Ghana: Smoked Herring Market 2024

Smoked Herring Market Size in Ghana

The Ghanian smoked herring market reduced slightly to $X in 2022, shrinking by -2.8% against the previous year. Overall, consumption saw a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Smoked Herring Production in Ghana

In value terms, smoked herring production reached $X in 2022 estimated in export price. Over the period under review, production faced a deep setback. The pace of growth was the most pronounced in 2020 with an increase of 5.8%. Smoked herring production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Smoked Herring Exports

Exports from Ghana

In 2022, the amount of smoked herrings exported from Ghana rose rapidly to X tons, growing by 11% compared with 2021. In general, exports saw a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 348%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, smoked herring exports rose to $X in 2022. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 205% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for smoked herring exports from Ghana, accounting for a 28% share of total exports. Moreover, smoked herring exports to the United States exceeded the volume sent to the second major destination, Belgium (X tons), twofold. The third position in this ranking was held by Canada (X tons), with a 9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +32.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+25.5% per year) and Canada (+25.5% per year).

In value terms, the United States ($X) remains the key foreign market for smoked herrings exports from Ghana, comprising 26% of total exports. The second position in the ranking was held by Belgium ($X), with an 8.9% share of total exports. It was followed by Canada, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +38.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+27.2% per year) and Canada (+22.9% per year).

Export Prices by Country

The average smoked herring export price stood at $X per ton in 2022, dropping by -6.3% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 88% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Smoked Herring Imports

Imports into Ghana

In 2022, approx. X kg of smoked herrings were imported into Ghana; with an increase of 44% against 2021 figures. Over the period under review, imports saw a prominent expansion. The pace of growth was the most pronounced in 2016 when imports increased by 748%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, smoked herring imports skyrocketed to $X in 2022. In general, imports recorded a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 646% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X kg) and Cote d'Ivoire (X kg) were the main suppliers of smoked herring imports to Ghana.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +6.0%).

In value terms, the United States ($X) constituted the largest supplier of smoked herrings to Ghana, comprising 85% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +7.0%.

Import Prices by Country

The average smoked herring import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, smoked herring import price decreased by -6.6% against 2018 indices. The pace of growth appeared the most rapid in 2017 an increase of 71%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Cote d'Ivoire totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+16.9%).

Source: IndexBox Platform

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