Western Africa: Preserved Herring Market 2024

Preserved Herring Market Size in Western Africa

The West African preserved herring market fell modestly to $X in 2021, with a decrease of -2.5% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.7% against 2018 indices. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Preserved Herring Production in Western Africa

In value terms, preserved herring production contracted modestly to $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.2% against 2018 indices. The growth pace was the most rapid in 2014 when the production volume increased by 37% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Preserved Herring Exports

Exports in Western Africa

Preserved herring exports contracted modestly to X tons in 2021, reducing by -3.1% on the previous year. Overall, exports, however, continue to indicate a pronounced expansion. The growth pace was the most rapid in 2016 with an increase of 161% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, preserved herring exports soared to $X in 2021. In general, exports, however, saw buoyant growth. The growth pace was the most rapid in 2016 with an increase of 263% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Ghana dominates exports structure, reaching X tons, which was approx. 93% of total exports in 2021. Cote d'Ivoire (X kg) and Nigeria (X kg) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the herrings (prepared or preserved) exports, with a CAGR of +3.9% from 2012 to 2021. Cote d'Ivoire (-9.0%) and Nigeria (-13.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana and Cote d'Ivoire increased by +6.1 and +4 percentage points, respectively.

In value terms, Ghana ($X) remains the largest preserved herring supplier in Western Africa, comprising 91% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 8.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana amounted to +10.6%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+7.6% per year) and Nigeria (-16.2% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, picking up by 61% against the previous year. Export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved herring export price increased by +95.2% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+18.3%), while the other leaders experienced mixed trends in the export price figures.

Preserved Herring Imports

Imports in Western Africa

In 2021, approx. X tons of herrings (prepared or preserved) were imported in Western Africa; leveling off at the previous year. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +58.6% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of 56%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, preserved herring imports shrank rapidly to $X in 2021. Total imports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +37.0% against 2018 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 53%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Cabo Verde (X tons), distantly followed by Mali (X tons), Togo (X tons), Cote d'Ivoire (X tons), Ghana (X tons), Niger (X tons) and Nigeria (X tons) represented the key importers of herrings (prepared or preserved), together committing 94% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cabo Verde (with a CAGR of +27.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved herring importing markets in Western Africa were Togo ($X), Cabo Verde ($X) and Ghana ($X), together accounting for 61% of total imports.

Ghana, with a CAGR of +26.4%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, declining by -17% against the previous year. Over the period under review, the import price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2015 an increase of 14% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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