Published in Marketing
Trends and forecasts on global canned food market

According to the latest report on canned food market developed by Research and Markets agency, the global canned food industry is expected to reach USD 105 billion by 2021, growing at a CAGR growth of 3.8%. Brand image and customer loyalty are considered important for the continuous growth of the global canned food industry. Innovative product offerings with a focus on convenience, quality and eco-friendliness are expected to drive the market growth.

 

Market Dynamics

The long shelf-life of canned food products and the convenience offered by them act as the major growth drivers for the industry. The changing consumer patterns in terms of food habits due to the influence of western culture have also fueled the demand for canned food in the Asia-Pacific and South American regions. The excess sugar and salt content in food items may lead to significant health issues that can create hurdles for market growth. New product development, high investment in R&D and growing demand in the developing world are growth opportunities for the canned food industry.

 

Market Segmentation

The global canned food market is segmented on the basis of product type into meat products, fish/seafood, vegetables, fruit, ready to eat meals, desserts, pasta/noodles, cooking sauces and soups. The fish and seafood segment is reported to be the fastest growing, given the high demand, sustainably sourced products and proper value additions within the sector. The report discusses the market revenue in terms of distribution channels such as specialty stores, independent stores, online sales, convenience stores, supermarkets and hypermarkets, etc.

 

Regional Analysis

The canned food market has been geographically segmented into North America, Europe, Asia-Pacific, South America and Africa. The market is currently dominated by Europe, followed by North America. The market in the Asia-Pacific region is also expected to experience a boom in the coming years. The slowly evolving and changing food habits along with growing urbanization play a vital role in driving the growth of the canned fruits industry in countries like India and China.

 

Competitive Environment

The major factors driving the growth of the canned food market are increasing preference for convenience foods, food safety concerns, and busy lifestyles. While companies are investing heavily in product development by strengthening their R&D initiatives for the long-term, strategic alliances and agreements with regional players are adopted heavily for better market penetration in regions like South America and Asia-Pacific.

 

 

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