Canned Food Market Size, and Growth Rate Analysis:
Canned Food Market size was worth USD 91.4 billion in 2020, and it is estimated to reach a valuation of USD 124.8 billion by the end of 2026, expanding at a CAGR of about 4% during the forecast period.
Canned food is a preservation method that involves sealing and sterilizing food in sealed containers. Various canned foods offered in the market include seafood, meat, fruits, vegetables, grains, sweets and desserts, soups and sauces, beans, lentils, and pasta. The canning process retains many essential nutrients. Therefore, canned food was one of the preferred preserved food options on the market. Food is an indispensable part of life, so the way consumers act on food changes dramatically. It is the preferred item according to various external aspects such as color, flavor, presentation, and hygiene.
Therefore, packaging plays a vital role in meeting customer needs. Various packaging companies innovate and design different types of packaging to attract customers. Metal cans are a type of food packaging that makes it easy to distribute and store food. Canned or processed foods are good sources of nutrients, protect foods from external conditions, and provide hygienic canned foods. The most traditional form of canning is metal packaging. It is widely used for the type of packaging because it is convenient to use, easy to transport and safe to consume. Canned food is available in a variety of sizes, shapes, and styles.
Canned Food Market Recent Developments:
Impact of COVID-19 on global Canned Food Market
As the effects of COVID-19 are felt around the world, food and beverage companies face significantly reduced supply chain disruption and consumption challenges. We are currently not aware of any reports of human disease suggesting that COVID-19 may be transmitted through food or food packaging. However, it is still important to continue good hygiene practices when handling or preparing food. The surge in home cooking during this pandemic had a mixed impact on the global canned foods market.
Canned foods maintain a high nutritional value, such as protein, fiber, minerals, and antioxidants. Also, as the retail industry grows and e-commerce penetration increases, the range of canned food sales in emerging markets is likely to expand in the future.
The global canned foods market is driven by the recyclable and reusable properties of cans, nutritional value and hygienic food processing. Due to the busy schedule and the growth of the active lifestyle, the demand for packaged or processed foods increases, and the availability of several convenient food options, such as ready-to-eat, ready-to-serve, ready-to-serve and ready-to-eat heat to promote the growth of the global canned food market. Factors that are supposed further to drive the growth of the canned food market are the growing demand for prepared foods around the world. The busy lifestyle and growing female workforce, along with the convenience of canned food, have contributed to consumers' transition to nutritional food products. The market is mainly driven by the increase in urban populations that prefer easy and convenient meals and the demand for healthy foods rich in protein, functional fiber, vitamins and omega-3 fatty acids.
Along with the demand for small, easy-to-cook meats and seafood and organic canned fruits and vegetables, consumers who want to invest a little more in products that offer these attributes are promoting market sales. Furthermore, awareness of bottles in plastic packaging is increasing, the demand for sustainable solutions is rising, and recycling rates are increasing worldwide. Also, as consumer awareness of the benefits of fresh food has increased, the need for alternative packaging or technologies has increased. During the forecast period, urbanization is assumed to increase, household incomes will increase, and demand for milk-based products, such as cheese and ice cream, will increase. In addition, macroeconomic factors that are beneficial to the global canned food market are provided at low prices for use due to lifestyle changes, increased disposable income, and declining food prices. The ease of availability of canned food according to various tastes and the choice is expected to draw attention in the outlook period.
However, the main limiting factors affecting the global canned food market are the availability of alternative packaging solutions, the introduction of expensive metals, polyethylene terephthalate, and high-density polyethylene materials. The presence of a chemical called BPA, which is used to prevent food from reacting with the metal's inner surface, is a health concern for users. Furthermore, the lack of microwave capacity and the profitability of alternative materials affects the growth of the canned food market. The dynamic problem faced by processed food manufacturers is that changes in customer preferences are unpredictable and require constant innovation to attract customer attention.
Canned Food Market Majo Drivers:
One of the major drivers of the canned food products market is the convenience and long shelf life they possess. There has been a change in the eating habits of people due to the influence of western culture which in turn drives the market. However, the extra sugar and salt content may pose as a restraint for the growth of the Canned Food Market.
Canned Food Market Detailed Segmentation Analysis:
Market Segment By Type:
Market Segment By Distribution channel:
The fish and seafood segment is expected to grow at a fast pace. By distribution channels, the market is divided into specialist retailers, internet sales, supermarkets, convenience stores and others.
Geographical Classification of the Canned Food Market:
North America - United States, Canada
Europe - United Kingdom, France, Germany, Spain, Italy, Rest of Europe
The Asia Pacific - China, India, Japan, South America, Australia, New Zealand, and Southeast Asia, Rest of the APAC region
Latin America - Brazil, Argentina, Mexico, Rest of Latin America
The Middle East and Africa - Saudi Arabia, United Arab Emirates, Lebanon, Jordan, Cyprus, Rest of the MEA
Regional Presence of the Market:
Due to the high consumption of canned food and the presence of numerous food industries, North America and Europe dominate the market worldwide. As the number of interested investors investing in industrial development increases and the region's the production and consumption capacity increases, the Asia Pacific region is expected to attract considerable attention during the forecast period. The Asia Pacific region is the fastest-growing region in the canned food market, especially canned meat, fish/shellfish, and fruit markets. In countries such as Japan, Korea, and China, canned crabs are imported in large quantities. According to recent FAO estimates, China and South Korea were the second largest importers of crab meat after the United States. In fact, Japan alone imported 40% more Newfoundland crabs from Canada (one of the world's largest producers and exporters of crab meat).
Also, in countries like India, food manufacturers tend to produce the most popular local foods, such as dal, poha, upma, etc., in ready-to-eat cans. Furthermore, the presence of food in the leading supermarkets such as 7-Eleven, E-mart, Big C, etc., the increasing penetration of the Internet and the online market for the purchase of canned food are accelerating the growth of the market.
Europe was the primary market in 2018 and occupied the most substantial part of the world canned food market. This is due to the high consumption of canned food in most European countries, including Germany, France, Italy and the United Kingdom. Consumers in the region are attracted to canned foods with new flavors, textures, and high nutritional value, leading to the growth of the canned market in this region.
Del Monte Foods had the largest share of the Canned Food Market in terms of sales and revenue in 2019.
Leading Key Companies Covered in this market report are:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Canned meat products
5.1.3 Canned seafood
5.1.4 Canned vegetables
5.1.5 Canned fruit
5.1.6 Canned ready to eat meals
5.1.7 Canned desserts
5.1.8 Canned pasta
5.1.9 Canned soups
5.1.10 Canned cooking sauces
5.1.11 Y-o-Y Growth Analysis, By type
5.1.12 Market Attractiveness Analysis, By type
5.1.13 Market Share Analysis, By type
5.2 Distribution channel
5.2.2 Specialist retailers
5.2.3 Internet sales
5.2.5 Convenience stores
5.2.7 Y-o-Y Growth Analysis, By distribution channel
5.2.8 Market Attractiveness Analysis, By distribution channel
5.2.9 Market Share Analysis, By distribution channel
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By type
126.96.36.199 By distrbution channel
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By type
220.127.116.11 By distribution channel
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By type
126.96.36.199 By distribution channel
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Dole Food Company Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 DelMonte Pacific Ltd.
8.3 ConAgra Foods Inc.
8.4 H.J. Heinz Company
8.5 Pinnacle Foods Inc.
8.6 B&G Food Holdings Corporation
8.7 Bolton Group International
8.8 La Doria
8.9 Campbell Soup
8.10 R Nestle
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures