ECOWAS: Frozen Fish Meat Market 2024

Frozen Fish Meat Market Size in ECOWAS

In 2023, the ECOWAS frozen fish meat market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, recorded a mild expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Frozen Fish Meat Production in ECOWAS

In value terms, frozen fish meat production expanded sharply to $X in 2023 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Frozen Fish Meat Exports

Exports in ECOWAS

Frozen fish meat exports soared to X tons in 2023, growing by X% against the year before. Over the period under review, exports, however, continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

In value terms, frozen fish meat exports skyrocketed to $X in 2023. Overall, exports, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Senegal was the main exporting country with an export of around X tons, which reached X% of total exports. Ghana (X tons) took the second position in the ranking, distantly followed by Cabo Verde (X tons). All these countries together took approx. X% share of total exports.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2023. At the same time, Cabo Verde (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%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Senegal and Cabo Verde increased by X and X percentage points, respectively.

In value terms, Senegal ($X) remains the largest frozen fish meat supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Cabo Verde ($X), with a X% share of total exports.

In Senegal, frozen fish meat exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Cabo Verde (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price continues to indicate a pronounced reduction. The pace of growth was the most pronounced in 2020 an increase of 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 failed to regain momentum.

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

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

Frozen Fish Meat Imports

Imports in ECOWAS

After five years of decline, overseas purchases of frozen fish meat increased by X% to X tons in 2023. Over the period under review, imports, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, frozen fish meat imports expanded to $X in 2023. Overall, imports, however, continue to indicate a mild decline. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Nigeria (X tons) represented the key importer of frozen fish meat, committing X% of total imports. It was distantly followed by Ghana (X tons), Cabo Verde (X tons), Niger (X tons) and Liberia (X tons), together mixing up a X% share of total imports. The following importers - Sierra Leone (X tons) and Cote d'Ivoire (X tons) - each finished at a X% share of total imports.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Liberia (X%), Sierra Leone (X%), Niger (X%), Ghana (X%), Cote d'Ivoire (X%) and Cabo Verde (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Ghana, Cabo Verde, Niger, Liberia and Sierra Leone increased by X, 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 meat importing markets in ECOWAS were Cabo Verde ($X), Nigeria ($X) and Ghana ($X), together comprising X% of total imports. Liberia, Niger, Cote d'Ivoire and Sierra Leone lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Liberia, with a CAGR of X%, saw 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, dropping by X% against the previous year. Over the period under review, the import price, however, continues to indicate perceptible growth. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform