ECOWAS: Freshwater Fish Market 2024

Freshwater Fish Market Size in ECOWAS

In 2023, the ECOWAS freshwater fish market increased by X% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption showed a buoyant increase. Over the period under review, the market hit record highs in 2023 and is likely to continue growth in the immediate term.

Freshwater Fish Production in ECOWAS

In value terms, freshwater fish production shrank to $X in 2023 estimated in export price. Overall, production showed prominent growth. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2022, and then shrank in the following year.

Freshwater Fish Exports

Exports in ECOWAS

In 2023, freshwater fish exports in ECOWAS reduced rapidly to X tons, with a decrease of X% against the previous year's figure. Over the period under review, exports showed a pronounced setback. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, freshwater fish exports contracted markedly to $X in 2023. In general, exports, however, saw a moderate increase. The pace of growth appeared the most rapid in 2022 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Gambia (X tons) represented the key exporter of freshwater fish, making up X% of total exports. It was distantly followed by Senegal (X tons) and Guinea (X tons), together achieving a X% share of total exports. Ghana (X tons) took a relatively small share of total exports.

From 2012 to 2023, average annual rates of growth with regard to freshwater fish exports from Gambia stood at X%. At the same time, Senegal (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Senegal 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. Senegal (X p.p.) and Guinea (X p.p.) significantly strengthened its position in terms of the total exports, while Gambia 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, Gambia ($X) remains the largest freshwater fish supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

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

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Overall, the export price saw buoyant growth. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

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

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

Freshwater Fish Imports

Imports in ECOWAS

In 2023, overseas purchases of freshwater fish were finally on the rise to reach X tons after three years of decline. In general, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2023, the growth of imports remained at a lower figure.

In value terms, freshwater fish imports surged to $X in 2023. Overall, imports, however, continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2014 with an increase of X%. The level of import peaked at $X in 2015; however, from 2016 to 2023, imports remained at a lower figure.

Imports by Country

Burkina Faso was the key importing country with an import of about X tons, which accounted for X% of total imports. Nigeria (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (X%). The following importers - Ghana (X tons), Niger (X tons), Mali (X tons) and Senegal (X tons) - each recorded an X% share of total imports.

Burkina Faso was also the fastest-growing in terms of the freshwater fish imports, with a CAGR of X% from 2012 to 2023. At the same time, Guinea (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Mali (X%), Nigeria (X%), Niger (X%) and Senegal (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.) and Guinea (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Mali (X p.p.), Niger (X p.p.), Senegal (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Nigeria ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Burkina Faso, Mali, Niger and Guinea lagged somewhat behind, together accounting for a further X%.

Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to 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 2023, the import price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price faced a deep slump. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2023, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform