Industry Analysis
Global canned goods market revenue is expected to reach USD 88.50 Billion in 2023 and could grow at a CAGR of 4.61% accounting for USD 132.77 Billion by 2032. The growth is majorly driven by rising demand for food items rich in protein, vitamins, and omega-3 fatty acids.
Canned goods, also known as canned food or tinned food, are food items that have been processed, cooked, and preserved in airtight containers, typically made of metal. Canned goods are popular because they have a long shelf life, often ranging from one to five years or even longer, depending on the type of food and the storage conditions. This extended shelf life is possible due to the preservation methods used, which include heat treatment and sealing the cans to prevent the entry of air and bacteria.
Long shelf Life of Canned Goods to Drive Market Growth
Canned goods have a long shelf life, making them attractive to consumers who want food items that can be stored for an extended period. They are convenient options for people who want to stock up on food supplies or have access to ready-to-eat meals during emergencies or situations where fresh food may not be readily available.
Canning is a preservation method that helps maintain the quality and safety of food. Canned goods undergo a heat treatment process that kills bacteria and microorganisms, reducing the risk of spoilage and foodborne illnesses. This aspect appeals to consumers who prioritize food safety and want reassurance that their food will remain fresh for an extended period.
Threat of loss of some nutrients could negatively impact the market growth
The canning process, which involves high heat treatment, can lead to a loss of certain nutrients in the food. Heat-sensitive vitamins, such as vitamin C and some B vitamins, may be partially degraded during the canning process. Additionally, the extended storage time and exposure to light can further contribute to nutrient degradation. While canned goods still retain some nutritional value, they may not be as nutrient-dense as fresh or frozen alternatives.
Many canned goods, particularly soups, sauces, and processed meats, tend to have higher sodium content compared to their fresh counterparts. Sodium is often used as a preservative and flavor enhancer in canned foods. High sodium intake can be detrimental to health, as it is associated with increased risk of high blood pressure and cardiovascular diseases. It is important to read labels and choose low-sodium or no-added-salt options when available.
Increasing inclination towards consumption of healthier food to create new market opportunities
There is a growing demand for healthier and organic food products across various segments of the food industry, including canned goods. Consumers are seeking canned products that have minimal additives, lower sodium content and are made with organic ingredients. Developing and marketing healthier and organic canned goods can tap into this market opportunity.
Many consumers are willing to pay a premium for unique and high-quality food products. The canned goods market can capitalize on this trend by offering specialty and gourmet options. This could include premium canned seafood, artisanal canned sauces or salsas, and exotic fruits or vegetables preserved in cans. Providing unique and high-end offerings can attract consumers looking for elevated flavors and culinary experiences.
Canned meat and poultry demand to rise in the coming years
Based on type, the market has been segmented into canned meat and poultry, canned fruits, canned vegetables, canned aquatic products, and others. Canned goods industry share from meat and poultry segment is anticipated to grow at a significant rate.
Protein is an essential nutrient, and canned meat and poultry products offer a convenient way to incorporate protein into meals. They can be used in a variety of dishes, such as sandwiches, stews, soups, and salads, providing a versatile option for individuals looking to maintain a protein-rich diet.
Moreover, Canned meat and poultry products offer convenience and extended shelf life, making them a reliable source of protein that can be stored for an extended period. This is particularly beneficial for consumers who are looking for quick and easy meal options or those who live in areas with limited access to fresh or frozen meat and poultry.
The easy availability and accessibility of canned meat and poultry foods will drive the market growth. They can be found in grocery stores, supermarkets, and online retailers, ensuring that consumers have easy access to them regardless of their location. This accessibility makes canned meats a viable option for individuals living in areas with limited access to fresh meat or poultry.
Exceptional preservation and protection properties of tin to drive the industry dynamics
Based on packaging material, the market is segmented into tin, steel, and aluminum. Tin cans are poised to capture substantial market share owing to their excellent preservation and protection properties.
Tin cans provide airtight and hermetic seals, preventing the entry of air, moisture, and contaminants that could lead to spoilage. Tin cans effectively protect the food inside from external factors, including light, oxygen, and microorganisms, thus extending the shelf life of canned products.
Moreover, tin cans have a long history and strong association with canned food. Consumers are familiar with the use of tin cans for preserving and packaging a variety of food items. This familiarity and trust in tin cans as a reliable packaging material for canned food contribute to the continued demand for tin cans in the industry.
