Preserved Sardines Market

The global market for preserved sardines is expected to see steady growth in both volume and value terms from 2022 to 2030, with an anticipated CAGR of +1.4% and +2.1% respectively. China, the United States, and India are the leading countries in terms of consumption and production of preserved sardines. Import and export prices are also on the rise, with significant differences observed among major importing and exporting countries. Overall, the industry is projected to experience gradual growth in the immediate future.

Market Forecast

Driven by rising demand for preserved sardines worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 2.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market value to $10.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sardines (Prepared Or Preserved)

In 2022, approx. 1.9M tons of sardines (prepared or preserved) were consumed worldwide; with an increase of 4.9% compared with the year before. In general, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 7.7%. Global consumption peaked at 2M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global preserved sardines market size rose notably to $9B in 2022, increasing by 6.3% 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). Over the period under review, consumption, however, saw a slight reduction. Over the period under review, the global market attained the maximum level at $9.9B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (304K tons), the United States (157K tons) and India (125K tons), together comprising 31% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by India (with a CAGR of +3.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved sardines markets worldwide were China ($684M), Japan ($602M) and the United States ($515M), with a combined 20% share of the global market.

The United States, with a CAGR of +4.8%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of preserved sardines per capita consumption in 2022 were the UK (583 kg per 1000 persons), South Africa (494 kg per 1000 persons) and Germany (489 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +2.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sardines (Prepared Or Preserved)

Global preserved sardines production amounted to 1.9M tons in 2022, with an increase of 4.9% on the previous year. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 7.7%. Over the period under review, global production reached the peak volume at 2M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, preserved sardines production expanded slightly to $8.6B in 2022 estimated in export price. Overall, production, however, recorded a slight downturn. The growth pace was the most rapid in 2014 when the production volume increased by 5.8% against the previous year. Global production peaked at $9.8B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (388K tons) remains the largest preserved sardines producing country worldwide, comprising approx. 20% of total volume. Moreover, preserved sardines production in China exceeded the figures recorded by the second-largest producer, Morocco (154K tons), threefold. India (127K tons) ranked third in terms of total production with a 6.6% share.

In China, preserved sardines production expanded at an average annual rate of +3.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Morocco (+2.9% per year) and India (+3.7% per year).

Imports

World Imports of Sardines (Prepared Or Preserved)

Global preserved sardines imports rose slightly to 438K tons in 2022, surging by 4.6% on 2021 figures. In general, imports, however, continue to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 18%. Global imports peaked at 515K tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, preserved sardines imports rose significantly to $1.4B in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 18% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The United States (43K tons), South Africa (35K tons), Ghana (24K tons), the UK (16K tons), France (16K tons), Malaysia (14K tons), the Dominican Republic (12K tons), Gabon (11K tons), Ukraine (10K tons), Democratic Republic of the Congo (9.5K tons), Germany (8.4K tons) and Mexico (7.6K tons) represented roughly 47% of total imports in 2022. Singapore (7.2K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mexico (with a CAGR of +19.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($199M) constitutes the largest market for imported sardines (prepared or preserved) worldwide, comprising 14% of global imports. The second position in the ranking was taken by South Africa ($81M), with a 5.7% share of global imports. It was followed by France, with a 5.6% share.

In the United States, preserved sardines imports expanded at an average annual rate of +5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Africa (-7.4% per year) and France (+0.1% per year).

Import Prices By Country

In 2022, the average preserved sardines import price amounted to $3,229 per ton, rising by 6.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($4,986 per ton), while Ukraine ($1,671 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+7.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sardines (Prepared Or Preserved)

In 2022, approx. 471K tons of sardines (prepared or preserved) were exported worldwide; growing by 4.6% against the previous year. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by 20%. Over the period under review, the global exports hit record highs at 496K tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, preserved sardines exports expanded significantly to $1.5B in 2022. The total export value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 15% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

In 2022, Morocco (139K tons), distantly followed by China (83K tons), Thailand (81K tons) and Ecuador (24K tons) represented the largest exporters of sardines (prepared or preserved), together achieving 70% of total exports. The following exporters - Latvia (19K tons), Indonesia (18K tons), Poland (13K tons), Portugal (10K tons) and Vietnam (8.9K tons) - together made up 15% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +16.2%), while the other global leaders experienced more modest paces of growth.

In value terms, Morocco ($536M) remains the largest preserved sardines supplier worldwide, comprising 36% of global exports. The second position in the ranking was held by Thailand ($203M), with a 13% share of global exports. It was followed by China, with a 13% share.

In Morocco, preserved sardines exports expanded at an average annual rate of +2.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-3.2% per year) and China (+14.7% per year).

Export Prices By Country

The average preserved sardines export price stood at $3,200 per ton in 2022, increasing by 5.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2018 an increase of 12%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Portugal ($6,388 per ton), while Ecuador ($2,154 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+7.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform