Canned foods are the food products that are preserved by sterilizing and sealing them in airtight containers. Canning of food products is done to extend their shelf life, coupled with high quality and high nutritional value. The global canned food market was valued at $91.4 billion in 2018 and is anticipated to reach $124.8 billion by 2026, with a CAGR of 3.9% during the forecast period. Canned food is available in the market in a range of product types such as seafood, meat, meals, beans, lentils, fruits, vegetables, soups & sauces, sweets & desserts, and pastas.
Additives such as spices, flavors, and seasonings are used to enhance the aroma, taste, and consistency of the canned food products. Food & beverages manufacturers have invested a lot in R&D to enhance characteristics, taste, or nutritional value of canned food.
Consumer demand for convenient canned food products that are healthy, ethical, and comforting, and fit for fast-paced life is a major trend in developed economies. Moreover, rise in disposable income in emerging economies such as China, India, and Brazil has led to increased expenditure on time-saving and labor-saving canned food products.
Consumers are not willing to spend much time on food preparation; thus, they prefer convenience over price. Redefinition of gender roles in households, with more working women in the industry, further supplements the demand for microwavable foods. The retail expansion is supported by the rapidly expanding economy, coupled with rising consumption rates, urbanizing population, and growing middle-class population, particularly in emerging economies.
Rise in disposable income, innovative packaging, and types of canned products offered by key players; and increase in demand for convenience among consumers are expected to provide numerous opportunities for the expansion of the global canned food market.
The canned food market is segmented on the basis of product type, distribution channel, type, and region.
By product type, it is categorized into canned meat and seafood, canned fruit and 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).
The key players profiled in this report include Del Monte Foods, Conagra Brands, Kraft Heinz, Nestlé, Campbell Soup Company, JBS, CHB Group, AYAM, Danish Crown, and Bolton Group.