GCC: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in GCC

The GCC preserved anchovies market reached $X in 2021, increasing by 2.3% against the previous year. Overall, consumption saw buoyant growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Preserved Anchovies Production in GCC

In value terms, preserved anchovies production reached $X in 2021 estimated in export price. In general, production, however, showed resilient growth. The growth pace was the most rapid in 2018 when the production volume increased by 46%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Preserved Anchovies Exports

Exports in GCC

After four years of decline, overseas shipments of anchovies (prepared or preserved) increased by 67% to X tons in 2021. Over the period under review, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 210% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, preserved anchovies exports soared to $X in 2021. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 141%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the main exporter of anchovies (prepared or preserved) in GCC, with the volume of exports reaching X tons, which was near 66% of total exports in 2021. Bahrain (X kg) took the second position in the ranking, followed by the United Arab Emirates (X kg). All these countries together took approx. 34% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the anchovies (prepared or preserved) exports, with a CAGR of +32.9% from 2012 to 2021. At the same time, Bahrain (+14.9%) displayed positive paces of growth. By contrast, the United Arab Emirates (-3.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and Bahrain increased by +51 and +2.4 percentage points, respectively.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Bahrain ($X) constituted the countries with the highest levels of exports in 2021.

Among the main exporting countries, Saudi Arabia, with a CAGR of +33.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with an increase of 9.1% against the previous year. Overall, the export price, however, continues to indicate a pronounced setback. The pace of growth appeared the most rapid in 2015 an increase of 23%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+5.1%), while the other leaders experienced more modest paces of growth.

Preserved Anchovies Imports

Imports in GCC

In 2021, overseas purchases of anchovies (prepared or preserved) increased by 234% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a slight downturn. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, preserved anchovies imports surged to $X in 2021. Overall, imports saw pronounced growth. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importer of anchovies (prepared or preserved) in GCC, with the volume of imports reaching X tons, which was near 60% of total imports in 2021. Kuwait (X tons) ranks second in terms of the total imports with a 19% share, followed by Bahrain (14%). The following importers - Oman (X tons) and Qatar (X tons) - each recorded a 6.1% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +24.8% from 2012 to 2021. At the same time, Oman (+26.0%), Bahrain (+23.1%) and Kuwait (+16.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +26.0% from 2012-2021. By contrast, Qatar (-17.7%) illustrated a downward trend over the same period. The United Arab Emirates (+53 p.p.), Kuwait (+15 p.p.), Bahrain (+12 p.p.) and Oman (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Qatar saw its share reduced by -12% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported anchovies (prepared or preserved) in GCC, comprising 73% of total imports. The second position in the ranking was held by Kuwait ($X), with a 19% share of total imports. It was followed by Bahrain, with a 3.2% share.

In the United Arab Emirates, preserved anchovies imports expanded at an average annual rate of +21.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+12.4% per year) and Bahrain (+5.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, dropping by -25.1% against the previous year. Import price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved anchovies import price increased by +69.4% against 2018 indices. The pace of growth was the most pronounced in 2020 an increase of 69%. As a result, import price attained the peak level of $X per ton, and then reduced rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+8.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform