The canned sardine market has witnessed significant growth, expanding from $8.98 billion in 2023 to $9.81 billion in 2024 at a CAGR of 9.3%. This expansion is fueled by the convenience of ready-to-eat meals and sustainability concerns. The market is projected to reach $14.15 billion by 2028, growing at a CAGR of 9.6%, with key trends including innovative packaging formats and demand for sustainably sourced seafood.
Major Driver In The Canned Sardines Market
The canned sardines market is set for growth, driven by the increasing demand for processed foods. With shifting consumer lifestyles and food trends, processed foods like canned sardines provide convenience and require minimal preparation, making them ideal for quick meals. In 2023, the total value of U.S. processed food exports rose to $36.59 billion, marking a 1.7% increase from previous years, as reported by the United States Department of Agriculture. This uptick in processed food demand is expected to propel the canned sardines market.
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Canned Sardines Market Competitive Landscape
Brunswick Corporation, Thai Union Group (TUF), Bolton Group, Camil Alimentos, Century Pacific Food Inc., Frinsa del Noroeste S.A., Chicken of the sea, Hagoromo Foods Corporation, Tropical Food Manufacturing (Ningbo) Co. Ltd., Bumble Bee Food, FFM Berhad, Adabi Consumer Industries Sdn. Bhd, Nuri, Shines Sea Food, Wild Planet Foods, MW Polar, Crown Prince Inc., Matiz Espana, Ongreen Thailand Co, King Oscar AS, Safe Catch, Protigam Food Industries Sdn. Bhd.
Key Canned Sardines Market Trend
Companies in the canned sardines market are focusing on sustainable sourcing to address environmental concerns and meet consumer demand for eco-friendly products. Sustainable canned sardines are harvested and processed to ensure long-term marine ecosystem health. In September 2022, Ocean Brands, a Canadian seafood producer, launched a new line of sustainably sourced canned fish, including brisling sardines and mackerel fillets, targeting health-conscious consumers looking for convenient and environmentally friendly options.
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Canned Sardines Market Segmentation
The canned sardines market covered in this report is segmented –
1) By Product Type: Smoked, Cooked
2) By Flavor: Olive Oil, Sunflower Oil, Tomato Sauce, Salt And Water, Extra Virgin Oil, Other Flavors
3) By Claims: Organic, Kosher, Non-Genetically Modified Organisms (GMO), No Preservatives, Other Claims
4) By Distribution Channel: Food Services, Hypermarket And Supermarket, Convenience Stores, Specialty Stores, Other Distribution Channels
5) By Application: Households, Commercial
By Geography:The regions covered in the canned sardines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the canned sardines market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Canned Sardines Global Market Report 2024 furnishes information about the global canned sardines market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
