Canned Sardines Market to Reach $15.8 Billion, Globally, by 2031 at 6.3% CAGR: Allied Market Research
Sardines, as one of the healthiest sea foods, are easy to sell in the canned version. Taste, durability and perseverance of nutritional content are driving the canned sardines market growth.
PORTLAND, Ore. , June 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Canned Sardines Market by Processing (Oil, Sauce, Others), by Application (Households, Commercial), by Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2020-2031". According to the report, the global canned sardines industry generated $7.9 billion in 2020, and is anticipated to generate $15.8 billion by 2031, witnessing a CAGR of 6.3% from 2022 to 2031.
Prime determinants of growth
Sardines, as one of the healthiest sea foods, are easy to sell in the canned version. Taste, durability, and perseverance of nutritional content are driving the canned sardines market growth. Moreover, the growing consumer demands for premium sea food available in different flavors present new opportunities in the coming years.
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Covid-19 Scenario
- The impact of the COVID-19 pandemic on the market was negative, due to the supply chain disruption and closure of all manufacturing and production units.
- On the other hand, the surge in online sales resulted to have a positive impact on the market growth.
The oil segment to maintain its leadership status throughout the forecast period
Based on flavor, the oil segment held the highest market share in 2020, accounting for more than half of the global canned sardines market, and is estimated to maintain its leadership status throughout the forecast period. Canned sardines processed in oil is sold on a large scale as it is largely consumed globally. This drives the segment. However, the sauce segment is projected to manifest the highest CAGR of 6.8% from 2022 to 2031.
The Specialty Stores segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty stores segment accounted for the largest share in 2020, contributing to more than one-third of the global canned sardines market, and is projected to maintain its lead position during the forecast period. However, the online sales channel segment is expected to portray the largest CAGR of 7.0% from 2022 to 2031, due to increase in penetration of various online portals globally and rise in number of offers or discounts that attract consumers to purchase food & beverages through online channels.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for more than one-third of the global canned sardines market. Moreover, the same region is expected to witness the fastest CAGR of 7.1% from 2022 to 2031. The factors such as easy and wide availability of canned sardines, attractive packaging of sardines, and growing preference for seafood are boosting the growth of the canned sardines market in Asia-Pacific region during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading Market Players: -
- Camil Alimentos
- Century Pacific Food
- chicken of the sea
- Dongwon
- frinsa del noroeste
- Grupo Calvo
- Safe Catch
- Thai Union Group PCL.
- Season Sardines
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