ECOWAS: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in ECOWAS

For the third consecutive year, the ECOWAS frozen whole fish market recorded decline in sales value, which decreased by X% to $X in 2023. In general, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2023, consumption remained at a lower figure.

Frozen Whole Fish Production in ECOWAS

In value terms, frozen whole fish production dropped modestly to $X in 2023 estimated in export price. The total production indicated a pronounced increase from 2012 to 2023: its value 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, production increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2023, production failed to regain momentum.

Frozen Whole Fish Exports

Exports in ECOWAS

Frozen whole fish exports skyrocketed to X tons in 2023, picking up by X% against 2022 figures. Total exports indicated a strong 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. Based on 2023 figures, exports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, frozen whole fish exports reached $X in 2023. Total exports indicated a buoyant increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. 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 appeared the most rapid in 2013 when exports increased by X%. The level of export peaked at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Senegal (X tons) was the major exporter of frozen whole fish, comprising X% of total exports. Guinea (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (X%) and Guinea-Bissau (X%). Sierra Leone (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2023. At the same time, Sierra Leone (X%), Guinea-Bissau (X%), Ghana (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Cabo Verde (X%) illustrated a downward trend over the same period. Senegal (X p.p.), Sierra Leone (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 ($X) remains the largest frozen whole fish supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Guinea ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Senegal amounted to X%. In the other countries, the average annual rates were as follows: Guinea (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, falling by X% against the previous year. In general, the export price showed a noticeable slump. The pace of growth appeared the most rapid in 2018 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 2014; however, from 2015 to 2023, the export prices remained at a 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 Ghana ($X per ton), while Sierra Leone ($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-Bissau (X%), while the other leaders experienced a decline in the export price figures.

Frozen Whole Fish Imports

Imports in ECOWAS

In 2023, supplies from abroad of frozen whole fish was finally on the rise to reach X tons after two years of decline. Total imports indicated prominent growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports reached the peak figure in 2023 and are likely to see gradual growth in the near future.

In value terms, frozen whole fish imports fell slightly to $X in 2023. Over the period under review, imports recorded 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 hit record highs at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Cote d'Ivoire (X tons) represented the largest importer of frozen whole fish, generating X% of total imports. Nigeria (X tons) ranks second in terms of the total imports with a X% share, followed by Burkina Faso (X%), Ghana (X%), Benin (X%) and Mali (X%). Togo (X tons) held a minor share of total imports.

From 2012 to 2023, average annual rates of growth with regard to frozen whole fish imports into Cote d'Ivoire stood at X%. At the same time, Burkina Faso (X%), Mali (X%), Ghana (X%), Togo (X%) and Benin (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Burkina Faso (X p.p.), Cote d'Ivoire (X p.p.) and Mali (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen whole fish 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%.

Mali, with a CAGR of X%, saw 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 2023, waning by X% against the previous year. In general, the import price continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2020 an increase of X%. The level of import peaked 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 mixed trends in the import price figures.

Source: IndexBox Platform