Vietnam: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Vietnam

After four years of growth, the Vietnamese preserved anchovies market decreased by -20.9% to $X in 2021. In general, consumption, however, showed noticeable growth. As a result, consumption attained the peak level of $X, and then fell rapidly in the following year.

Preserved Anchovies Production in Vietnam

In value terms, preserved anchovies production contracted remarkably to $X in 2021 estimated in export price. Overall, production, however, showed a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 68%. As a result, production attained the peak level of $X, and then declined rapidly in the following year.

Preserved Anchovies Exports

Exports from Vietnam

In 2021, preserved anchovies exports from Vietnam soared to X tons, growing by 57% on the year before. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 938%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, preserved anchovies exports soared to $X in 2021. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 393%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Ukraine (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons) were the main destinations of preserved anchovies exports from Vietnam, together comprising 75% of total exports.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +130.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Ukraine ($X) and Thailand ($X) appeared to be the largest markets for preserved anchovies exported from Vietnam worldwide, with a combined 65% share of total exports.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +160.2%, saw the highest growth rate of the value of exports, 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, therefore, remained relatively stable against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 33% 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.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Russia ($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 Malaysia (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Anchovies Imports

Imports into Vietnam

In 2021, supplies from abroad of anchovies (prepared or preserved) decreased by -19.7% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 939% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, preserved anchovies imports fell dramatically to $X in 2021. In general, imports, however, saw a moderate increase. The most prominent rate of growth was recorded in 2015 with an increase of 833%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of preserved anchovies to Vietnam, accounting for a 47% share of total imports. Moreover, preserved anchovies imports from South Korea exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. The third position in this ranking was held by Australia (X kg), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea totaled +46.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+63.5% per year) and Australia (+30.3% per year).

In value terms, South Korea ($X) constituted the largest supplier of anchovies (prepared or preserved) to Vietnam, comprising 49% of total imports. The second position in the ranking was held by Spain ($X), with an 18% share of total imports. It was followed by Japan, with a 7.3% share.

From 2012 to 2021, the average annual growth rate of value from South Korea amounted to +46.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+63.9% per year) and Japan (-13.5% per year).

Import Prices by Country

In 2021, the average preserved anchovies import price amounted to $X per ton, shrinking by -11.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 29%. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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