Canada: Preserved Sardines Market 2024

Preserved Sardines Market Size in Canada

The Canadian preserved sardines market expanded remarkably to $X in 2022, increasing by 10% against the previous year. In general, consumption, however, saw a perceptible reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Preserved Sardines Production in Canada

In value terms, preserved sardines production stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 58%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Preserved Sardines Exports

Exports from Canada

In 2022, overseas shipments of sardines (prepared or preserved) increased by 12% to X tons, rising for the third year in a row after two years of decline. Overall, exports posted a resilient expansion. The pace of growth was the most pronounced in 2020 when exports increased by 175%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, preserved sardines exports expanded markedly to $X in 2022. In general, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 89%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Jamaica (X tons) was the main destination for preserved sardines exports from Canada, with a 44% share of total exports. Moreover, preserved sardines exports to Jamaica exceeded the volume sent to the second major destination, the United States (X tons), twofold. Trinidad and Tobago (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Jamaica amounted to +38.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-10.0% per year) and Trinidad and Tobago (+82.1% per year).

In value terms, the United States ($X), Jamaica ($X) and Trinidad and Tobago ($X) appeared to be the largest markets for preserved sardines exported from Canada worldwide, together comprising 81% of total exports. Barbados, Fiji, Grenada and Bahamas lagged somewhat behind, together accounting for a further 11%.

In terms of the main countries of destination, Fiji, with a CAGR of +107.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average preserved sardines export price amounted to $X per ton, waning by -3.9% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 46%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Grenada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Grenada (+22.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sardines Imports

Imports into Canada

After two years of decline, purchases abroad of sardines (prepared or preserved) increased by 7.6% to X tons in 2022. Over the period under review, imports saw a notable expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 89%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, preserved sardines imports expanded markedly to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +8.5% against 2020 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 45% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The Philippines (X tons), Morocco (X tons) and China (X tons) were the main suppliers of preserved sardines imports to Canada, with a combined 61% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +23.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Morocco ($X), the Philippines ($X) and Poland ($X) were the largest preserved sardines suppliers to Canada, with a combined 54% share of total imports. China, Portugal, Thailand, Latvia and the UK lagged somewhat behind, together accounting for a further 33%.

In terms of the main suppliers, China, with a CAGR of +18.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average preserved sardines import price amounted to $X per ton, approximately equating the previous year. Over the period under review, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved sardines import price increased by +10.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 an increase of 45%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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