Canned Food Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Canned Food Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Canned Food Market size is estimated at USD 88.86 billion in 2024, and is expected to reach USD 109.12 billion by 2029, growing at a CAGR of 4.19% during the forecast period (2024-2029).

Canning is a widely adopted method for extending the shelf life of food products. It effectively reduces the risks of food decomposition from environmental factors like light, air, and pests while also ensuring the preservation of essential nutrients. The global canned food market is primarily bolstered by the increasing consumption of easily consumable packaged foods and beverages. Key drivers include a rising demand for nutritious options, such as foods high in protein, fiber, vitamins, and omega-3 fatty acids, and a growing preference for quick, convenient meals. This surge in demand has led to a notable uptick in global production to meet consumer needs. For example, data from the Japan Canners Association highlights the production of approximately 26.5 thousand metric tons of canned fruits in Japan in 2022. Consumers are displaying a clear preference for natural, chemical-free food products, with a growing emphasis on understanding product labels. This trend extends to a heightened interest in organic vegetables, fruits, and meats, as they are perceived as healthier alternatives to conventionally grown options, prompting an increase in their market offerings.

Canned Food Market Trends

Canned Fish/Seafood Is Consumed Globally

Canned seafood products, including tuna, salmon, sardines, and anchovies, are gaining popularity among consumers. This surge is primarily due to their rich nutritional profile, boasting high levels of omega-3 fatty acids, essential for health. These products are not only protein-rich but also low in fat. As more consumers recognize the health benefits, ranging from reduced heart disease risk to improved blood pressure, demand for canned seafood is on the rise, especially among health-conscious individuals. Manufacturers are quick to respond, introducing new, flavorful, and preservative-free options to cater to this growing interest. For instance, in March 2023, Natural Grocers, a prominent organic and natural grocery retailer in the US, expanded its canned seafood offerings, unveiling five new varieties under its premium label, Natural Grocers Brand Products.

Europe Dominates the Global Canned Food Market

The canned food market in Spain is heavily influenced by its canned fish products, a preference shared by a majority of consumers who enjoy both canned and bottled fish. The country's global standing in the canned food sector is emphasized by the United Nations Food and Agriculture Organization, recognizing Spain as a leading global importer of canned food. Among these imports, canned fish takes the lead, with tuna being a standout favorite, closely followed by sardines, seafood mixes, anchovies, and an array of other fish varieties.

British consumers, adapting to their fast-paced lives, are increasingly turning to convenient options. Canned fruits and vegetables, with a particular emphasis on tomato purees, pastes, and pickled vegetables, have become pantry staples in UK households, featuring prominently in both supermarket and convenience store purchases.

German consumers exhibit a strong inclination towards canned foods, encompassing meats, fish, vegetables, and fruits. This preference is largely driven by a desire to minimize trips to retail outlets for perishable items like meat and fish, instead opting to keep a stock of these products at home. Reflecting this trend, Germany emerges as a key importer of processed vegetables and fruits in Europe. As per ITC Trademap data, in 2022, the import of salted, brined, dried, or smoked meat and edible offal in Germany were valued at nearly USD 399,127, up from USD 377,729 in 2021.

Canned Food Industry Overview

The global market for canned food is highly competitive, 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, and Nestlé S.A. These players are intensifying their R&D efforts, aiming for long-term product development. Moreover, a notable trend is the heightened emphasis on sustainable practices among these major players, a move designed to attract an increasingly eco-conscious consumer base.

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