MENA: Preserved Herring Market 2024

Preserved Herring Market Size in MENA

The MENA's preserved herring market expanded slightly to $X in 2021, growing by 4.2% against the previous year. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -3.5% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Preserved Herring Production in MENA

In value terms, preserved herring production expanded slightly to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.8% 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 decreased by -4.3% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 34% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Preserved Herring Exports

Exports in MENA

In 2021, overseas shipments of herrings (prepared or preserved) increased by 11% to X tons, rising for the second year in a row after four years of decline. Over the period under review, exports, however, saw a mild descent. The pace of growth was the most pronounced in 2014 with an increase of 118%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved herring exports reduced modestly to $X in 2021. In general, exports posted a prominent expansion. The pace of growth was the most pronounced in 2014 with an increase of 220% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey represented the main exporting country with an export of around X tons, which finished at 56% of total exports. It was distantly followed by Saudi Arabia (X tons) and Egypt (X tons), together committing a 36% share of total exports. Israel (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the herrings (prepared or preserved) exports, with a CAGR of +116.8% from 2012 to 2021. At the same time, Saudi Arabia (+28.1%) and Israel (+11.3%) displayed positive paces of growth. By contrast, the United Arab Emirates (-6.6%) and Egypt (-19.7%) illustrated a downward trend over the same period. While the share of Turkey (+56 p.p.), Saudi Arabia (+20 p.p.) and Israel (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-1.7 p.p.) and Egypt (-75.5 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest preserved herring supplier in MENA, comprising 60% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 14% share of total exports. It was followed by Egypt, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey totaled +136.8%. In the other countries, the average annual rates were as follows: Saudi Arabia (+32.9% per year) and Egypt (-10.4% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, which is down by -12.6% against the previous year. Over the period under review, the export price, however, recorded a remarkable increase. The growth pace was the most rapid in 2014 an increase of 47%. Over the period under review, the export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+11.6%), while the other leaders experienced more modest paces of growth.

Preserved Herring Imports

Imports in MENA

In 2021, overseas purchases of herrings (prepared or preserved) increased by 72% to X tons, rising for the second consecutive year after three years of decline. In general, imports recorded a notable expansion. The most prominent rate of growth was recorded in 2016 with an increase of 103% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, preserved herring imports surged to $X in 2021. Overall, imports showed resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 149%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

Israel prevails in imports structure, reaching X tons, which was approx. 75% of total imports in 2021. It was distantly followed by Libya (X tons) and the United Arab Emirates (X tons), together achieving a 14% share of total imports. The following importers - Egypt (X tons), Yemen (X tons) and Kuwait (X tons) - together made up 6.8% of total imports.

Israel was also the fastest-growing in terms of the herrings (prepared or preserved) imports, with a CAGR of +27.3% from 2012 to 2021. At the same time, Egypt (+16.0%) and Kuwait (+13.4%) displayed positive paces of growth. Yemen experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-4.8%) and Libya (-9.0%) illustrated a downward trend over the same period. Israel (+62 p.p.) and Egypt (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates and Libya saw its share reduced by -8.6% and -21.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X) constitutes the largest market for imported herrings (prepared or preserved) in MENA, comprising 70% of total imports. The second position in the ranking was held by Libya ($X), with a 14% share of total imports. It was followed by the United Arab Emirates, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Israel totaled +25.5%. In the other countries, the average annual rates were as follows: Libya (+3.1% per year) and the United Arab Emirates (-7.1% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, increasing by 1.7% against the previous year. Import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +3.5% 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 herring import price decreased by -26.2% against 2016 indices. The pace of growth was the most pronounced in 2016 when the import price increased by 22%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Libya ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Libya (+13.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform