ECOWAS: Frozen Fish Market 2024

Frozen Fish Market Size in ECOWAS

The ECOWAS frozen fish market reduced modestly to $X in 2022, waning by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Frozen Fish Production in ECOWAS

In value terms, frozen fish production totaled $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Frozen Fish Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded decline in overseas shipments of frozen fish, which decreased by X% to X tons in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2019 indices. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen fish exports declined slightly to $X in 2022. Total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal was the main exporting country with an export of around X tons, which reached X% of total exports. Guinea-Bissau (X tons) held the second position in the ranking, followed by Ghana (X tons). All these countries together took near X% share of total exports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen fish exports from Senegal stood at X%. At the same time, Guinea-Bissau (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Guinea-Bissau emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Guinea (X%) illustrated a downward trend over the same period. Senegal (X p.p.) and Guinea-Bissau (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Guinea saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Senegal ($X) remains the largest frozen fish supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Guinea, with an X% share.

In Senegal, frozen fish exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Guinea (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 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 Guinea ($X per ton), while Guinea-Bissau ($X per ton) was amongst the lowest.

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

Frozen Fish Imports

Imports in ECOWAS

In 2022, approx. X tons of frozen fish were imported in ECOWAS; dropping by X% on the previous year's figure. Total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, frozen fish imports shrank modestly to $X in 2022. Overall, imports, however, showed slight growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

Cote d'Ivoire was the main importer of frozen fish in ECOWAS, with the volume of imports accounting for X tons, which was near X% of total imports in 2022. Nigeria (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%), Burkina Faso (X%), Benin (X%) and Mali (X%). Togo (X tons) held a relatively small share of total imports.

Imports into Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%), Mali (X%), Burkina Faso (X%), Ghana (X%) and Togo (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Burkina Faso, Benin and Mali increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen fish importing markets in ECOWAS were Cote d'Ivoire ($X), Nigeria ($X) and Ghana ($X), with a combined X% share of total imports. Benin, Mali, Togo and Burkina Faso lagged somewhat behind, together accounting for a further X%.

Mali, with a CAGR of X%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, stabilizing at the previous year. Overall, the import price, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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