Ecuador: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Ecuador

After five years of growth, the Ecuadorian preserved anchovies market decreased by -3.7% to $X in 2021. In general, the total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +70.7% against 2015 indices. Over the period under review, the market reached the peak level at $X in 2020, and then declined slightly in the following year.

Preserved Anchovies Production in Ecuador

In value terms, preserved anchovies production reduced modestly to $X in 2021 estimated in export price. Overall, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +69.6% against 2015 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 37% against the previous year. Preserved anchovies production peaked at $X in 2020, and then fell in the following year.

Preserved Anchovies Exports

Exports from Ecuador

In 2021, shipments abroad of anchovies (prepared or preserved) decreased by -97.7% to X kg, falling for the second consecutive year after three years of growth. Over the period under review, exports faced a significant decrease. The growth pace was the most rapid in 2015 when exports increased by 1,285% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, preserved anchovies exports shrank significantly to $X in 2021. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 376% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Panama (X kg) was the main destination for preserved anchovies exports from Ecuador, with a approx. 1.1% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Panama amounted to -66.7%.

In value terms, Panama ($X) and Chile ($X) constituted the largest markets for preserved anchovies exported from Ecuador worldwide. Moreover, preserved anchovies exports in Panama exceeded the figures recorded by the second-largest exporter, Chile, twofold.

Panama, with a CAGR of -38.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

The average preserved anchovies export price stood at $X per ton in 2021, rising by 98% against the previous year. Over the period under review, the export price recorded a perceptible increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Chile amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+97.6%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Anchovies Imports

Imports into Ecuador

In 2021, overseas purchases of anchovies (prepared or preserved) decreased by -26.2% to X tons, falling for the second year in a row after two years of growth. In general, imports continue to indicate a deep reduction. The growth pace was the most rapid in 2015 when imports increased by 100%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, preserved anchovies imports declined remarkably to $X in 2021. Over the period under review, imports recorded a pronounced slump. The pace of growth was the most pronounced in 2015 with an increase of 125% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Argentina (X tons) constituted the largest supplier of preserved anchovies to Ecuador, with a 67% share of total imports. Moreover, preserved anchovies imports from Argentina exceeded the figures recorded by the second-largest supplier, Mauritania (X kg), fivefold. The third position in this ranking was taken by Morocco (X kg), with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Argentina amounted to -9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Mauritania (0.0% per year) and Morocco (-1.5% per year).

In value terms, Argentina ($X) constituted the largest supplier of anchovies (prepared or preserved) to Ecuador, comprising 69% of total imports. The second position in the ranking was taken by Mauritania ($X), with a 14% share of total imports. It was followed by Morocco, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Argentina stood at -5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Mauritania (0.0% per year) and Morocco (+5.3% per year).

Import Prices by Country

The average preserved anchovies import price stood at $X per ton in 2021, increasing by 3.5% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved anchovies import price increased by +5.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 37% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Argentina ($X per ton) and the United States ($X per ton), while the price for Spain ($X per ton) and Mauritania ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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