The canned food market is projected to grow at a CAGR of 2.86% to reach US$91.394 billion in 2026 from US$75.002 billion in 2019. The canned food demand is expected to gain momentum due to its advantages such as convenience to users and the ability to provide more nutrient-dense foods to the diet.
The rise in the trend of busy life and working population especially among millennials is making canned food the popular choice and the convenience to use and consume feature of the product is driving the market of the canned food. The canned food includes meat & fish products and fruits and vegetables among others is processed by various techniques such as chopping, peeling, or cooking and is sealed in an airtight or aluminum can. The storage in the airtight or the aluminum can offer the main advantage of canned food that the foods can be preserved and stored for a longer period and there is an availability of a variety of fruits and vegetables even during the off-season. The canned food also serves health-conscious consumers with proper nutrients. The canned food tends to cost less in comparison to fresh fruits. These factors are directly propelling the growth of the canned food.
Nevertheless, the dependence on the raw material for the packaging purpose, limitations, and the region-specific ban is restraining the market expansion of the canned food. For instance, the rising awareness about health and fitness among consumers is shifting the consumers' demand towards fresh food which is negatively impacting the market of the canned food.
The rise in the number of working populations especially in the urban area is increasing the dependency of the consumers on ready meals and convenience foods which leading to an increase in the demand for canned food. Furthermore, the high amount of nutrients and flavors available in the canned food is further augmenting the market demand and it is becoming one of the most preferred choices of preserved foods among health-conscious consumers. The rise in awareness regarding health and fitness is shifting the consumer preference to healthier food that is rich in protein, functional fibers, vitamins, and omega-3 fatty acids and they are ready to spend extra for the food products that offer such properties along with the convenience to use. Consumers are understanding the impact of plastic packaging on the environment and are demanding sustainable and recyclable solutions. The canned food meets all the concerns of the consumers which have been further driving the market of the canned food. Manufacturers are focusing on offering the varieties of the canned food products along with high quality, taste, and nutritional value to maintain their position in the competitive market
The canned food market is segmented by the product types as canned meat, canned fish/seafood, canned vegetables and fruits, canned beans and legumes, and others. Canned meat and canned fish/seafood hold the larger share in the market of canned food on account of the high demand for meat and seafood products globally due to their high protein contents. The consumers are getting aware of regarding nutritional benefits of the meat and seafood along with the convenience and long shelf life of canned meat and seafood product thus are highly demanding the canned meat and seafood.
The canned food market is segmented by the distribution channel as supermarket/hypermarket, convenience stores, online retail channels, and others. The rapid surge in the number of large retail formats globally is fuelling the demand for the canned food products.
The supermarket/hypermarket segment is dominant that accounts for half of the share of the canned food market and is expected to retain its dominance in the market during the forecasted period due to convenience during purchasing canned food in bulk volumes and the presence of chained and independent markets in the developed regions and the rise in the penetration in the developing countries. However, the online retail channel is expected to witness the highest growth rate on account of the busy schedules of the consumers and the easy and fastest mode of distribution channel.
The canned food market is segmented by types as Organic and Conventional. Due to the rise in health concerns among the consumers, the consumers are demanding more organic food products. This is motivating the manufacturers of the market and is creating opportunities for organic canned food products.
The canned food based on region is segmented as North America, South America, Europe, Middle East, and Africa, and the Asia Pacific. Asia Pacific region is the fastest-growing region in the canned food market while North America has the largest market in the canned food.
North America is a developed economy that offers several growth opportunities that consist of large consumer bases and a high population of working population. The wide range of products along with the improvement in the supply chain infrastructure and rise in the popularity of convenience food is significantly driving the market growth of the canned food in this region. However, due to covid-19, a steep downfall in the canned food market is witnessed on account of the closedown of the factories and the consumers avoiding packaged food.
While Asia-Pacific region is the fastest-growing region in the global market of canned foods, especially canned meat, fish/seafood, and fruits due to the large population base in the country. The rise in the millennial population and their exposure to the internet is contributing to the high demand for canned products. Countries, such as Japan, Korea, and China import canned crab meat in high quantities, and the food industry in India makes the popular local food using ready-to-eat cans that are certified by many local and international food security boards, such as FSSAI, BRC, and APEDA. The internet penetration among the consumers along with the presence of major supermarkets is further creating market demand for the canned food.
Due to the outbreak of the Covid-19 pandemic, the food and beverage industry was significantly impacted due to the disruption in the supply chain and fulfilling the consumer’s demand. The consumers were health conscious and were maintaining good hygiene thus were avoiding the restaurant-made food or any other food packaging. This led to a surge in home-cooked food. Thus covid had a mixed impact on the canned food market.
|The market size value in 2019||US$75.002 billion|
|The market size value in 2026||US$91.394 billion|
|Growth Rate||CAGR of 2.86% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Types, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, MEA, Asia Pacific|
|Companies covered||B&G Foods, Inc., BUSH BROTHERS & COMPANY, Campbell Soup Company, Del Monte Foods Inc., Dole Packaged Foods LLC, StarKist Co., Bumble Bee Foods, LLC, Eden Foods, General Mills, Hormel Foods, LLC|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the canned food market?
A1. The global canned food market is projected to grow at a CAGR of 2.86% during the forecast period.
Q2. What will be the canned food market size by 2026?
A2. The canned food market is projected to reach a market size of US$91.394 billion by 2026.
Q3. What is the size of the global canned food market?
A3. The canned Food market is evaluated at US$75.002 billion for the year 2019.
Q4. Which region holds the maximum market share in the canned food market?
A4. Asia Pacific region is the fastest-growing region in the canned food market while North America has the largest market in the canned food.
Q5. What factors are anticipated to drive the canned food market growth?
A5. The rise in the number of working populations especially in the urban area is increasing the dependency of the consumers on ready meals and convenience foods which leads to an increase in the demand for canned food.