The Canned Foods Market is witnessing steady growth, with a projected value-based CAGR of 4.2% from 2023 to 2033. Starting with a market share of US$ 16.3 billion in 2022, it is expected to grow to US$ 17 billion by 2023 and further to US$ 25.6 billion by 2033. The convenience, longer shelf life, and increasing demand for preserved food products are driving this market expansion.
Over the anticipated years, changes in lifestyle, expanded distribution channels, and rising demand for ready-to-eat food items are predicted to promote expansion in the canned goods sector. The global fusion food trend has accelerated market expansion. Demand for canned food has surged recently due to the local supermarkets’ and restaurants’ increased sales of exotic foods like Sushi and other seafood items.
The market for canned goods is expanding significantly due to changing consumer preferences, convenience, and prolonged shelf life. The outbreak accelerated this trend as individuals looked for shelf-stable substitutes. Inventive packaging and healthier substitutes have also helped the market grow. The industry’s long-term viability is ensured by ongoing research and development.
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Many restaurant and hotel businesses and restaurants utilise canned food items since they are easier to cook with and last longer without becoming contaminated or rotting. Furthermore, because canned fruits are clean and retain all of their nutritional value, the demand for canned foods is expected to rise in parallel with the growth of the hotel and hospitality business.
Key Takeaways from the Canned Foods Market Study
- Supermarkets or hypermarkets are the major distribution channels for all types of canned food items and contribute more than 40% of the revenue generated globally.
- In contrast, canned foods available over online retail channels are getting popular more rapidly and are penetrating new markets at a faster rate.
- Only in the United States, the market for canned foods is anticipated to reach US$ 16 Bn by 2025 while growing at a rate of 3.8% during the forecast years.
- China is predicted to be the fastest-growing nation in terms of production and consumption of canned food items and would register an impressive CAGR of 6% through 2033.
Competitive Landscape for the Canned Foods Market
Some of the major canned food market participants are Campbell Soup Company, Danish Crown AmbA, Del Monte Foods, Inc., JBS USA Holdings, Inc., Ayam Brand, Holyland Marketing Private Limited, The Kraft Heinz Company, Bolton Group S.r.l., Inc., Nestlé, Danish Crown Amba., Conagra Brands, Inc., Universal Canning Inc., StarKist Co., Bumble Bee Seafoods, Wild Planet Foods, Inc., Connors Bros Ltd., and LDH (La Doria) Ltd. Among others.
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Renowned canned foods market key players are constantly implementing innovative tactics like launching new products and increasing their production capacity in order to better serve the market and retain their growing consumer base. In this way, it aids in boosting their market position and increasing their manufacturing capacity to penetrate new markets. Providing consumers with high-quality goods is another benefit.
Recent Developments in the Canned Foods Industry
- The Campbell Soup Company introduced a new tinned container for its spicy chicken noodle soup with a new flavor in July 2021.
- A minimal supply version of popular canned tuna with wrapping inspired by the popular Japanese manga series Doraemon was introduced by Thai Union’s canned tuna-related brand SEALECT in March 2021.
- To diversify its business into canned snacks, the possession of the Del Monte processed fruit and vegetable packaging business in Canada of Conagra Brands was finalized in July 2018 by Bonduelle SA, which is a French company that offers different types of frozen, and fresh vegetables in cans.
Key Segments
By Product:
- Canned fruits and Vegetables
- Canned Meat and Seafood
- Canned Ready Meals
- Others
By Type:
- Organic
- Conventional
By Distribution Channels:
- Supermarket or Hypermarket
- Convenience Stores
- E-commerce or Online Retail Channels
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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