Canned Food Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Canned Food Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Global Canned Food Market is projected to grow at a CAGR of 3.86% during the forecast period (2022 - 2027).

The COVID-19 pandemic has caused a positive trend in the consumption of canned food as more people turn to home cooking and retail purchases. Retail is one of the main point of sale for canned food, for which the demand has increased, during the period of lockdown. The sales of canned products increased during the lockdown due to their long shelf life, which appealed to consumers who were subjected to home quarantines, regulatory measures restricting ease of movement and other impacts of government lockdowns.

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.

The rising number of food retail outlets with increasing urbanization, research & development investments, and marketing strategies used by the players in the canned food market is expected to have a positive effect on the overall revenue of the global canned food market.

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. There is an increased demand for canned fish products (such as canned salmon) among the fitness-conscious demographic, particularly athletes. Canned seafood, such as salmon, is a rich source of iron, high-quality protein, omega-3 fatty acids, and vitamin B-12, which makes it popular among the aforementioned population segment. ​The prospect of higher growth in the e-commerce of seafood is also driving its growth. Online shopping offers extra convenience and the buying experience is greatly enhanced.

Asia Pacific is the Fastest-Growing Region

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. For example, pasteurized crab meat is one of the prominent canned seafood products sold in Asia-Pacific countries after canned fish, like tuna. Furthermore, in countries, like India, the food manufacturers begun to produce the most popular local foods, such as poha, upma, etc., in ready-to-eat cans. A wide number of local vegetarian food products, such as sterilized pav bhaji, curried parata, and dal are also being made available in ready-to-eat cans, which are certified by many local and international food security boards, such as Food Safety and Standards Authority of India (FSSAI), Brand Reputation through Compliance (BRC), and The Agricultural and Processed Food Products Export Development Authority (APEDA).

Competitive Landscape

The global market for canned food is highly competative, owing to the presence of large regional and domestic players. Major players in the market include Del Monte Foods Inc., Conagra Brands Inc., Kraft Heinz Company, Campbell Soup Company, etc., among others. ​Companies in the canned food market are investing in product development, by strengthening their R&D initiatives for the long term.​ The key players have also been focusing on sustainable production of canned food products to entice more consumers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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