Ecuador: Preserved Sardines Market 2024

Preserved Sardines Market Size in Ecuador

In 2022, the Ecuadorian preserved sardines market increased by 95% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption, however, showed a pronounced setback. Preserved sardines consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Preserved Sardines Production in Ecuador

In value terms, preserved sardines production totaled $X in 2022 estimated in export price. Overall, production, however, recorded a mild decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by 28%. Preserved sardines production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Preserved Sardines Exports

Exports from Ecuador

In 2022, after two years of growth, there was decline in shipments abroad of sardines (prepared or preserved), when their volume decreased by -0.3% to X tons. In general, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2020 when exports increased by 36% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, preserved sardines exports reached $X in 2022. Over the period under review, exports continue to indicate a mild slump. The most prominent rate of growth was recorded in 2020 with an increase of 37%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons), the United States (X tons) and Colombia (X tons) were the main destinations of preserved sardines exports from Ecuador, together comprising 79% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +24.7%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), the United States ($X) and Colombia ($X) appeared to be the largest markets for preserved sardines exported from Ecuador worldwide, together comprising 78% of total exports.

In terms of the main countries of destination, Mexico, with a CAGR of +23.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average preserved sardines export price stood at $X per ton in 2022, stabilizing at the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 5.6%. The export price peaked at $X per ton in 2015; afterwards, it flattened through to 2022.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Chile ($X per ton) and Guatemala ($X per ton), while the average price for exports to Panama ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into Ecuador

In 2022, approx. X tons of sardines (prepared or preserved) were imported into Ecuador; waning by -35.4% compared with the previous year's figure. Over the period under review, imports saw a sharp curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 242% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, preserved sardines imports dropped rapidly to $X in 2022. Overall, imports showed a abrupt descent. The pace of growth appeared the most rapid in 2021 with an increase of 271%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Peru (X tons) constituted the largest preserved sardines supplier to Ecuador, accounting for a 81% share of total imports. Moreover, preserved sardines imports from Peru exceeded the figures recorded by the second-largest supplier, the United States (X kg), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Peru amounted to -4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-23.5% per year) and Spain (-39.8% per year).

In value terms, Peru ($X), the United States ($X) and Spain ($X) were the largest preserved sardines suppliers to Ecuador.

Peru, with a CAGR of -2.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, declining by -1.8% against the previous year. Over the period under review, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved sardines import price increased by +77.3% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 59% against the previous year. The import price peaked at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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