Western Africa: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Western Africa

In 2021, the West African preserved anchovies market decreased by -8.4% to $X for the first time since 2015, thus ending a five-year rising trend. Over the period under review, consumption, however, posted a strong expansion. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Preserved Anchovies Production in Western Africa

In value terms, preserved anchovies production shrank to $X in 2021 estimated in export price. Overall, production, however, saw a buoyant increase. The growth pace was the most rapid in 2017 when the production volume increased by 47% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then dropped in the following year.

Preserved Anchovies Exports

Exports in Western Africa

Preserved anchovies exports soared to X tons in 2021, growing by 1,558% compared with the previous year's figure. In general, exports showed a measured expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 6,395%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, preserved anchovies exports surged to $X in 2021. Overall, exports saw a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana represented the main exporting country with an export of about X tons, which finished at 77% of total exports. It was distantly followed by Mauritania (X kg), mixing up a 20% share of total exports. Nigeria (X kg) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the anchovies (prepared or preserved) exports, with a CAGR of +204.7% from 2012 to 2021. At the same time, Nigeria (+23.2%) displayed positive paces of growth. By contrast, Mauritania (-14.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana and Nigeria increased by +77 and +2.3 percentage points, respectively.

In value terms, Mauritania ($X) emerged as the largest preserved anchovies supplier in Western Africa, comprising 67% of total exports. The second position in the ranking was taken by Ghana ($X), with a 31% share of total exports.

In Mauritania, preserved anchovies exports expanded at an average annual rate of +3.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+136.7% per year) and Nigeria (+37.4% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, growing by 103% against the previous year. In general, the export price saw a resilient increase. The most prominent rate of growth was recorded in 2016 an increase of 555% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mauritania ($X per ton), while Ghana ($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 (+21.4%), while the other leaders experienced mixed trends in the export price figures.

Preserved Anchovies Imports

Imports in Western Africa

In 2021, preserved anchovies imports in Western Africa dropped dramatically to X tons, reducing by -46.3% against the previous year's figure. Over the period under review, imports, however, posted a moderate expansion. The pace of growth was the most pronounced in 2019 with an increase of 300%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, preserved anchovies imports reduced markedly to $X in 2021. Overall, imports, however, recorded a strong increase. The pace of growth was the most pronounced in 2019 with an increase of 175% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Senegal represented the largest importer of anchovies (prepared or preserved) in Western Africa, with the volume of imports reaching X tons, which was approx. 60% of total imports in 2021. Nigeria (X tons) took the second position in the ranking, followed by Cabo Verde (X tons) and Benin (X tons). All these countries together held approx. 28% share of total imports. Cote d'Ivoire (X kg), Burkina Faso (X kg) and Sierra Leone (X kg) held a minor share of total imports.

Imports into Senegal increased at an average annual rate of +9.2% from 2012 to 2021. At the same time, Nigeria (+28.0%), Benin (+26.0%), Sierra Leone (+20.6%) and Burkina Faso (+5.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +28.0% from 2012-2021. By contrast, Cabo Verde (-1.2%) and Cote d'Ivoire (-19.1%) illustrated a downward trend over the same period. While the share of Senegal (+24 p.p.), Nigeria (+11 p.p.), Benin (+6 p.p.) and Sierra Leone (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cabo Verde (-3.7 p.p.) and Cote d'Ivoire (-23.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported anchovies (prepared or preserved) in Western Africa, comprising 45% of total imports. The second position in the ranking was held by Cabo Verde ($X), with a 12% share of total imports. It was followed by Nigeria, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Senegal totaled +17.4%. The remaining importing countries recorded the following average annual rates of imports growth: Cabo Verde (+4.3% per year) and Nigeria (+24.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, with an increase of 18% against the previous year. Import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved anchovies import price increased by +20.4% against 2019 indices. The growth pace was the most rapid in 2018 when the import price increased by 37%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, 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 Senegal (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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