Global Canned Food Market Grows Steadily at a CAGR of 2.87%

Introduction

Food is processed and then sealed in an airtight container (jars like Mason jars and steel and tin cans) as part of the canning process, a food preservation technique. Food preservation done in this manner is also referred to as "putting food by." Those who are interested have the option of home canning. The canning process increases food's shelf life by one to five years, although under some circumstances, this can be greatly extended for a longer duration. A product that has been freeze-dried and then canned, like dry and canned lentils, has a shelf life of up to thirty years before it loses its capacity to be consumed.

The National Food Processors Association tested food cans found in the Bertrand wreckage in 1974. A riverboat by the name of Bertrand went along the Missouri River in the year 1865. Researchers concluded that despite the food's look, smell, and vitamin content degrading over 109 years, consumption was still safe. There was no sign of microbial multiplication, which led them to this conclusion.

Market Dynamics

Surge in Organized Retailing Drives the Global Market

The term "organized retail" corresponds to the more modern concept of "modern retail," which refers to store complexes that sell various products under one roof. "Organized retail" is synonymous with "modern retail." These retail establishments' presence is crucial to expanding the packaged food items industry. These retail stores offer a vast selection of canned food items under one roof, allowing customers to complete all their grocery purchases in one location.

This increase is due to a combination of factors, including rising consumption rates, an urbanizing population, and a growing middle-class population. The retail boom is supported by swiftly expanding economies, which also contribute to this expansion. A rise in foreign direct investment (FDI) has led to a rise in private and public participation in other nations, contributing to retail infrastructure improvements.

Research and Development and Innovation Creates Tremendous Opportunities

The sector will benefit from implementing cutting-edge production and packaging technology and innovative business practices. In the not-too-distant future, the market is anticipated to have a greater demand due to the global population increase. Market participants must introduce innovative new products to maintain their industry position and retain their existing customers. As customers' interests constantly change, the most successful organizations' research and development departments must create innovative packaging solutions to attract customers.

In addition, because customers are becoming increasingly concerned about their health, research and development departments are now responsible for ensuring that food does not react negatively with the packaging materials and is safe for human ingestion. Therefore, you should provide them with avenues for market advancement.

Regional Analysis

Europe is the most significant global canned food market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period. In terms of both production and consumption, Europe commands the majority of the market. Sustainable farming practices and the advantages of canned food items have increased their use in Europe. In addition, the growing population, changes in consumption habits, and consumer awareness of health issues have increased demand for better food items, boosting the market for canned foods. Sales of canned food goods in the area are projected to increase due to the region's steadily expanding demand for them. In keeping with this, leading market participants in the area are involved in the production of canned food items like fish and meat, as well as the launch of new goods to meet consumer demand and boost overall revenue.

North America is anticipated to exhibit a CAGR of 3.6% over the forecast period. Both in terms of production and consumption, North America is the world's second-largest region for canned food items. However, an existing market for canned food items presents a considerable opportunity for the industry. The market in this region is being driven by technical developments, growth in demand for convenience meals, healthy food high in protein, and increasing awareness among the general population regarding fresh canned food products. The existence of large market participants in the area, each of which has powerful brands and production facilities designed to handle enormous volumes of product, contributes to an increase in the amount of manufactured canned food.

Key Highlights

• The global canned food market was valued at USD 96.5 billion in 2022. It is estimated to reach USD 124.49 billion by 2031, growing at a CAGR of 2.87% during the forecast period (2023–2031).
• Based on product type, the global canned food market is bifurcated into canned fruits vegetables, canned meat and seafood, canned ready meals, and others. The canned fruits and vegetables segment dominates the global market and is projected to exhibit a CAGR of 4.2% during the forecast period.
• Based on distribution channels, the global canned food market is segmented into supermarkets/hypermarkets, convenience stores, e-commerce, and others. The Supermarket/Hypermarket segment dominates the global market and is predicted to exhibit a CAGR of 3.2% over the forecast period.
• Based on type, the global canned food market is bifurcated into organic and conventional. The conventional segment owns the highest market share and is predicted to exhibit a CAGR of 3.4% over the forecast period.
• Europe is the most significant global canned food market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period.

Competitive Players

1. Conagra Brands
2. Campbell Soup Company
3. The Kraft Heinz Company
4. Del Monte Foods
5. Hormel Foods Corporation
6. Nestlé
7. General Mills
8. Bumble Bee Foods
9. Dole Food Company
10. Bush Brothers & Company
11. Ocean Spray Cranberries
12. Green Giant
13. Libby's
14. Starkist
15. Progresso

Recent Developments

• January 2024- The U.S. plans to impose new tariffs on food can metal imports from China, Germany, and Canada, citing unfair trade practices. This move could impact the global canned food market by increasing production costs and potentially leading to supply chain disruptions, affecting the availability and affordability of canned food products. 

Segmentation

1. By Product Type
   1. Canned Fruits and Vegetables
   2. Canned Meat and Seafood
   3. Canned Ready Meals
   4. Others
2. By Distribution Channel
   1. Supermarket/Hypermarket
   2. Convenience Stores
   3. E-commerce
   4. Others
3. By Type
   1. Organic
   2. Conventional