ECOWAS: Preserved Tuna Market 2024

Preserved Tuna Market Size in ECOWAS

The ECOWAS preserved tuna market shrank to $X in 2021, falling by -7% against the previous year. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +7.1% against 2019 indices. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Preserved Tuna Production in ECOWAS

In value terms, preserved tuna production declined slightly to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +4.7% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 30% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Preserved Tuna Exports

Exports in ECOWAS

In 2021, approx. X tons of tuna (prepared or preserved) were exported in ECOWAS; rising by 25% against the previous year's figure. The total export volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved tuna exports soared to $X in 2021. The total export value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana was the key exporting country with an export of about X tons, which amounted to 58% of total exports. Cote d'Ivoire (X tons) held a 36% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (5.9%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Senegal (with a CAGR of +59.0%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2021, with a combined 100% share of total exports.

Among the main exporting countries, Senegal, with a CAGR of +58.8%, recorded the highest growth rate of the value of exports, 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 2021, flattening at the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the export price increased by 15%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($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 (+1.2%), while the other leaders experienced a decline in the export price figures.

Preserved Tuna Imports

Imports in ECOWAS

Preserved tuna imports amounted to X tons in 2021, remaining stable against 2020. In general, imports posted a noticeable increase. The pace of growth was the most pronounced in 2014 with an increase of 99%. 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 tuna imports rose significantly to $X in 2021. Overall, imports showed a strong expansion. The growth pace was the most rapid in 2014 when imports increased by 84% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Cabo Verde (X tons) and Cote d'Ivoire (X tons) represented roughly 55% of total imports in 2021. Ghana (X tons) held the next position in the ranking, distantly followed by Mali (X tons), Senegal (X tons) and Nigeria (X tons). All these countries together held near 36% share of total imports. Liberia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mali (with a CAGR of +78.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cabo Verde ($X) constitutes the largest market for imported tuna (prepared or preserved) in ECOWAS, comprising 40% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 17% share of total imports. It was followed by Ghana, with a 14% share.

In Cabo Verde, preserved tuna imports increased at an average annual rate of +44.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+19.0% per year) and Ghana (-5.4% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 5% against the previous year. Over the last nine years, it increased at an average annual rate of +1.8%. The growth pace was the most rapid in 2019 an increase of 12% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to see gradual growth in years to come.

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

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

Source: IndexBox Platform