In 2023, the canned meat market is experiencing unprecedented growth, with a projected valuation of USD 25.4 billion by 2033, according to recent market research. Fueled by increasing consumer demand for convenient and protein-rich food options, the market is poised for substantial expansion over the forecast period.
The market, currently valued at USD 13,644.8 million in 2023, is forecasted to witness a robust CAGR of 6.8% between 2023 and 2033. This remarkable growth trajectory is attributed to several key factors, including the rising popularity of canned meat products among consumers, changing dietary preferences, and advancements in food processing technology.
Canned Meat Market Drivers:
- Rising Consumer Demand: The growing consumer preference for convenient and protein-rich foods is driving the demand for canned meat products worldwide. With busy lifestyles and increasing awareness of the nutritional benefits of canned meat, consumers are seeking quick and easy meal solutions.
- Health and Environmental Consciousness: As consumers become more health-conscious and environmentally aware, the demand for sustainable and nutritious food options is on the rise. Canned meat offers a convenient and shelf-stable source of protein, appealing to health-conscious individuals and eco-conscious consumers alike.
- Technological Advancements: Advances in food processing technology have revolutionized the canned meat industry, enabling manufacturers to produce high-quality products with extended shelf life and enhanced taste profiles. Innovative packaging solutions and preservation techniques have further contributed to the market growth.
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What are the Key Takeaways from the Canned Meat Market?
- According to FMI, the United States market is expanding at a CAGR of 24.6% due to the increasing demand for protein in 2022.
- The German market is anticipated to be growing at a CAGR of 8.9% in the year 2022
- The Japanese market is showing promise of growing to a CAGR of 3.5% in the same year.
- FMI observed that the market of Australia grew at a CAGR of 2.0% in 2022
- The Chinese market expanded at a CAGR of 12.9% in 2022 due to consumer awareness of sustainable products. in 2022, due to consumer awareness towards sustainable products.
- India showed a CAGR of 3.2% in 2022 due to the combined causes of sustainability and a growing consumer preference for protein-rich items. in 2022, as the effect of the combined causes of sustainability and a growing consumer preference for protein-rich items.
- The United Kingdom market inflated at a CAGR of 6.6% in 2022, based on research done by FMI. This lower CAGR is due to price and availability fluctuations.
Regional Insights:
- Leading the global canned meat market, North America accounts for approximately 38% of the market share, with a current valuation of USD 4.8 billion. The region’s booming food processing industry and changing consumer preferences are driving market growth.
- With a burgeoning meat-consuming population and increasing demand for canned beef and pork, the United Kingdom is expected to lead the Europe canned meat market, currently valued at USD 3.9 billion.
How is the Competition in the Canned Meat Market?
Some established players in the market, along with a few start-ups. The leading players are in a fiercely competitive market with one another. The industry is expanding and moving towards sustainability, which presents an opportunity for them to gain sales and follow the shifting trends in the market.
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How are the Key Players from the Market Performing?
- Hormel Foods Corp.
Hormel chunk meats are completely cooked and use completely real meat. It can be used in almost all food products, such as soups, nachos, and tacos. Their goal is to make meats that fit the busy lifestyles the consumers of today follow. These meats are perfect for quick and tasty meals that can be enjoyed by everyone. They offer salmon, chicken, bacon, breakfast sausage, and beef. They also produce the popular canned meat called SPAM, which has fed families for over 80 years. It can be used in almost all food products such as soups, nachos, and tacos. Their goal is to make meats that fit the busy lifestyles the consumers of today follow. These meats are perfect for quick and tasty meals that can be enjoyed by everyone. They offer salmon, chicken, bacon, breakfast sausage, beef and many more. They also produce the popular canned meat called SPAM, which has been feeding families for more than 80 years.
- Tyson Foods Inc.
Tyson Foods Inc. goes beyond offering only canned meat in one variety. They provide consumers with a wide selection of products such as Premium chunk white meat canned chicken, chunk white chicken pouch, hickory smoked bacon, applewood smoked bacon, along with frozen steak fingers, cook-in-bag meats, and grilled and ready chicken, along with many other products. Their attempts to put the safety of their consumers first. They emphasize safety not only for consumers but also for their staff. They also own Hillshire Farms, BallPark, State Fair, and many more brands.
- Wild Planet Foods
Wild Planet Foods sources its meat from sustainable sources and offers healthy food. It is rich in protein and without filer, and their canned seafood is pole and line, troll, or handline caught. It is also hand cut, packed, and cooked directly in the can. The meat retains its nutritional benefits nonetheless. They provide a range of canned seafood meats such as canned tuna, yellowtail, sardines, anchovies, and salmon. They also present a range of other meats such as bacon, chicken, beef, and many others.
Segmentation of the Market
By Meat Type:
- Beef
- Seafood
- Poultry
- Pork
- Others
By Distribution Channel:
- Supermarket & Hypermarket
- Specialty Store
- Online
- Others
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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