Western Africa: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in Western Africa

The West African market for cod, salted or in brine rose slightly to $X in 2022, surging by 2.4% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 -2.3% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Cod, Salted or in Brine in Western Africa

In value terms, cod, salted or in brine production amounted to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 -2.9% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 60% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Cod, Salted or in Brine

Exports in Western Africa

In 2021, shipments abroad of cod, salted or in brine decreased by 0% to X kg, falling for the second year in a row after two years of decline. Overall, exports saw a perceptible decrease. The pace of growth was the most pronounced in 2017 with an increase of 125% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, cod, salted or in brine exports stood at $X in 2021. Over the period under review, exports showed a abrupt decline. The smallest decline of -10.9% was in 2017. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, jumping by 35% against the previous year. Over the period under review, the export price, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when the export price increased by 35%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to +16.3% per year.

Imports of Cod, Salted or in Brine

Imports in Western Africa

After two years of decline, purchases abroad of cod, salted or in brine increased by 65% to X tons in 2022. Over the period under review, imports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2014 when imports increased by 304%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, cod, salted or in brine imports surged to $X in 2022. In general, imports, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2014 when imports increased by 253% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) was the key importer of cod, salted or in brine, achieving 55% of total imports. Cabo Verde (X kg) took a 27% share (based on physical terms) of total imports, which put it in second place, followed by Guinea-Bissau (13%). The following importers - Liberia (X kg) and Benin (X kg) - together made up 5% of total imports.

From 2012 to 2022, average annual rates of growth with regard to cod, salted or in brine imports into Nigeria stood at -14.1%. At the same time, Benin (+19.2%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.2% from 2012-2022. By contrast, Cabo Verde (-4.9%), Guinea-Bissau (-6.9%) and Liberia (-15.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cabo Verde, Guinea-Bissau and Benin increased by +14, +5.1 and +1.9 percentage points, respectively.

In value terms, Nigeria ($X), Cabo Verde ($X) and Guinea-Bissau ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 87% share of total imports. Liberia and Benin lagged somewhat behind, together comprising a further 13%.

Benin, with a CAGR of +17.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, surging by 3.1% against the previous year. Overall, the import price, however, saw a perceptible slump. The growth pace was the most rapid in 2015 when the import price increased by 34% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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