ECOWAS: Market for Frozen Fish and Seafood 2024

Market Size for Frozen Fish and Seafood in ECOWAS

The ECOWAS frozen fish and seafood market rose significantly to $X in 2023, growing by X% against the previous year. In general, consumption recorded buoyant growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Frozen Fish and Seafood in ECOWAS

In value terms, frozen fish and seafood production expanded modestly to $X in 2023 estimated in export price. Overall, production recorded strong growth. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Exports of Frozen Fish and Seafood

Exports in ECOWAS

In 2023, approx. X tons of frozen fish and seafood were exported in ECOWAS; surging by X% on 2022. Total exports indicated a moderate increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2023, the growth of the exports failed to regain momentum.

In value terms, frozen fish and seafood exports expanded slightly to $X in 2023. Overall, exports, however, continue to indicate a mild descent. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

Senegal prevails in exports structure, finishing at X tons, which was near X% of total exports in 2023. Ghana (X tons) ranks second in terms of the total exports with a X% share, followed by Guinea-Bissau (X%). Guinea (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to frozen fish and seafood exports from Senegal stood at X%. At the same time, Cabo Verde (X%) and Guinea-Bissau (X%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) and Guinea (X%) illustrated a downward trend over the same period. Senegal (X p.p.) and Cabo Verde (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 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Senegal stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Guinea (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2018 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Frozen Fish and Seafood

Imports in ECOWAS

In 2023, after three years of decline, there was significant growth in supplies from abroad of frozen fish and seafood, when their volume increased by X% to X tons. Total imports indicated a noticeable expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, frozen fish and seafood imports reduced slightly to $X in 2023. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire was the main importer of frozen fish and seafood in ECOWAS, with the volume of imports reaching X tons, which was approx. X% of total imports in 2023. Nigeria (X tons) took the second position in the ranking, distantly followed by Ghana (X tons), Burkina Faso (X tons), Benin (X tons) and Mali (X tons). All these countries together held near X% share of total imports. Togo (X tons) took a minor share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mali (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

In terms of the main importing countries, Mali, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price showed a pronounced reduction. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, 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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Benin (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform