ECOWAS: Inedible Fish Products Market 2024

Inedible Fish Products Market Size in ECOWAS

The ECOWAS inedible fish products market reduced to $X in 2022, with a decrease of -5.4% against the previous year. Overall, consumption, however, recorded a modest expansion. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Inedible Fish Products Production in ECOWAS

In value terms, inedible fish products production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a modest expansion. The most prominent rate of growth was recorded in 2013 with an increase of 44% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Inedible Fish Products Exports

Exports in ECOWAS

In 2022, overseas shipments of inedible fish products decreased by -18.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 273% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined rapidly in the following year.

In value terms, inedible fish products exports fell to $X in 2022. In general, exports saw a perceptible downturn. The pace of growth appeared the most rapid in 2019 with an increase of 199%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire was the key exporter of inedible fish products in ECOWAS, with the volume of exports amounting to X tons, which was near 80% of total exports in 2022. Senegal (X tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (7.9%).

Cote d'Ivoire was also the fastest-growing in terms of the inedible fish products exports, with a CAGR of +32.0% from 2012 to 2022. At the same time, Senegal (+1.7%) displayed positive paces of growth. By contrast, Ghana (-5.3%) illustrated a downward trend over the same period. Cote d'Ivoire (+63 p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Ghana saw its share reduced by -21.9% and -36.7% from 2012 to 2022, respectively.

In value terms, the largest inedible fish products supplying countries in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Ghana ($X), with a combined 100% share of total exports.

Cote d'Ivoire, with a CAGR of +23.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, surging by 12% against the previous year. In general, the export price, however, faced a deep slump. The growth pace was the most rapid in 2016 when the export price increased by 59%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 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 Senegal ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

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

Inedible Fish Products Imports

Imports in ECOWAS

In 2022, the amount of inedible fish products imported in ECOWAS dropped modestly to X tons, approximately reflecting the previous year. Over the period under review, imports showed a deep downturn. The pace of growth was the most pronounced in 2017 with an increase of 733%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, inedible fish products imports reduced slightly to $X in 2022. Overall, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 301%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire represented the main importer of inedible fish products in ECOWAS, with the volume of imports finishing at X tons, which was approx. 49% of total imports in 2022. Ghana (X tons) ranks second in terms of the total imports with a 30% share, followed by Nigeria (8.5%) and Mali (8.2%). Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Ghana (with a CAGR of +61.2%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported inedible fish products in ECOWAS, comprising 73% of total imports. The second position in the ranking was held by Ghana ($X), with a 13% share of total imports. It was followed by Mali, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire stood at -1.9%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+66.7% per year) and Mali (+9.0% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, stabilizing at the previous year. In general, the import price, however, recorded a perceptible increase. The pace of growth appeared the most rapid in 2016 an increase of 224%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Mali (+11.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform