Ghana: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in Ghana

After two years of decline, the Ghanian frozen whole fish market increased by 18% to $X in 2021. Over the period under review, consumption showed resilient growth. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Frozen Whole Fish Production in Ghana

In value terms, frozen whole fish production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 60%. Frozen whole fish production peaked at $X in 2020, and then shrank in the following year.

Frozen Whole Fish Exports

Exports from Ghana

For the fourth year in a row, Ghana recorded decline in overseas shipments of frozen whole fish, which decreased by -16.1% to X tons in 2021. In general, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 78% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, frozen whole fish exports declined significantly to $X in 2021. Overall, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 100% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for frozen whole fish exports from Ghana, accounting for a 59% share of total exports. Moreover, frozen whole fish exports to the United Arab Emirates exceeded the volume sent to the second major destination, Spain (X tons), sixfold. The third position in this ranking was held by Tunisia (X tons), with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +29.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+10.2% per year) and Tunisia (+0.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for frozen whole fish exports from Ghana, comprising 59% of total exports. The second position in the ranking was taken by Spain ($X), with an 11% share of total exports. It was followed by Tunisia, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled +32.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+7.9% per year) and Tunisia (-1.6% per year).

Export Prices by Country

The average frozen whole fish export price stood at $X per ton in 2021, which is down by -2.8% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 29%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Portugal ($X per ton), while the average price for exports to Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Whole Fish Imports

Imports into Ghana

In 2021, frozen whole fish imports into Ghana reached X tons, surging by 2.7% on 2020. In general, imports saw noticeable growth. The most prominent rate of growth was recorded in 2017 when imports increased by 134% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen whole fish imports soared to $X in 2021. Overall, imports showed a strong increase. The growth pace was the most rapid in 2013 with an increase of 115%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Mauritania (X tons), Peru (X tons) and China (X tons) were the main suppliers of frozen whole fish imports to Ghana, together accounting for 35% of total imports. Morocco, Japan, Chile, Ecuador, South Korea, Norway, the Netherlands, Spain, Argentina and France lagged somewhat behind, together comprising a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ecuador (with a CAGR of +70.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), Morocco ($X) and Mauritania ($X) appeared to be the largest frozen whole fish suppliers to Ghana, together accounting for 28% of total imports. These countries were followed by Japan, Chile, China, Norway, Ecuador, France, Spain, South Korea, the Netherlands and Argentina, which together accounted for a further 47%.

Ecuador, with a CAGR of +62.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen whole fish import price stood at $X per ton in 2021, growing by 22% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen whole fish import price increased by +89.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 55% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :