IndexBox has just published a new report: ‘Spain – Anchovies (Prepared Or Preserved) – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.
The revenue of the preserved anchovies market in Spain amounted to $128M in 2018, falling by -3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Overall, anchovies consumption, however, continues to indicate a slight decline. The most prominent rate of growth was recorded in 2010 when the market value increased by 7.3% y-o-y. In that year, the anchovies market attained its peak level of $154M. From 2011 to 2018, the growth of the anchovies market failed to regain its momentum.
Production in Spain
In 2018, the anchovies production in Spain totaled 11K tonnes, remaining stable against the previous year. The total output volume increased at an average annual rate of +2.5% over the period from 2007 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The growth pace was the most rapid in 2014 with an increase of 14% y-o-y. Anchovies production peaked in 2018 and is likely to continue its growth in the near future.
Exports from Spain
In 2018, the exports of prepared or preserved anchovies from Spain totaled 3.6K tonnes. In general, the total exports indicated prominent growth from 2007 to 2018: its volume increased at an average annual rate of +5.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, anchovies exports reached their peak figure at 3.7K tonnes in 2015; however, from 2016 to 2018, exports failed to regain their momentum.
In value terms, anchovies exports totaled $54M (IndexBox estimates) in 2018. Overall, the total exports indicated buoyant growth from 2007 to 2018: its value increased at an average annual rate of +5.7% over the last eleven years.
Exports by Country
The UK (597 tonnes), Italy (471 tonnes) and France (404 tonnes) constitute the main destinations of anchovies exports from Spain, with a combined 40% share of total exports. These countries were followed by the U.S., Switzerland, Australia, the Netherlands, Canada, Germany, Egypt, Belgium and the Czech Republic, which together accounted for a further 45%.
In 2018, exports to the UK posted solid growth and practically regained their former peak achieved in 2015. This enabled the UK to overcome Italy in the ranking of top foreign markets for anchovies from Spain.
Export Prices by Country
The average anchovies export price stood at $14,843 per tonne in 2018, lowering by -3.7% against the previous year. Over the period under review, the anchovies export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 17% against the previous year. The export price peaked at $16,142 per tonne in 2008; however, from 2009 to 2018, export prices stood at a somewhat lower figure.
Prices varied noticeably by the country of destination; the country with the highest price was Switzerland ($18,866 per tonne), while the average price for exports to Canada ($4,136 per tonne) was amongst the lowest.
From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Belgium, while the prices for the other major destinations experienced more modest paces of growth.
Imports into Spain
In 2018, the amount of anchovies (prepared or preserved) imported into Spain stood at 2.1K tonnes, growing by 16% against the previous year. Over the period under review, anchovies imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2010 when imports increased by 50% against the previous year. Imports peaked at 3.4K tonnes in 2015; however, from 2016 to 2018, imports failed to regain their momentum.
In value terms, anchovies imports amounted to $13M (IndexBox estimates) in 2018. In general, the total imports indicated measured growth from 2007 to 2018: its value increased at an average annual rate of +0.8% over the last eleven-year period.
Imports by Country
In 2018, Peru (989 tonnes) constituted the largest anchovies supplier to Spain, with a 47% share of total imports. Moreover, anchovies imports from Peru exceeded the figures recorded by the second-largest supplier, Morocco (493 tonnes), twofold. The third position in this ranking was occupied by Argentina (225 tonnes), with a 11% share.
From 2007 to 2018, the average annual growth rate of volume from Peru totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (+1.7% per year) and Argentina (-4.1% per year).
Source: IndexBox AI Platform