Sri Lanka: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Sri Lanka

In 2021, the Sri Lankan preserved anchovies market decreased by -13.2% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.2% against 2014 indices. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Preserved Anchovies Production in Sri Lanka

In value terms, preserved anchovies production fell sharply to $X in 2021 estimated in export price. In general, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.0% 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 increased by +75.2% against 2014 indices. The most prominent rate of growth was recorded in 2020 with an increase of 47%. As a result, production attained the peak level of $X, and then fell significantly in the following year.

Preserved Anchovies Exports

Exports from Sri Lanka

In 2021, after four years of growth, there was significant decline in shipments abroad of anchovies (prepared or preserved), when their volume decreased by -61.1% to X tons. In general, exports, however, enjoyed a measured expansion. The pace of growth appeared the most rapid in 2014 with an increase of 137% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then declined rapidly in the following year.

In value terms, preserved anchovies exports fell dramatically to $X in 2021. Overall, exports, however, showed a moderate increase. The most prominent rate of growth was recorded in 2014 with an increase of 147%. Over the period under review, the exports attained the peak figure at $X in 2020, and then shrank sharply in the following year.

Exports by Country

Canada (X kg), South Korea (X kg) and Australia (X kg) were the main destinations of preserved anchovies exports from Sri Lanka, with a combined 75% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +27.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Canada ($X) and South Korea ($X) constituted the largest markets for preserved anchovies exported from Sri Lanka worldwide, with a combined 65% share of total exports. The UK, the United States, New Zealand and Norway lagged somewhat behind, together comprising a further 35%.

New Zealand, with a CAGR of +24.7%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average preserved anchovies export price amounted to $X per ton, surging by 8.9% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 14% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the United States ($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 the UK (+19.6%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Anchovies Imports

Imports into Sri Lanka

In 2021, after three years of decline, there was growth in purchases abroad of anchovies (prepared or preserved), when their volume increased by 1.3% to X kg. Overall, imports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2017 when imports increased by 74% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, preserved anchovies imports stood at $X in 2021. In general, imports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 164%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X kg), Spain (X kg) and Morocco (X kg) were the main suppliers of preserved anchovies imports to Sri Lanka, with a combined 62% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Morocco (with a CAGR of +69.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of anchovies (prepared or preserved) to Sri Lanka, comprising 40% of total imports. The second position in the ranking was held by Thailand ($X), with a 14% share of total imports. It was followed by Morocco, with a 6% share.

From 2012 to 2021, the average annual growth rate of value from Spain totaled +63.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+18.6% per year) and Morocco (+38.3% per year).

Import Prices by Country

The average preserved anchovies import price stood at $X per ton in 2021, surging by 7% against the previous year. Overall, the import price recorded buoyant growth. The growth pace was the most rapid in 2016 an increase of 79%. Over the period under review, average import prices attained the maximum in 2021 and is likely to continue growth in the near future.

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 ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+11.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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