ECOWAS: Frozen Lobster Market 2024

Frozen Lobster Market Size in ECOWAS

In 2022, the ECOWAS frozen lobster market decreased by -5.6% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, posted a strong expansion. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Frozen Lobster Production in ECOWAS

In value terms, frozen lobster production reduced to $X in 2022 estimated in export price. The total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 -1.1% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 23% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Frozen Lobster Exports

Exports in ECOWAS

In 2022, overseas shipments of frozen lobster increased by 10% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, recorded a significant contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 85% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, frozen lobster exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a precipitous decline. The pace of growth appeared the most rapid in 2015 with an increase of 142%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Gambia (X kg) and Ghana (X kg) prevails in exports structure, together constituting 94% of total exports. It was distantly followed by Nigeria (X kg), making up a 4.5% share of total exports. Senegal (X kg) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Gambia (with a CAGR of +8.3%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest frozen lobster supplying countries in ECOWAS were Gambia ($X), Ghana ($X) and Senegal ($X), with a combined 96% share of total exports.

Gambia, with a CAGR of +0.5%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by 7.7% against the previous year. In general, the export price, however, showed a noticeable slump. The pace of growth was the most pronounced in 2015 an increase of 31% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices remained at a lower figure.

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 Senegal ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+22.0%), while the other leaders experienced a decline in the export price figures.

Frozen Lobster Imports

Imports in ECOWAS

In 2022, purchases abroad of frozen lobster decreased by -45.8% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, showed a noticeable increase. The pace of growth was the most pronounced in 2013 when imports increased by 1,622% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, frozen lobster imports declined remarkably to $X in 2022. Over the period under review, imports, however, enjoyed a pronounced increase. The pace of growth appeared the most rapid in 2013 when imports increased by 1,355% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Cote d'Ivoire was the key importer of frozen lobster in ECOWAS, with the volume of imports reaching X kg, which was approx. 48% of total imports in 2022. Mali (X kg) ranks second in terms of the total imports with a 19% share, followed by Nigeria (12%) and Cabo Verde (9.2%). Liberia (X kg), Togo (X kg) and Burkina Faso (X kg) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the frozen lobster imports, with a CAGR of +73.5% from 2012 to 2022. At the same time, Cabo Verde (+14.7%) and Burkina Faso (+10.8%) displayed positive paces of growth. Mali and Togo experienced a relatively flat trend pattern. By contrast, Nigeria (-8.2%) and Liberia (-11.6%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+47 p.p.) and Cabo Verde (+5.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mali (-7.1 p.p.), Liberia (-13.6 p.p.) and Nigeria (-29.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen lobster importing markets in ECOWAS were Mali ($X), Nigeria ($X) and Cote d'Ivoire ($X), together comprising 78% of total imports.

Cote d'Ivoire, with a CAGR of +64.8%, recorded the highest growth rate of 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, picking up by 24% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the import prices failed to regain momentum.

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 ($X per ton), while Cote d'Ivoire ($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 (+15.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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