. It was followed by Ghana, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value in Senegal amounted to +12.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Guinea (-0.6% per year) and Ghana (-6.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, remaining constant against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 29% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Guinea (+16.0%), while the other leaders experienced more modest paces of growth.

Frozen Whole Fish Imports

Imports in ECOWAS

In 2021, purchases abroad of frozen whole fish decreased by -4.9% to X tons, falling for the second year in a row after three years of growth. Total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.0% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 47% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen whole fish imports declined modestly to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 29%. Over the period under review, imports attained the peak figure at $X in 2020, and then dropped modestly in the following year.

Imports by Country

Cote d'Ivoire was the main importer of frozen whole fish in ECOWAS, with the volume of imports reaching X tons, which was near 36% of total imports in 2021. Nigeria (X tons) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (12%), Burkina Faso (9.1%), Benin (6.8%) and Mali (5.1%). Togo (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Benin (with a CAGR of +20.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen whole fish importing markets in ECOWAS were Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X), together accounting for 81% of total imports. Benin, Mali, Togo and Burkina Faso lagged somewhat behind, together accounting for a further 13%.

Mali, with a CAGR of +23.0%, 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 2021, picking up by 2.1% against the previous year. In general, the import price, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2020 when the import price increased by 22%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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 2021, the most notable rate of growth in terms of prices was attained by Mali (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform