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.
It is projected that expansion in the canned foods sector would be fueled by changes in consumer lifestyle, expanded distribution channels, and increased demand for ready-to-eat food products throughout the forecast years. The inclination towards international, multi-cultural food has helped the market grow. Since local restaurants and shops have started selling foreign delicacies like sushi and other seafood items, the demand for canned food has skyrocketed.
The canned food business is expanding significantly because of rising consumer demands, convenience, and extended shelf life. The pandemic accelerated this tendency as individuals sought out shelf-stable alternatives. Innovative packaging and healthier solutions also help to expand the industry. Continuous R&D ensures the industry’s long-term existence.
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Canned food items are often used in restaurants and lodging facilities since they are convenient to prepare and remain longer without becoming contaminated or spoiling. Because the fruits in cans are clean and still keep all of their nutritious value, the demand for canned goods is also anticipated to increase along with the expansion of the hotel and hospitality industry.
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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