ECOWAS: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in ECOWAS

The ECOWAS frozen norway lobster market contracted to $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Frozen Norway Lobster Production in ECOWAS

In value terms, frozen norway lobster production amounted to $X in 2022 estimated in export price. In general, production, however, posted a resilient expansion. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Frozen Norway Lobster Exports

Exports in ECOWAS

In 2022, shipments abroad of frozen norway lobsters was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports showed a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of X%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen norway lobster exports soared to $X in 2022. Overall, exports showed a significant expansion. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Nigeria (X kg) was the main exporter of frozen norway lobsters, creating X% of total exports. It was distantly followed by Senegal (X kg), generating a X% share of total exports.

From 2014 to 2022, average annual rates of growth with regard to frozen norway lobster exports from Nigeria stood at X%. Senegal (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.) increased significantly in terms of the total exports from 2014-2022, the share of Senegal (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) emerged as the largest frozen norway lobster supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with a X% share of total exports.

From 2014 to 2022, the average annual growth rate of value in Nigeria stood at X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Overall, the export price enjoyed buoyant growth. The pace of growth appeared the most rapid in 2019 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2020 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 Nigeria ($X per ton), while Senegal totaled $X per ton.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%).

Frozen Norway Lobster Imports

Imports in ECOWAS

In 2022, supplies from abroad of frozen norway lobsters increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, frozen norway lobster imports totaled $X in 2022. Overall, imports, however, faced a abrupt decrease. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Cabo Verde represented the main importing country with an import of around X kg, which reached X% of total imports. Cote d'Ivoire (X kg) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Niger (X%) and Benin (X%). The following importers - Burkina Faso (X kg) and Mali (X kg) - each amounted to a X% share of total imports.

Imports into Cabo Verde decreased at an average annual rate of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%), Niger (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Benin (X%) and Mali (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.), Niger (X p.p.), Benin (X p.p.), Burkina Faso (X p.p.) and Mali (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cabo Verde (X p.p.) displayed negative dynamics.

In value terms, Cabo Verde ($X) constitutes the largest market for imported frozen norway lobsters in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Niger ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Cabo Verde, frozen norway lobster imports decreased by an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Niger (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price 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, frozen norway lobster import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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