Canned Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canned Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global canned food market is growing at a CAGR of 3.86% during the forecast period (2020 - 2025).

Key Highlights

• The market is mainly driven by the rising urban population that prefers easy and convenient food, and demand for healthy food rich in protein, functional fibers, vitamins, and omega-3 fatty acids. Consumers who are willing to spend a little more for the products offering such properties coupled with the demand for small, easy, ready-to-cook meat and seafood and organic canned fruits and vegetables are thus, fueling the market sales. Furthermore, the rising awareness of the ills of plastic packaging and the demand for a sustainable solution and increasing recycling rates globally have been further driving the market.
• However, few of the factors restraining the market include the dependence of the market on raw materials for packaging purposes or region-specific bans or limitations. For instance, the shortage and higher raw material prices in Indonesia and Thailand in 2017 resulted in lower export in the North American, European, and Asian markets, which affected the market heavily. Also, rising awareness among consumers about the benefits of fresh food has led to an increased demand for substitute packaging or techniques. For instance, the import demand for the higher value “tuna in pouch” increased by 19% during 2017 in the United States, according to FAO.

Key Market TrendsIncreasing Demand for Canned Fish and Seafoods

The demand for canned fish and seafood has witnessed a steady growth owing to the consumer awareness regarding the nutritional benefits of fish and seafood coupled with the convenience in consumption it provides and the long shelf life it possesses. According to the Food and Agriculture Organization of the United Nations, as of 2017, Asia-Pacific is the largest exporter as well as the largest importer of seafood in the world. Although the consumption of canned seafood is considerably low in the region, as most of the regional population in Asia-Pacific prefers to eat fresh seafood, when compared to frozen seafood, the demand for canned seafood mostly originated for seafood that is not available locally. For example, pasteurized crab meat is one of the prominent canned seafood products sold in Asia-Pacific countries after canned fish, like tuna.

Asia Pacific is The Fastest-Growing Region in The Global Market

Asia-Pacific region is the fastest-growing region in the global market of canned foods, especially canned meat, fish/seafood, and fruits. Countries, such as Japan, Korea, and China import canned crab meat in high quantities. According to the recent estimates of FAO, China and Korea were the largest importers of crab meat, after the United States, in 2017. In fact, Japan alone imported 40% more crab from Newfoundland, Canada (one of the largest producers and exporters of crab meat in the world) in 2017. Further, in countries, like India, the food manufacturers tend to produce the most popular local foods, such as dal, poha, upma, etc., in ready-to-eat cans. As of 2017, a wide number of local vegetarian food products, such as sterilized pav bhaji, curried parata, and dal are now being made available in ready-to-eat cans, which are certified by many local and international food security boards, such as FSSAI, BRC, and APEDA. Also, the food presence of major supermarkets, such as 7-Eleven, E-mart, Big C, etc. and the increasing internet penetration, online market for the purchase of canned food products are therefore surging the market growth.

Competitive Landscape

The global market for canned food is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. For instance, Bonduelle SA, a France-based company that provides canned, frozen, and fresh vegetable products, in July 2018, completed its acquisition of Del Monte processed fruit and vegetable business in Canada from Conagra Brands to expand its company portfolio to canned snacks.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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