Latin America and the Caribbean: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Latin America and the Caribbean

After five years of growth, the Latin American preserved anchovies market decreased by -4.2% to $X in 2021. Overall, consumption, however, saw prominent growth. The level of consumption peaked at $X in 2020, and then reduced modestly in the following year.

Preserved Anchovies Production in Latin America and the Caribbean

In value terms, preserved anchovies production fell to $X in 2021 estimated in export price. In general, production, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of 42%. The level of production peaked at $X in 2020, and then reduced in the following year.

Preserved Anchovies Exports

Exports in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in overseas shipments of anchovies (prepared or preserved), when their volume increased by 40% to X tons. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 41% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, preserved anchovies exports surged to $X in 2021. Total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when exports increased by 50%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

The biggest shipments were from Peru (X tons), together recording 100% of total export.

Peru was also the fastest-growing in terms of the anchovies (prepared or preserved) exports, with a CAGR of +1.1% from 2012 to 2021. From 2012 to 2021, the share of Peru increased by +16 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Peru ($X) also remains the largest preserved anchovies supplier in Latin America and the Caribbean.

From 2012 to 2021, the average annual rate of growth in terms of value in Peru totaled +8.9%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, falling by -9.9% against the previous year. Export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the export price increased by 13%. The level of export peaked at $X per ton in 2020, and then shrank in the following year.

As there is only one major export destination, the average price level is determined by prices for Peru.

From 2012 to 2021, the rate of growth in terms of prices for Peru amounted to +7.8% per year.

Preserved Anchovies Imports

Imports in Latin America and the Caribbean

In 2021, the amount of anchovies (prepared or preserved) imported in Latin America and the Caribbean soared to X tons, picking up by 40% on the previous year's figure. In general, imports, however, showed a drastic 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 soared to $X in 2021. Over the period under review, imports, however, saw a deep slump. The most prominent rate of growth was recorded in 2015 when imports increased by 18% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Bolivia (X tons) represented the key importer of anchovies (prepared or preserved), creating 50% of total imports. Haiti (X tons) held the second position in the ranking, followed by Brazil (X tons) and Mexico (X tons). All these countries together held approx. 27% share of total imports. Colombia (X tons), Venezuela (X tons), Chile (X tons), Panama (X tons) and Bahamas (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to preserved anchovies imports into Bolivia stood at -13.3%. At the same time, Panama (+49.0%), Venezuela (+10.8%), Chile (+3.3%) and Bahamas (+1.9%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +49.0% from 2012-2021. By contrast, Colombia (-1.4%), Mexico (-6.0%), Brazil (-14.7%) and Haiti (-15.2%) illustrated a downward trend over the same period. While the share of Mexico (+3.1 p.p.), Venezuela (+2 p.p.), Panama (+1.8 p.p.) and Colombia (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Brazil (-3 p.p.), Haiti (-5.6 p.p.) and Bolivia (-10.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest preserved anchovies importing markets in Latin America and the Caribbean were Mexico ($X), Haiti ($X) and Brazil ($X), with a combined 51% share of total imports. Bolivia, Colombia, Venezuela, Panama, Chile and Bahamas lagged somewhat behind, together accounting for a further 31%.

Among the main importing countries, Panama, with a CAGR of +42.4%, recorded 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 import price in Latin America and the Caribbean stood at $X per ton in 2021, shrinking by -16.9% against the previous year. Import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.9% 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 +13.3% against 2019 indices. The growth pace was the most rapid in 2020 an increase of 36% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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 Mexico ($X per ton), while Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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