ECOWAS: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in ECOWAS

In 2022, after two years of decline, there was growth in the ECOWAS market for fish fillets and other fish meat, when its value increased by 1.8% to $X. The total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +36.5% against 2018 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fillets and Other Fish Meat in ECOWAS

In value terms, production of fish fillets and other fish meat stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 26% against the previous year. Over the period under review, production of attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Fish Fillets and Other Fish Meat

Exports in ECOWAS

After four years of growth, shipments abroad of fish fillets and other fish meat decreased by -10.8% to X tons in 2022. Overall, exports, however, recorded a strong increase. The growth pace was the most rapid in 2018 with an increase of 61% against the previous year. Over the period under review, the exports of reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, exports of fish fillets and other fish meat dropped notably to $X in 2022. In general, exports, however, showed a temperate increase. The most prominent rate of growth was recorded in 2018 with an increase of 55%. Over the period under review, the exports of attained the maximum at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

Ghana was the key exporting country with an export of about X tons, which amounted to 60% of total exports. It was distantly followed by Senegal (X tons), Gambia (X tons) and Cote d'Ivoire (X tons), together creating a 34% share of total exports. Nigeria (X tons) and Benin (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to fish fillets and other fish meat exports from Ghana stood at +14.0%. At the same time, Benin (+82.9%) and Cote d'Ivoire (+39.6%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +82.9% from 2012-2022. Gambia experienced a relatively flat trend pattern. By contrast, Senegal (-2.7%) and Nigeria (-5.7%) illustrated a downward trend over the same period. Ghana (+32 p.p.), Cote d'Ivoire (+5.1 p.p.) and Benin (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Gambia, Nigeria and Senegal saw its share reduced by -4.3%, -5.3% and -27.7% from 2012 to 2022, respectively.

In value terms, Ghana ($X) remains the largest fish fillets and other fish meat supplier in ECOWAS, comprising 59% of total exports. The second position in the ranking was held by Senegal ($X), with a 24% share of total exports. It was followed by Cote d'Ivoire, with a 7.8% share.

In Ghana, exports of fish fillets and other fish meat increased at an average annual rate of +10.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (-1.7% per year) and Cote d'Ivoire (+51.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by -5.7% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 12% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+8.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Fish Fillets and Other Fish Meat

Imports in ECOWAS

In 2022, after three years of growth, there was significant decline in supplies from abroad of fish fillets and other fish meat, when their volume decreased by -13.3% to X tons. In general, imports, however, showed a strong increase. The growth pace was the most rapid in 2019 when imports increased by 79%. Over the period under review, imports of hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, imports of fish fillets and other fish meat contracted markedly to $X in 2022. Over the period under review, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 49%. As a result, imports reached the peak of $X, and then fell rapidly in the following year.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Mali (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Cabo Verde (X tons) represented the key importers of fish fillets and other fish meat, together making up 89% of total imports. Niger (X tons) and Liberia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of +76.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fillets and other fish meat importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cabo Verde ($X), together comprising 60% of total imports. Cote d'Ivoire, Mali, Liberia and Niger lagged somewhat behind, together accounting for a further 31%.

Mali, with a CAGR of +51.9%, recorded the highest growth rate of 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 ECOWAS stood at $X per ton in 2022, falling by -2.5% against the previous year. Overall, the import price continues to indicate a noticeable decline. The growth pace was the most rapid in 2018 when the import price increased by 46% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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