Canned Food Market

The canned food market size was valued at $91.4 billion in 2018, and is estimated to reach $124.8 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026. In 2018, the canned meat & seafood segment accounted for more than one third of the total canned food market share. Canning of food products is a preservation method, which includes sealing and sterilizing of food products in airtight containers. Various canned food products offered in the market include seafood, meat, fruits, vegetables, meals, sweets & desserts, soups & sauces, beans, lentils, and pastas. Canning process retains many essential nutrients; hence, canned food products have been one of the preferred choices of the preserved food products in the market. 

Owing to busy lifestyle, consumer inclination toward the consumption of convenience food products has increased during the recent past. Due to retention of high amount of nutrients, color and flavor, canned foods have become one of the most preferred choices of preserved foods among consumers. 

Growing number of working women has increased the dependency of consumers on ready meals and convenience foods. This, in turn, has led to the growth in demand for shelf stable and nutritious food, which ultimately fuels growth of the canned food market. Furthermore, rapid surge in number of large retail formats worldwide, including hypermarkets/supermarkets and e-commerce channels, fuels the demand for canned food products. With rise in health concerns, consumers are increasingly spending more on organic food products, which offers opportunities for manufacturers to focus on organic canned food products.  Manufacturers focus on providing canned food products in a range of options along with high quality, taste, and nutritional value to maintain their position in the competitive market. 

According to the canned food market Analysis, the market is segmented on the basis of product type, distribution channel, type, and region. By product type, it is categorized into canned meat & seafood, canned fruit & vegetables, canned ready meals, and others. By distribution channel, it is divided into supermarket/hypermarket, convenience stores, e-commerce, and others. By type, it is bifurcated into organic and conventional. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA ( Latin America, the Middle East, and Africa).

On the basis of product type, the canned meat & seafood segment accounted for the maximum share in the global market in 2018. Canned meat & seafood has been the most preferred choice of canned food among consumers due to growing demand for meat and seafood products globally, coupled with rise in demand for high protein foods in the market. Owing to this demand for convenience food products, the market for ready meals is likely to grow at the highest CAGR during the canned food market forecast period. 

On the basis of distribution channel, the supermarket/hypermarket segment was dominant, which accounted for around half of the share in the canned food market in 2018, and is expected to retain its dominance throughout the forecast period. Supermarkets/hypermarkets are most preferred for purchasing canned foods in bulk volumes. Hence, owing to the significant presence of chained and independent supermarkets/hypermarkets in developed countries and growing penetration of supermarket/hypermarkets in developing countries has led to its higher share in the canned food market. Due to busy schedule of consumers and rise in their inclination toward convenient lifestyle, they are actively engaged in purchasing canned food products through e-commerce channels. This is likely to lead to the highest growth rate of the e-commerce segment during the forecast period.

On the basis of type, the conventional segment held a significant share in the global market in 2018. However, the organic segment is expected to garner a considerable growth rate, owing to increase in consumer inclination toward organic food products. Due to surge in knowledge and awareness about the ill effects of synthetic chemicals on health, consumers have become conscious about the food products they consume. This is likely to lead to the significant growth of organic variants of canned foods in the market. 

On the basis of region, Europe was the prominent market in 2018 and accounted for the maximum share in the global canned food market. This is attributed to high consumption of canned food products in majority of the European countries including Germany, France, Italy, and the UK. Consumers in this region are attracted by canned food products with new flavors, textures, and higher nutritional value, which leads to the canned food market growth of the market in the region. Furthermore, Asia-Pacific is expected to witness the highest CAGR, owing to the rise in disposable income and busy lifestyle of consumers as a result of higher employment and rising working women population in the region.

The players in the canned food market have adopted business expansion as their key developmental strategy to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in the report include Del Monte Foods, Conagra Brands, Kraft Heinz, Nestlé, Campbell Soup Company, JBS, CHB Group, AYAM, Danish Crown, and Bolton Group.

Key Benefits for Stakeholders:

• The report provides a quantitative analysis of the current canned food market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the market size and segmentation assists in determining the prevailing canned food market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the canned food industry. 

 Canned Food Market Report Highlights