Portugal: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Portugal

In 2021, the Portuguese preserved anchovies market decreased by -96.8% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption saw a sharp setback. Over the period under review, the market hit record highs at $X in 2020, and then reduced dramatically in the following year.

Preserved Anchovies Production in Portugal

In value terms, preserved anchovies production shrank to $X in 2021 estimated in export price. Overall, production continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2016 with an increase of 52% against the previous year. Preserved anchovies production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Preserved Anchovies Exports

Exports from Portugal

In 2021, overseas shipments of anchovies (prepared or preserved) decreased by -67.3% to X tons, falling for the third year in a row after two years of growth. Overall, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2014 when exports increased by 471%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved anchovies exports contracted dramatically to $X in 2021. In general, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 81% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Spain (X tons) was the main destination for preserved anchovies exports from Portugal, with a 89% share of total exports. Moreover, preserved anchovies exports to Spain exceeded the volume sent to the second major destination, France (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Spain amounted to -5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+72.7% per year) and Japan (+14.8% per year).

In value terms, Spain ($X), France ($X) and Japan ($X) constituted the largest markets for preserved anchovies exported from Portugal worldwide, together comprising 76% of total exports.

France, with a CAGR of +69.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average preserved anchovies export price amounted to $X per ton, jumping by 120% against the previous year. Overall, the export price, however, saw a drastic downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Spain ($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 Sweden (+12.8%), while the prices for the other major destinations experienced a decline.

Preserved Anchovies Imports

Imports into Portugal

In 2021, purchases abroad of anchovies (prepared or preserved) decreased by -31.7% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports, however, saw modest growth. The most prominent rate of growth was recorded in 2014 with an increase of 202%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, preserved anchovies imports skyrocketed to $X in 2021. In general, total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -24.4% against 2018 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 39% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Spain (X tons) and Morocco (X tons) were the main suppliers of preserved anchovies imports to Portugal, together accounting for 98% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +25.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest preserved anchovies suppliers to Portugal were Spain ($X), Morocco ($X) and China ($X), with a combined 98% share of total imports.

Morocco, with a CAGR of +19.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average preserved anchovies import price amounted to $X per ton, jumping by 70% against the previous year. Overall, the import price saw a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 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 Spain ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+1.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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