The global canned food market was valued at USD 91.90 billion in 2019 and is expected to reach USD 111.13 billion by 2032, growing at a CAGR of 1.57% over the forecast period, according to our current analysis. In the United States, the canned food market is anticipated to grow substantially, with projections estimating it will reach USD 28.25 billion by 2032. This growth is fueled by rising consumer demand for convenient, shelf-stable food options and the availability of healthier, premium canned food products introduced by manufacturers. North America led the canned food market in 2019, holding a 39.1% share.
Market expansion is primarily driven by increased consumption of convenience packaged food and beverage products. These items are often processed through methods like peeling, chopping, or cooking, and sealed in airtight tins or aluminum cans. With the rise in working professionals and busier lifestyles, the consumption of convenient food products has surged, directly supporting market growth.
Information Source: https://www.fortunebusinessinsights.com/canned-food-market-103258
Rising Mergers and Acquisitions Fuel Market Expansion
The report highlights several factors contributing to market growth, notably the increase in mergers, acquisitions, and strategic partnerships among key players. Leading companies are joining forces to optimize their capabilities and extend market reach. For instance, in February 2020, B&G Foods finalized the acquisition of Farmwise LLC, a prominent canned vegetable brand. This acquisition is set to expand B&G Foods’ plant-based offerings and strengthen its international presence, positively influencing the canned food sector in the years ahead.
CANNED FOOD MARKET SEGMENTATION ANALYSIS
By Type Analysis
Canned seafood emerges as the dominant segment in the canned food market, largely due to its health benefits. Derived from marine sources like fish, crabs, and clams, canned seafood is a rich source of protein and essential nutrients. Restaurants and food service providers increasingly feature canned seafood to provide authentic flavor experiences. Evolving preferences among younger consumers are also driving interest in unique seafood options. Products like sushi, fish salads, and seafood sandwiches frequently include canned seafood, appreciated for its distinct taste. To meet this rising demand, manufacturers are scaling up production.
REGIONAL INSIGHTS
North America to Sustain Market Leadership Amid Shifting Lifestyles
The report evaluates trends across five regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is anticipated to remain the market leader, with continued demand driven by fast-paced lifestyles and strong consumer preference for canned foods, particularly in the U.S. The extensive presence of retail giants and a growing inclination toward convenience food options are expected to support regional market expansion. North America was valued at USD 35.93 billion in 2019, with steady growth projected. Europe is expected to hold the second-largest share, bolstered by increasing canned food consumption among millennial consumers in various countries.
Key Players in the Market Include:
- The Kraft Heinz Company (United States)
- Bolton Group S.r.l. (Italy)
- Campbell Soup Company (United States)
- Conagra Brands, Inc. (United States)
- Nestlé (Switzerland)
- Danish Crown AmbA (Denmark)
- Del Monte Foods, Inc. (United States)
- JBS USA Holdings, Inc. (United States)
- Ayam Brand (Singapore)
- Holyland Marketing Private Limited (India)
Tariff Impact Analysis for Canned Food Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/canned-food-market-103258
Recent Industry Developments:
April 2020: Baxters Food Group Limited unveiled a new vegan canned soup collection, which includes three varieties: Jackfruit, Three Bean & Chipotle; Sri Lankan Sweet Potato; and Butternut Squash & Lentil Dhansak. This product launch aims to cater to the growing plant-based food market and diversify the company’s offerings.
