Western Africa: Smoked Herring Market 2024

Smoked Herring Market Size in Western Africa

The West African smoked herring market was estimated at $X in 2022, growing by 2.1% against the previous year. In general, consumption showed a deep slump. The pace of growth appeared the most rapid in 2020 when the market value increased by 4.9% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Smoked Herring Production in Western Africa

In value terms, smoked herring production rose to $X in 2022 estimated in export price. Overall, production faced a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of 8.4% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Smoked Herring Exports

Exports in Western Africa

In 2022, approx. X tons of smoked herrings were exported in Western Africa; dropping by -22.3% compared with the previous year's figure. In general, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 132% against the previous year. The volume of export peaked at X tons in 2021, and then reduced sharply in the following year.

In value terms, smoked herring exports fell modestly to $X in 2022. Overall, exports, however, showed a resilient increase. The growth pace was the most rapid in 2019 when exports increased by 105% against the previous year. The level of export peaked at $X in 2021, and then shrank slightly in the following year.

Exports by Country

The biggest shipments were from Guinea (X tons), Ghana (X tons) and Sierra Leone (X tons), together amounting to 92% of total export. The following exporters - Gambia (X tons) and Senegal (X tons) - together made up 7.7% of total exports.

From 2012 to 2022, the biggest increases were recorded for Gambia (with a CAGR of +49.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest smoked herring supplying countries in Western Africa were Ghana ($X), Sierra Leone ($X) and Guinea ($X), together accounting for 83% of total exports. Gambia and Senegal lagged somewhat behind, together comprising a further 16%.

Gambia, with a CAGR of +51.9%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, picking up by 23% against the previous year. In general, the export price showed a resilient increase. The pace of growth was the most pronounced in 2016 an increase of 44%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+9.9%), while the other leaders experienced more modest paces of growth.

Smoked Herring Imports

Imports in Western Africa

In 2022, overseas purchases of smoked herrings decreased by -6.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 94%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, smoked herring imports fell slightly to $X in 2022. Overall, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 123%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Liberia dominates imports structure, accounting for X tons, which was near 80% of total imports in 2022. Cabo Verde (X tons) held the second position in the ranking, followed by Senegal (X tons) and Togo (X tons). All these countries together held approx. 18% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to smoked herring imports into Liberia stood at +3.2%. At the same time, Senegal (+35.1%) and Cabo Verde (+24.8%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +35.1% from 2012-2022. Togo experienced a relatively flat trend pattern. While the share of Liberia (+20 p.p.), Cabo Verde (+7 p.p.), Senegal (+5.4 p.p.) and Togo (+4.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) constitutes the largest market for imported smoked herrings in Western Africa, comprising 71% of total imports. The second position in the ranking was taken by Senegal ($X), with a 10% share of total imports. It was followed by Togo, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value in Liberia stood at +14.2%. In the other countries, the average annual rates were as follows: Senegal (+33.5% per year) and Togo (0.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, picking up by 6.4% against the previous year. In general, the import price enjoyed resilient growth. The growth pace was the most rapid in 2015 an increase of 86%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Togo ($X per ton), while Cabo Verde ($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 (+10.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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