Preserved Anchovies Market

The article explores the increasing demand for anchovies (prepared or preserved) worldwide, with a forecasted upward consumption trend over the next eight years. Market performance is expected to grow at a CAGR of +2.1% in volume and +4.0% in value from 2022 to 2030. Key highlights include fluctuations in consumption and production patterns, as well as insights on leading countries in consumption, production, imports, and exports. Notable growth rates are observed in various regions, showcasing a dynamic market landscape for anchovies.

Market Forecast

Driven by increasing demand for anchovies (prepared or preserved) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 1.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $11.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Anchovies (Prepared Or Preserved)

After six years of growth, consumption of anchovies (prepared or preserved) decreased by -1.5% to 1.1M tons in 2022. Overall, the total consumption indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +54.9% against 2015 indices. Over the period under review, global consumption hit record highs at 1.1M tons in 2021, and then reduced modestly in the following year.

The global preserved anchovies market value declined modestly to $8.6B in 2022, falling by -2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +76.9% against 2015 indices. Global consumption peaked at $8.7B in 2021, and then shrank slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (164K tons), the United States (97K tons) and India (62K tons), together accounting for 30% of global consumption. Japan, Pakistan, Nigeria, Germany, Russia, Brazil, Indonesia, the UK, Bangladesh and Mexico lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +12.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.3B) led the market, alone. The second position in the ranking was held by Japan ($568M). It was followed by India.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +3.1%. In the other countries, the average annual rates were as follows: Japan (-0.4% per year) and India (+5.4% per year).

The countries with the highest levels of preserved anchovies per capita consumption in 2022 were Germany (368 kg per 1000 persons), the UK (361 kg per 1000 persons) and Japan (323 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +9.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Anchovies (Prepared Or Preserved)

In 2022, after six years of growth, there was decline in production of anchovies (prepared or preserved), when its volume decreased by -1.5% to 1.1M tons. Over the period under review, the total production indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +54.9% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 28% against the previous year. Over the period under review, global production attained the maximum volume at 1.1M tons in 2021, and then contracted slightly in the following year.

In value terms, preserved anchovies production declined to $8.3B in 2022 estimated in export price. Overall, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +90.5% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 33% against the previous year. Over the period under review, global production hit record highs at $8.5B in 2021, and then shrank slightly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (164K tons), the United States (94K tons) and India (62K tons), together accounting for 29% of global production. Japan, Pakistan, Nigeria, Germany, Russia, Brazil, Indonesia, Bangladesh, the UK and Mexico lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Nigeria (with a CAGR of +12.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Anchovies (Prepared Or Preserved)

Global preserved anchovies imports declined to 37K tons in 2022, dropping by -5.9% against the previous year. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 10% against the previous year. As a result, imports reached the peak of 39K tons, and then declined in the following year.

In value terms, preserved anchovies imports fell to $375M in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 16%. Over the period under review, global imports hit record highs at $381M in 2021, and then declined slightly in the following year.

Imports By Country

Spain (8.7K tons) and Italy (8.1K tons) represented the largest importers of anchovies (prepared or preserved) in 2022, finishing at near 24% and 22% of total imports, respectively. France (4.5K tons) ranks next in terms of the total imports with a 12% share, followed by the United States (8.4%) and the UK (4.5%). Japan (1.6K tons), Germany (1.1K tons), Belgium (1K tons), Australia (0.8K tons) and Canada (0.8K tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +5.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved anchovies importing markets worldwide were Italy ($90M), Spain ($81M) and France ($41M), together accounting for 56% of global imports.

Spain, with a CAGR of +6.2%, 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 global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average preserved anchovies import price amounted to $10,231 per ton, with an increase of 4.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2013 when the average import price increased by 10% against the previous year. Global import price peaked at $10,267 per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 Australia ($13,144 per ton), while Canada ($4,017 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+8.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Anchovies (Prepared Or Preserved)

In 2022, global exports of anchovies (prepared or preserved) fell to 28K tons, with a decrease of -6.3% on the previous year's figure. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 20%. As a result, the exports attained the peak of 30K tons, and then fell in the following year.

In value terms, preserved anchovies exports dropped modestly to $282M in 2022. The total export value increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 17% against the previous year. As a result, the exports attained the peak of $292M, and then shrank slightly in the following year.

Exports By Country

In 2022, Morocco (7.5K tons), distantly followed by Peru (4.8K tons), Spain (3.4K tons), Italy (2.8K tons) and Albania (2.5K tons) were the major exporters of anchovies (prepared or preserved), together constituting 74% of total exports. Croatia (1,219 tons), Tunisia (950 tons), Belgium (742 tons), France (586 tons), Turkey (573 tons), Japan (509 tons) and Vietnam (462 tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +39.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Morocco ($58M), Spain ($56M) and Italy ($40M) were the countries with the highest levels of exports in 2022, with a combined 54% share of global exports. Peru, Albania, Tunisia, Croatia, Belgium, France, Japan, Vietnam and Turkey lagged somewhat behind, together accounting for a further 39%.

Vietnam, with a CAGR of +45.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average preserved anchovies export price amounted to $10,043 per ton, picking up by 3.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2016 an increase of 9.1% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

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 Spain ($16,487 per ton), while Turkey ($5,525 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+7.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform