ECOWAS: Smoked Salmon Market 2024

Smoked Salmon Market Size in ECOWAS

The ECOWAS smoked salmon market reached $X in 2022, picking up by 4.3% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +8.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.8% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Smoked Salmon Production in ECOWAS

In value terms, smoked salmon production totaled $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +9.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 124% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Smoked Salmon Exports

Exports in ECOWAS

In 2022, shipments abroad of smoked pacific, atlantic and danube salmon increased by 29% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 120%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, smoked salmon exports shrank to $X in 2022. In general, exports, however, faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 82%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Niger was the major exporting country with an export of around X tons, which resulted at 49% of total exports. Cote d'Ivoire (X kg) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (12%), Ghana (11%) and Senegal (8.2%). Guinea (X kg) followed a long way behind the leaders.

Niger experienced a relatively flat trend pattern with regard to volume of exports of smoked pacific, atlantic and danube salmon. At the same time, Cote d'Ivoire (+37.3%) and Nigeria (+19.6%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +37.3% from 2012-2022. By contrast, Ghana (-1.4%), Senegal (-9.3%) and Guinea (-30.6%) illustrated a downward trend over the same period. Niger (+49 p.p.), Cote d'Ivoire (+17 p.p.), Nigeria (+11 p.p.), Ghana (+7.7 p.p.) and Senegal (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Guinea saw its share reduced by -31.2% from 2012 to 2022, respectively.

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022, with a combined 72% share of total exports. Cote d'Ivoire, Niger and Guinea lagged somewhat behind, together accounting for a further 28%.

Cote d'Ivoire, with a CAGR of +20.1%, 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 more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, declining by -32.3% against the previous year. Over the period under review, the export price saw a pronounced descent. The most prominent rate of growth was recorded in 2020 an increase of 67%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a lower figure.

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 ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+9.2%), while the other leaders experienced mixed trends in the export price figures.

Smoked Salmon Imports

Imports in ECOWAS

In 2022, smoked salmon imports in ECOWAS declined notably to X tons, reducing by -23.4% against 2021 figures. Overall, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 141% against the previous year. As a result, imports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, smoked salmon imports dropped sharply to $X in 2022. Over the period under review, imports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 75% against the previous year. As a result, imports attained the peak of $X, and then contracted sharply in the following year.

Imports by Country

In 2022, Cote d'Ivoire (X tons), distantly followed by Togo (X tons), Senegal (X tons), Mali (X tons), Benin (X tons), Nigeria (X tons) and Cabo Verde (X tons) represented the main importers of smoked pacific, atlantic and danube salmon, together creating 91% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Togo (with a CAGR of +63.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest smoked salmon importing markets in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Nigeria ($X), together accounting for 66% of total imports. Mali, Cabo Verde, Benin and Togo lagged somewhat behind, together accounting for a further 23%.

Mali, with a CAGR of +39.6%, saw the highest growth rate of the value of imports, among 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 2022, rising by 2.7% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2018 when the import price increased by 13% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, 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 Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform