ECOWAS: Preserved Herring Market 2024

Preserved Herring Market Size in ECOWAS

The ECOWAS preserved herring market fell to $X in 2021, declining by -3.1% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.4% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Preserved Herring Production in ECOWAS

In value terms, preserved herring production fell modestly to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +9.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.0% against 2018 indices. The pace of growth appeared the most rapid in 2014 with an increase of 36%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Preserved Herring Exports

Exports in ECOWAS

Preserved herring exports fell slightly to X tons in 2021, reducing by -3.1% on the previous year. Over the period under review, exports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2016 with an increase of 161%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, preserved herring exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 263% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ghana prevails in exports structure, recording X tons, which was near 93% of total exports in 2021. Cote d'Ivoire (X kg) and Nigeria (X kg) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the herrings (prepared or preserved) exports, with a CAGR of +3.9% from 2012 to 2021. Cote d'Ivoire (-9.0%) and Nigeria (-13.3%) illustrated a downward trend over the same period. While the share of Ghana (+6.1 p.p.) and Cote d'Ivoire (+4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-10.1 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest preserved herring supplier in ECOWAS, comprising 91% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 8.2% share of total exports.

In Ghana, preserved herring exports increased at an average annual rate of +10.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+7.6% per year) and Nigeria (-16.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, with an increase of 61% against the previous year. Export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved herring export price increased by +95.2% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+18.3%), while the other leaders experienced mixed trends in the export price figures.

Preserved Herring Imports

Imports in ECOWAS

In 2021, the amount of herrings (prepared or preserved) imported in ECOWAS amounted to X tons, approximately mirroring the previous year. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +8.2% 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 increased by +59.3% against 2018 indices. The growth pace was the most rapid in 2014 when imports increased by 59%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, preserved herring imports dropped notably to $X in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% 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 increased by +37.5% against 2018 indices. The growth pace was the most rapid in 2014 when imports increased by 53% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Cabo Verde (X tons), distantly followed by Mali (X tons), Togo (X tons), Cote d'Ivoire (X tons), Ghana (X tons), Niger (X tons) and Nigeria (X tons) represented the main importers of herrings (prepared or preserved), together committing 94% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Cabo Verde (with a CAGR of +27.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Togo ($X), Cabo Verde ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2021, with a combined 61% share of total imports.

In terms of the main importing countries, Ghana, with a CAGR of +26.4%, recorded 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 2021, the import price in ECOWAS amounted to $X per ton, dropping by -17% against the previous year. In general, the import price saw a noticeable setback. The pace of growth appeared the most rapid in 2015 when the import price increased by 15% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform