Western Africa: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Western Africa

In 2022, the West African fish fat and oil market decreased by -4.1% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, enjoyed a prominent expansion. Over the period under review, the market reached the peak level at $X in 2021, and then contracted modestly in the following year.

Production of Fish Fats And Oils in Western Africa

In value terms, fish fat and oil production expanded slightly to $X in 2022 estimated in export price. In general, production continues to indicate a buoyant increase. The growth pace was the most rapid in 2017 when the production volume increased by 36% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports in Western Africa

After two years of decline, overseas shipments of fish fats and oils increased by 24% to X tons in 2022. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 124%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, fish fat and oil exports surged to $X in 2022. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 139% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports by Country

Mauritania dominates exports structure, finishing at X tons, which was near 87% of total exports in 2022. It was distantly followed by Senegal (X tons), achieving a 9.6% share of total exports.

Exports from Mauritania increased at an average annual rate of +24.2% from 2012 to 2022. At the same time, Senegal (+114.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +114.9% from 2012-2022. From 2012 to 2022, the share of Senegal increased by +9.6 percentage points.

In value terms, Mauritania ($X) remains the largest fish fat and oil supplier in Western Africa, comprising 86% of total exports. The second position in the ranking was taken by Senegal ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Mauritania totaled +35.9%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, picking up by 27% against the previous year. Export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +8.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil export price increased by +123.1% against 2012 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Mauritania stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (+9.4%).

Imports of Fish Fats And Oils

Imports in Western Africa

After three years of growth, overseas purchases of fish fats and oils decreased by -6.2% to X tons in 2022. Overall, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2020 when imports increased by 171% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, fish fat and oil imports declined to $X in 2022. Over the period under review, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2020 when imports increased by 123%. Over the period under review, imports attained the maximum at $X in 2021, and then declined in the following year.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which amounted to 88% of total imports. It was distantly followed by Ghana (X tons), making up a 10% share of total imports.

Nigeria was also the fastest-growing in terms of the fish fats and oils imports, with a CAGR of +29.6% from 2012 to 2022. At the same time, Ghana (+1.7%) displayed positive paces of growth. While the share of Nigeria (+46 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-46 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported fish fats and oils in Western Africa, comprising 80% of total imports. The second position in the ranking was taken by Ghana ($X), with a 16% share of total imports.

In Nigeria, fish fat and oil imports increased at an average annual rate of +14.6% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, falling by -7.7% against the previous year. In general, the import price continues to indicate a abrupt contraction. The pace of growth was the most pronounced in 2017 an increase of 63% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Ghana ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.9%).

Source: IndexBox Platform

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