Norway: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Norway

In 2021, the Norwegian preserved anchovies market decreased by -3.9% to $X, falling for the second consecutive year after four years of growth. Over the period under review, the total consumption indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.5% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Preserved Anchovies Production in Norway

In value terms, preserved anchovies production reduced modestly to $X in 2021 estimated in export price. Overall, production, however, saw resilient growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 44% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then fell slightly in the following year.

Preserved Anchovies Exports

Exports from Norway

In 2021, shipments abroad of anchovies (prepared or preserved) increased by 478% to X kg, rising for the fourth year in a row after three years of decline. In general, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,022% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, preserved anchovies exports surged to $X in 2021. Over the period under review, exports enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2013 with an increase of 452% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for preserved anchovies exports from Norway, accounting for a 66% share of total exports. Moreover, preserved anchovies exports to the United States exceeded the volume sent to the second major destination, Iceland (X kg), fivefold. The Netherlands (X kg) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +39.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (0.0% per year) and the Netherlands (-10.9% per year).

In value terms, the United States ($X) remains the key foreign market for anchovies (prepared or preserved) exports from Norway, comprising 35% of total exports. The second position in the ranking was held by Iceland ($X), with a 14% share of total exports. It was followed by the Netherlands, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (0.0% per year) and the Netherlands (-8.9% per year).

Export Prices by Country

The average preserved anchovies export price stood at $X per ton in 2021, waning by -42.1% against the previous year. Over the period under review, the export price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 48% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the United States ($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 Qatar (+47.4%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Anchovies Imports

Imports into Norway

For the third year in a row, Norway recorded decline in purchases abroad of anchovies (prepared or preserved), which decreased by -36.3% to X tons in 2021. Over the period under review, imports faced a sharp contraction. The growth pace was the most rapid in 2016 with an increase of 35% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, preserved anchovies imports declined rapidly to $X in 2021. In general, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 35% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Italy (X tons) constituted the largest preserved anchovies supplier to Norway, with a 21% share of total imports. Moreover, preserved anchovies imports from Italy exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold. Greece (X kg) ranked third in terms of total imports with a 1.4% share.

From 2012 to 2021, the average annual growth rate of volume from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-42.4% per year) and Greece (-7.6% per year).

In value terms, Italy ($X) constituted the largest supplier of anchovies (prepared or preserved) to Norway, comprising 24% of total imports. The second position in the ranking was held by Sweden ($X), with a 7.8% share of total imports. It was followed by Spain, with a 2% share.

From 2012 to 2021, the average annual growth rate of value from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-38.2% per year) and Spain (+5.4% per year).

Import Prices by Country

The average preserved anchovies import price stood at $X per ton in 2021, with an increase of 20% against the previous year. In general, the import price saw resilient growth. The growth pace was the most rapid in 2020 an increase of 63% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

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 Denmark ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :