The Spanish Canned Seafood Industry in 2024: An Overview of the Sector

As 2024 comes to a close, it’s time to evaluate the Spanish canning industry. Spain’s canned fish and seafood sector is witnessing a moderate rebound after two years marked by inflation and a drop in domestic consumption. With over 1.8 billion euros in output in 2023, Spain remains the forerunner in the European Union and second worldwide in this sector, trailing only behind Thailand.

In this article, we delve into the fundamental factors of this recovery and forecast the industry’s trajectory for 2025.

Leadership of Tuna as the Flagship Product

Tuna continues to be the pillar of the canning industry in Spain, making up more than 70% of the total value of the canned products produced. This supremacy is due to its adaptability in diverse presentations and its high demand in both the domestic and export markets. Other products such as mussels (7.4%) and anchovies (5.8%), while important, trail significantly behind the prominence of tuna. The capacity of businesses to innovate in the creation of tuna-based products is, and will continue to be, essential for maintaining this leadership.

Internationalization as a Catalyst for Growth

The Spanish canning sector establishes itself as the premier exporter within the European Union and one of the top five globally. Traditional markets, like France, Italy, and Portugal, continue to be crucial, but expansion towards emerging destinations, such as the United States and Asia, is unveiling new opportunities. The strategy of internationalization has proven to be an effective counter to falling domestic consumption, allowing companies to diversify their revenue streams and reduce their reliance on the national market.

The Surge of Private Labels

Consumption of private label or distributor’s products has seen remarkable growth, hitting 80% of the overall market in Spain. This shift in consumption habits corresponds to consumers’ pursuit of more competitively-priced products in an environment of inflation and spending caution. Industries within the sector have adeptly adjusted to this trend, escalating their production for private labels, thus enhancing their ability to uphold steady sales volumes.

Labor Force and Business Polarization

The sector directly employs more than 25,000 individuals, with a strong concentration of businesses in Galicia, accounting for 60% of the entire industry. Nonetheless, there is a pronounced polarization in its business structure: large multinationals, which make up only 18% of the total, account for 75% of the turnover and 65% of the employment. This disparity underscores the significance of small and medium-sized businesses (SMEs), which are met with greater challenges when trying to access advanced technology and compete in international markets.

Future Defined by Innovation and Sustainability

The industry is advocating for modernization of its production processes through digitization and asset revitalization. These types of investments are crucial in elevating efficiency, enhancing margins, and tackling environmental challenges, such as climate change that impacts reproductive dynamics and the size of species. Furthermore, the stabilization of raw materials prices, such as tuna and oil, is enabling companies to regain a portion of the margins lost over the past years.

These focal points underline the dynamic and resilient character of the Spanish canning industry, which sustains its position as a global leader in innovation, quality, and sustainability.

With the control of production costs and a positive course in exports, the prospects for 2025 are optimistic. However, it is essential for companies in the sector to tackle the structural challenges in order to ensure their continuous growth.

At Gaictech, being the leaders in the production of specialized machinery for the canning industry, we want to add to the efficiency and sustainability of this crucial sector in Spain. Technological innovation will serve as the foundation for businesses to adjust to the requirements of the global market.

Source: Sector Conservero de Pescados y Mariscos, Flash sectorial, Solunion, noviembre 2024