ECOWAS: Preserved Mackerel Market 2024

Preserved Mackerel Market Size in ECOWAS

The ECOWAS preserved mackerel market stood at $X in 2021, with an increase of 13% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +10.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.7% against 2015 indices. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Preserved Mackerel Production in ECOWAS

In value terms, preserved mackerel production amounted to $X in 2021 estimated in export price. Over the period under review, production enjoyed resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 70% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Preserved Mackerel Exports

Exports in ECOWAS

In 2021, overseas shipments of mackerel (prepared or preserved) decreased by -38.6% to X tons, falling for the third consecutive year after five years of growth. Overall, exports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 311% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, preserved mackerel exports dropped remarkably to $X in 2021. In general, exports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 207% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Togo dominates exports structure, finishing at X tons, which was near 85% of total exports in 2021. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Ghana (X tons). All these countries together took near 14% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to preserved mackerel exports from Togo stood at +11.3%. At the same time, Cote d'Ivoire (+37.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +37.8% from 2012-2021. By contrast, Ghana (-2.7%) illustrated a downward trend over the same period. Togo (+7.7 p.p.) and Cote d'Ivoire (+7.5 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -10.5% from 2012 to 2021, respectively.

In value terms, Togo ($X) emerged as the largest preserved mackerel supplier in ECOWAS, comprising 61% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 22% share of total exports.

In Togo, preserved mackerel exports increased at an average annual rate of +11.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+31.4% per year) and Ghana (+13.1% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, approximately reflecting the previous year. Export price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved mackerel export price increased by +62.0% against 2018 indices. The pace of growth was the most pronounced in 2019 when the export price increased by 38%. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+16.1%), while the other leaders experienced mixed trends in the export price figures.

Preserved Mackerel Imports

Imports in ECOWAS

In 2021, purchases abroad of mackerel (prepared or preserved) increased by 50% to X tons, rising for the third consecutive year after four years of decline. Overall, imports saw a resilient increase. The pace of growth appeared the most rapid in 2019 with an increase of 87% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, preserved mackerel imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a buoyant expansion. The growth pace was the most rapid in 2019 when imports increased by 95%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

Ghana was the largest importer of mackerel (prepared or preserved) in ECOWAS, with the volume of imports amounting to X tons, which was approx. 65% of total imports in 2021. Nigeria (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Cabo Verde (9%). The following importers - Sierra Leone (X tons) and Benin (X tons) - together made up 6.1% of total imports.

Imports into Ghana increased at an average annual rate of +13.3% from 2012 to 2021. At the same time, Sierra Leone (+49.4%) and Cabo Verde (+13.9%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +49.4% from 2012-2021. By contrast, Nigeria (-5.6%) and Benin (-8.9%) illustrated a downward trend over the same period. Ghana (+28 p.p.), Cabo Verde (+4.2 p.p.) and Sierra Leone (+3.8 p.p.) significantly strengthened its position in terms of the total imports, while Benin and Nigeria saw its share reduced by -6.5% and -30.8% from 2012 to 2021, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported mackerel (prepared or preserved) in ECOWAS, comprising 56% of total imports. The second position in the ranking was held by Cabo Verde ($X), with an 18% share of total imports. It was followed by Nigeria, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Ghana stood at +11.4%. In the other countries, the average annual rates were as follows: Cabo Verde (+19.4% per year) and Nigeria (-3.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, stabilizing at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2016 an increase of 14% against the previous year. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cabo Verde ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform