India: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in India

In 2021, after five years of growth, there was significant decline in the Indian preserved anchovies market, when its value decreased by -6.3% to $X. Over the period under review, consumption, however, posted perceptible growth. Preserved anchovies consumption peaked at $X in 2020, and then reduced in the following year.

Preserved Anchovies Production in India

In value terms, preserved anchovies production dropped to $X in 2021 estimated in export price. In general, production, however, saw measured growth. The pace of growth was the most pronounced in 2017 with an increase of 42%. Preserved anchovies production peaked at $X in 2020, and then reduced in the following year.

Preserved Anchovies Exports

Exports from India

After two years of growth, overseas shipments of anchovies (prepared or preserved) decreased by -24.9% to X tons in 2021. Overall, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2016 when exports increased by 234% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, preserved anchovies exports surged to $X in 2021. Over the period under review, exports, however, saw a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 230% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Switzerland (X kg) was the main destination for preserved anchovies exports from India, accounting for a 45% share of total exports. Moreover, preserved anchovies exports to Switzerland exceeded the volume sent to the second major destination, Saudi Arabia (X kg), twofold. The third position in this ranking was taken by the United States (X kg), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to Switzerland totaled +22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+40.0% per year) and the United States (+7.6% per year).

In value terms, Switzerland ($X) emerged as the key foreign market for anchovies (prepared or preserved) exports from India, comprising 57% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 13% share of total exports. It was followed by the United States, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Switzerland amounted to +20.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+34.4% per year) and the United States (+4.2% per year).

Export Prices by Country

The average preserved anchovies export price stood at $X per ton in 2021, increasing by 69% against the previous year. Overall, the export price posted prominent growth. The most prominent rate of growth was recorded in 2017 an increase of 70%. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+31.7%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Anchovies Imports

Imports into India

In 2021, overseas purchases of anchovies (prepared or preserved) increased by 7.7% to X tons, rising for the second year in a row after three years of decline. In general, imports posted a strong increase. The pace of growth was the most pronounced in 2016 when imports increased by 379% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, preserved anchovies imports stood at $X in 2021. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by 1,234%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the main supplier of preserved anchovies to India, accounting for a 92% share of total imports. Moreover, preserved anchovies imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the UK (X kg), more than tenfold. The third position in this ranking was taken by South Korea (X kg), with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +46.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-5.9% per year) and South Korea (-17.9% per year).

In value terms, the largest preserved anchovies suppliers to India were the UK ($X), the United Arab Emirates ($X) and South Korea ($X), together accounting for 98% of total imports.

Among the main suppliers, the UK, with a CAGR of +30.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average preserved anchovies import price stood at $X per ton in 2021, with a decrease of -2.3% against the previous year. In general, the import price, however, recorded a resilient expansion. The growth pace was the most rapid in 2016 when the average import price increased by 178%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+39.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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