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Consumers are clamouring for Oceana's canned fish products as cash-strapped South Africans switch to more affordable proteins, with the Lucky Star owner's inventory now more than a half higher than a year ago to service the strong demand.
The JSE-listed fishing group said in an update for the 11-month period to 27 August 2023 on Monday that Lucky Star's sales volumes were 8% higher at 8.7 million cartons. It also noted it was sitting on higher inventory levels of 4 million cartons (August 2022: 2.6 million cartons) to "service the expected strong demand going forward".
Oceana has previously stated that it views other proteins such as poultry as its main rivals and that with increasing chicken prices being passed on to consumers and the attractiveness of the long shelf-life of canned goods, it expected an increasing shift to more affordable proteins such as canned fish products.
