The food can market is anticipated to grow at a CAGR of 6.17% to reach US$8,490.646 million by 2025 from US$5,928.295 million in 2019. The main objective of food can is to store and preserve food for expeditious transportation, distribution as well as to be used as a container for residential as well as industrial use. The primary factors that are estimated to drive the growth of the global food can market are increasing health-conscious convenience snacking that is marked by a shift in consumers’ preference of food ingredients and dietary patterns. Further, the increasing innovation in the food and beverage sector is also set to drive the growth of the food can market globally. Further, the perishable nature of fruits that make their shelf life a major deterrent for its application in a variety of food and beverage preparations, is also a reason why the food can market serves as a facilitator in conserving the quality of food products. Particularly, the bakery and confectionary sector benefits from the canning of food, since fruits are one of the most sought-after ingredients in preparations pertaining to the aforementioned Food and beverage segment. Further, advancements in refrigeration and transportation technologies have made it possible to ship more volume exotic ingredients. Growing trends of ordering breakfast snacks in the morning are also driving the food can market globally.
Additionally, the baby boomers, Gen Xs, Gen Ys as well as Gen Zs consumption tendencies towards food and beverages, albeit varied, are marked by the curiosity of sampling exotic cuisines, trying fusion cookery and so on. Thereafter the growing emergence of convenient snaking options that contains a variety of food products is gradually being adopted by consumers across the world. This is supported by the growing middle-income group that is giving rise to more disposable income available to a household. A mix of traditionalist and experimentalist consumers across all age group frequent pubs, local eateries, bars, fine dining establishments along with other types of food and beverage establishments. Furthermore, the tendency of a fast-paced lifestyle due to technological advancements and the changing nature of deliverables and rotational working hours has led to a surge in the need for meal-on-the-go, meal kits, which is also driving the flourishing food and beverage start-up sector that has added to the stream of demand for food can sustain operations. Additionally, the proliferation of convenience stores in urban agglomeration is helping to drive the growth of food can market.
Conversely, a plausible aversion to heavily processed food and artificially sweetened beverages, among others in favor of food ingredients that are perceived to be healthy is also poised to drive the food can market. To this extent, the aspects of the global dietary patterns, especially in urban and peri-urban areas have significantly transitioned into veganism and what is being increasingly known as a flexitarian way of consumption. Apart from the aspect of convenience, identity, taste, and value, there has been an increasing consideration of the degree of the ethics that food products resonate and the benefits that one can derive from consuming the food and /or beverage concerned. This has given rise to the demand for food inclusions that aiding the premiumization of a few traditional reckoned food products.
The growing interest in the umami flavor - the fifth flavor that has emerged a common addition to sauces, soups, and meat pies, among others for its widely recognized meaty- savory flavor, thus subscribing to veganism. Thus, expanding preferences in food and beverage that spill over the traditional national geographical boundaries, evolving consumer demographics, changing consumption patterns, among others are estimated to throttle the demand for the same. This relatively recent development is also set to propel the growth of food that can market during the forecast periods as exemplified the following few developments. In 2019, Meadow Foods acquired the Welsh decorations, toppings, and inclusions firm Nimbus Foods to expand its product portfolio.
The acquisition included the BRC AA grade factory that is reputed for supplying food manufacturers worldwide across categories such as bakery, confectionaries, ice creams, desserts, and cereals. In 2020, Puratos, a manufacturer of food ingredients that is headquartered in Belgium announced the launch of a new range of food inclusions that will reportedly contribute a creamy texture and rich taste, called Smoobees. These soft beads will allow the bakers to add the aforesaid characteristics to their products without injections equipment thereby enabling the baker to adapt to the variation in consumer demand without any overhaul or any major investment in their production processes.
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