The latest report by IMARC Group, titled “Sardine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market reached a volume of 3.50 Million Tons in 2018. Sardine, also referred to as pilchard or herring fish, belongs to the Clupeidae family. It is a small, elongated fish with silver skin which can be found in the Mediterranean Sea as well as the Atlantic and Pacific Oceans. Sardines usually feed on planktons owing to which they contain lower levels of mercury than other fishes. They are widely consumed across the globe as they are rich in vitamin B2 and B12, niacin, phosphorus, potassium, calcium, iron, selenium, and omega-3 fatty acids. Apart from this, they are used as animal feed and are also commercially farmed for oil which is further utilized for manufacturing paint and varnish.
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Market Trends:
The consumption of sardines help in improving heart functions, regulating cholesterol levels, boosting the immune system, losing weight and maintaining salt level in the body. Due to these health benefits, there has been a rise in their consumption worldwide. Another factor that has impelled the demand for sardines is their availability at affordable prices in comparison with other fish species with the same nutritional value. Additionally, the long shelf-life of sardines coupled with the escalating popularity of ready-to-eat seafood products is anticipated to drive the growth of the sardine market. Moreover, the adoption of sustainable fish farming techniques by manufacturers is likely to create a positive outlook for the market. As a result, the market is projected to reach a volume of 3.65 Million Tons by 2024, expanding at a CAGR of 0.6% during 2019-2024.
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Market Summary:
- On the basis of species, Sardina pilchardus is currently the most popular species of sardines. Other major species include Sardinops caeruleus, Sardinella longiceps, Sardinella aurita, and Sardinella gibbosa.
- Based on product types, the market has been segregated into canned sardine, frozen sardine and fresh sardine. Amongst these, canned sardine holds the majority of the market share, representing the leading product type.
- Based on distribution channels, supermarkets and hypermarkets account for the largest share of the global sardine market. Other distribution channels include convenience stores, hotels and restaurants, online and others.
- On the geographical front, the market has been segmented into Asia Pacific, Middle East and Africa, Americas and Europe. Currently, Asia Pacific is the leading producer of sardines, dominating the total market.
- The competitive landscape of the sardine industry has also been examined with the detailed profiles of the key players operating in the market.
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