(MENAFN- GlobeNewsWire - Nasdaq) New York, July 11, 2023 (GLOBE NEWSWIRE) -- The global canned food market size accounted for USD 103.2 Bn in 2022. It is projected to surpass around USD 140.0 Bn by 2032, and it is poised to reach a CAGR of 3.1% from 2023 to 2032 .

Canning is a method of conserving foods for long periods by storing them in airtight containers. Canned foods such as sweets & desserts, beans, fruits, and others involve canning procedures that retain essential nutrients. Therefore, canned food products have been one of the desired choices for preserved food products.

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Key Takeaway

• By type, the canned seafood segment leads the market with the highest revenue share of 27% .
• By distribution channel, supermarkets/ hypermarkets dominate the segment with a revenue share of 46% in the account.
• North America held a significant revenue share of 38.2% in 2022.
• The Europe market is anticipated to grow at a high CAGR during the forecast period.

Canned foods are good sources of nutrients, protect foods from external conditions, and offer hygienic canned foods. It is widely used for various packaging because it is suitable to use, safe to consume, and easy to transport.

Factors Affecting the Growth of the canned food market

Several factors can affect the growth of the Canned Food market. Some of these factors include:

• Increasing Demand for Convenience Food : The increasing disposable income and the number of working women is the major factor enhancing the growth of canned food intake worldwide.
• Rising Demand Among Consumers: The rising requirements among customers represents one of the main factor propelling the market growth. Additionally, increasing awareness of hygienic food products drives market growth.

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Top Trends in the Global Canned Food Market

Growing Customer's Preference Towards Organic and Clean-Label Foods:

The use of organic and clean-label products has increased in developed countries owing to the recognized health aids related to organic products. The prevalence of canned foods increases as the demand for convenient, long-lasting food options increases. There are various factors to the continued expansion of the food industry .

Market Growth

The capability to store large quantities of food in small spaces is a main factor propelling the market growth. Canned foods can be readily stacked and stored in cabinets and pantries. The vast accessibility of organic canned products and its rise in improved intake is a significant factor driving the market growth.

Regional Analysis

North America region leads the market by accounting for a significant revenue share of 38.2%. Owing to the increasing accessibility of canned food in local stores, it has become an appealing option for an individual's day-to-day diet. North America is becoming a major participant in the canned food industry as customers increasingly prefer this food type. The United States is one of the largest exporters of canned food worldwide.

Due to the fact that canned food can be consumed rapidly by simply opening the can, it is a popular choice for those who lead busy lives. Europe is anticipated to hold a significant share of the canned food market. The Asia-Pacific region is expected to grow at a high growth rate over the forecast period. Countries such as China, India, and Japan have large populations that have further propelled the growth.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Bolton Group B.V., J. Heinz Company, L.P., Pinnacle Foods, Inc., Del Monte Foods, Inc., Conagra Brands, Inc., Hormel Foods Corporation, General Mills Inc., etc.

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Scope of Report

Report Attribute	Details
Market Value (2022)	USD 103.2 Bn
Market Size (2032)	USD 140.0 Bn
CAGR (from 2023 to 2032)	3.1%
North America Revenue Share	38.2%
Historic Period	2016 to 2022
Base Year	2022
Forecast Year	2023 to 2032

Market Drivers

• The Increasing Need of Consumers for Products

The increasing desire for more convenient products with a longer shelf life is one of the major factors driving the market growth. Canned foods offer the convenience of having pre-cooked metals that can be readily prepared. This decreases the amount of time required to prepare meals.

• Rising Customers' Awareness Towards Hygienic Food Products

Canning is a process for preserving food products and providing an extended shelf life for them. Additionally, canned food is free from contamination and spoilage for longer.

Market Restraints

• Environmental Pollution concerns

The canned food products are manufactured from tin and aluminum cans which are non-biodegradable in nature. After using cans, they are deserted in the waste, and they remain in the environment for a further period which has caused serious environmental threats.

Market Opportunities

• Increasing Convenience Foods

The chaotic lifestyles of contemporary consumers have raised the demand for convenience foods, particularly no-preparation canned foods. Due to the increase in health concerns, customers are increasingly spending more on organic food products, which provides opportunities for manufacturers to focus on canned food products.

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Report Segmentation of the Canned Food Market

By Type Insight

Canned seafood leads the type segment by accounting for a major revenue share of 27%in 2022. The segment growth is due to consumers switching to modern diets. Seafood, especially canned seafood, is affordable for protein-rich diets. Despite its popularity, canned seafood is still inspected for quality and components.

Emerging economies commonly resort to canned seafood for high-protein, low-cost meals. Consuming seafood that has been canned may be the most practical option to meet nutritional needs without spending a lot of effort.

By Distribution Channel Insight

The supermarkets/hypermarkets segment is expected to lead the distribution channel analysis of the market. Individuals buy canned foods from retail companies because they provide a vast assortment at competitive charges. Urbanization in emerging countries is quickly increasing hypermarkets as a market segment.

Supermarkets and hypermarkets offer one-stop shopping, so customers can get everything they need in one place. The growth of supermarkets and hypermarkets, which provide customers with a wide range of items at reasonable expenses, is meeting the ever-increasing need for accessibility and variety.

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Market Segmentation

By Type

• Seafood
• Vegetables and Fruits
• Meat Products
• Ready Meals

By Distribution Channel

• Supermarkets/ Hypermarkets
• Independent Retailers
• Convenience Stores

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The global Canned Food market is highly competitive, and major market players have a prominent presence in the market. The market is expected to grow at a high rate during the projection period due to the increased demand for convenience foods and the requirement for food products to have an extended shelf life. The Kraft Heinz Company is another significant participant in the market for canned foods. Focusing on constant innovation and new product introductions has helped the company maintain its market position.

• Bolton Group B.V.
• Conagra Brands, Inc.
• Del Monte Foods, Inc.
• The Kraft Heinz Company
• Heinz Company, L.P.
• Pinnacle Foods, Inc.
• Hormel Foods Corporation.
• General Mills, Inc.
• Kellogg Co.
• Other Key Players

Recent Development of the Canned Food Market

• In 2021: Nestle has also placed a significant emphasis on environmental sustainability, as evidenced by its announcement in 2021 that it would replace all plastic packaging for its Yes! Refreshment bars with paper wrappers. The company has taken a significant move forward in its efforts to reduce its environmental impact and meet the rising demand for sustainable packaging options.
• In 2021: Del Monte Foods introduced a line of ready-to-eat canned meals under the brand name Veggieful. This action reflects the increasing demand for home- and on-the-go-friendly plant-based meal options.
• In 2020 : Baxters Food Group introduced another significant innovation to the canned foods market. Utilizing the wellness trend that has been propelling innovation in the food industry, the company launched a line of high-protein canned soups under its Baxters Super Good brand.

Browse More Related Reports

• canned salmon market is slated to index a CAGR of 3.1%.
• canned tuna market size is expected to be worth around USD 17,668.00 million by 2031 from USD 12,167.90 million in 2021, growing at a CAGR of 3.79% during the forecast period 2021 to 2031.
• global canned soups market size is expected to be worth around USD 10,789.40 million by 2031 from USD 6,139.60 million in 2021, growing at a CAGR of 5.79% during the forecast period 2021 to 2031.
• fish protein market size is expected to be worth around USD 5.7 Bn by 2032 from USD 3.7 Bn in 2022, growing at a CAGR of 4.6% during the forecast period from 2023 to 2032.

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