Portugal: Preserved Sardines Market 2024

Preserved Sardines Market Size in Portugal

The Portuguese preserved sardines market surged to $X in 2022, increasing by 15% against the previous year. Over the period under review, consumption, however, showed a noticeable downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Preserved Sardines Production in Portugal

In value terms, preserved sardines production declined to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 15% against the previous year. Preserved sardines production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Preserved Sardines Exports

Exports from Portugal

In 2022, shipments abroad of sardines (prepared or preserved) increased by 1.2% to X tons, rising for the third consecutive year after six years of decline. Over the period under review, exports, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2020 with an increase of 26%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, preserved sardines exports declined to $X in 2022. Overall, exports, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 26%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

France (X tons) was the main destination for preserved sardines exports from Portugal, accounting for a 46% share of total exports. Moreover, preserved sardines exports to France exceeded the volume sent to the second major destination, the UK (X tons), fourfold. The United States (X tons) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume to France stood at -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-15.1% per year) and the United States (+0.9% per year).

In value terms, France ($X) remains the key foreign market for sardines (prepared or preserved) exports from Portugal, comprising 39% of total exports. The second position in the ranking was held by the UK ($X), with a 10% share of total exports. It was followed by Austria, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value to France amounted to -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-12.8% per year) and Austria (+2.3% per year).

Export Prices by Country

The average preserved sardines export price stood at $X per ton in 2022, shrinking by -1.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 11%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, 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 Austria ($X per ton), while the average price for exports to Israel ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into Portugal

In 2022, the amount of sardines (prepared or preserved) imported into Portugal dropped to X tons, with a decrease of -13.4% on the previous year's figure. In general, imports, however, enjoyed a perceptible increase. The most prominent rate of growth was recorded in 2013 with an increase of 106%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, preserved sardines imports declined rapidly to $X in 2022. Overall, imports, however, enjoyed mild growth. The most prominent rate of growth was recorded in 2013 with an increase of 115% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

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

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +174.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved sardines suppliers to Portugal were Spain ($X), the Netherlands ($X) and Morocco ($X), together accounting for 97% of total imports.

The Netherlands, with a CAGR of +155.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average preserved sardines import price amounted to $X per ton, declining by -7.5% against the previous year. In general, the import price continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2019 an increase of 18% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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