Western Africa: Preserved Mackerel Market 2024

Preserved Mackerel Market Size in Western Africa

The West African preserved mackerel market stood at $X in 2021, growing by 13% against the previous year. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +9.9% 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 increased by +69.9% against 2015 indices. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the near future.

Preserved Mackerel Production in Western Africa

In value terms, preserved mackerel production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production showed a strong expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 67% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Preserved Mackerel Exports

Exports in Western Africa

In 2021, shipments abroad of mackerel (prepared or preserved) decreased by -57.5% to X tons, falling for the third year in a row after five years of growth. In general, exports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 311% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved mackerel exports shrank notably to $X in 2021. Over the period under review, exports, however, saw resilient growth. The most prominent rate of growth was recorded in 2016 when exports increased by 207%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Togo prevails in exports structure, finishing at X tons, which was approx. 85% of total exports in 2021. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Ghana (X tons). All these countries together held near 14% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to preserved mackerel exports from Togo stood at +11.3%. At the same time, Cote d'Ivoire (+37.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +37.8% from 2012-2021. By contrast, Ghana (-2.7%) illustrated a downward trend over the same period. While the share of Togo (+7.7 p.p.) and Cote d'Ivoire (+7.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-10.5 p.p.) displayed negative dynamics.

In value terms, Togo ($X) emerged as the largest preserved mackerel supplier in Western Africa, comprising 61% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 22% share of total exports.

In Togo, preserved mackerel exports increased at an average annual rate of +11.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+31.4% per year) and Ghana (+13.1% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, surging by 1.5% against the previous year. Export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.8% 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 mackerel export price decreased by -22.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 108%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+16.1%), while the other leaders experienced mixed trends in the export price figures.

Preserved Mackerel Imports

Imports in Western Africa

In 2021, purchases abroad of mackerel (prepared or preserved) increased by 50% to X tons, rising for the third year in a row after four years of decline. Overall, imports saw resilient growth. The growth pace was the most rapid in 2019 with an increase of 87% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, preserved mackerel imports soared to $X in 2021. In general, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2019 with an increase of 95% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Ghana represented the main importing country with an import of around X tons, which recorded 65% of total imports. Nigeria (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Cabo Verde (9%). Sierra Leone (X tons) and Benin (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to preserved mackerel imports into Ghana stood at +13.3%. At the same time, Sierra Leone (+49.4%) and Cabo Verde (+13.9%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +49.4% from 2012-2021. By contrast, Nigeria (-5.6%) and Benin (-8.9%) illustrated a downward trend over the same period. While the share of Ghana (+28 p.p.), Cabo Verde (+4.2 p.p.) and Sierra Leone (+3.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Benin (-6.5 p.p.) and Nigeria (-30.8 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) constitutes the largest market for imported mackerel (prepared or preserved) in Western Africa, comprising 56% of total imports. The second position in the ranking was taken by Cabo Verde ($X), with an 18% share of total imports. It was followed by Nigeria, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Ghana amounted to +11.4%. In the other countries, the average annual rates were as follows: Cabo Verde (+19.4% per year) and Nigeria (-3.0% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, standing approx. at the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2016 an increase of 14%. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

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 Cabo Verde ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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