Tin cans are known for their durability, protecting the contents during transportation, storage, and handling. Their robustness makes them suitable for various environments, including outdoor activities, emergencies, and long-distance shipping. The lightweight nature of tin cans also contributes to their convenience and portability.
Sales of canned goods to increase across departmental stores
Based on distribution channels, the market is segmented into department stores, supermarkets, restaurants, online sales, and others. Department stores are expected to dominate the canned goods market in the coming years.
Department stores offer a convenient shopping experience for consumers, with a wide range of products available under one roof. Canned foods provide a convenient and easily accessible option for shoppers who are looking for pantry staples or quick meal solutions. By offering canned foods, department stores cater to the needs of consumers who prefer the convenience of one-stop shopping.
Pricing promotions and discounts offered at department stores attract customers. Canned foods, being a staple item, can be included in these promotional activities. Sales and discounts on canned foods can entice shoppers to purchase in larger quantities or try new products. Competitive pricing strategies and appealing promotions contribute to increased sales of canned foods in department stores.
Europe to emerge as a profitable avenue in the coming years
Based on region, the market is segmented into Europe, North America, Asia Pacific, South America, and Middle East and Africa. Europe canned goods market revenue is estimated to grow at a notable pace over 2023-2032. The market growth is driven by the demand from consumers seeking convenient and long-lasting food options.
The demand for canned goods in Europe has been increasing steadily owing to factors such as convenience, extended shelf life, emergency preparedness, and changing lifestyles. Consumers appreciate the ability to have readily available food options, regardless of the season or access to fresh produce.
Canning allows for the preservation of seasonal produce, making it available year-round. By canning fruits and vegetables at their peak freshness, consumers can enjoy their flavors and nutritional benefits even when they are out of season. This has led to increased demand for canned fruits and vegetables in Europe, where consumers value having access to a diverse range of products throughout the year.
Moreover, canned goods offer a solution to food waste reduction. By extending the shelf life of food, they help minimize the amount of food that goes to waste. Consumers in Europe, like in many other regions, are becoming more conscious of their environmental impact and seeking sustainable food choices. Canned goods align with this mindset, as they allow for the preservation and consumption of food before it spoils.
Competitive Analysis
Major canned goods market players include
- Conagra Brands
- Del Monte
- General Mills
- Bolton Group
- Grupo Calvo
- Rhodes Food Group
- Bonduelle
- Shanghai Maling
- Aquarius Co., Ltd.
- Cansi Joo Hin Pte Ltd.
- Hormel Foods
- Dongwon F&B Ltd.
- Danish Crown
These market players are taking various strategic initiatives like innovations, new product developments, partnerships, acquisitions, etc. to stay ahead of the competition. For instance:
Impact of the Recent Events
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the canned goods industry. The pandemic led to increased demand for canned goods as consumers stocked up on non-perishable food items during lockdowns and periods of uncertainty. Canned goods, with their longer shelf life, were sought after as pantry staples and emergency food reserves. This surge in demand put pressure on the canned goods supply chain, leading to temporary shortages and increased sales.
COVID-19 prompted changes in consumer behavior, including altered shopping patterns and preferences. Consumers turned to online grocery shopping and home delivery services, leading to increased e-commerce sales of canned goods. In-store purchasing patterns also changed, with consumers opting for larger package sizes and bulk purchases of canned goods to minimize shopping frequency.
However, international trade in canned goods faced challenges due to travel restrictions, border closures, and trade disruptions. Import-dependent regions in Europe faced potential shortages or delays in the availability of certain canned goods due to disruptions in supply chains and logistics.
Russia Ukraine War Impact
The ongoing conflict between Russia and Ukraine can have various impacts on the canned goods market. The conflict has disrupted transportation routes and logistics, leading to interruptions in the supply chain. This has further affected the availability of raw materials and finished products used in the production of canned goods. If key transportation routes are affected, it may become challenging to transport goods efficiently, resulting in delays and shortages.
Instability and uncertainty caused by the conflict could lead to price fluctuations in the canned goods market. Increased transportation costs, tariffs, and supply chain disruptions can contribute to higher prices for both raw materials and finished products. Consumers may experience rising prices for canned goods due to these factors.
Market Segments
- By Type
- Canned meat and poultry
- Canned fruits
- Canned vegetables
- Canned aquatic products
- Others
- By Packaging material
- Tin
- Steel
- Tin-free steel
- Tin-plate steel
- Aluminum
- By Packaging Size
- Medium
- Large
- Small
- By Distribution Channel
- Department stores
- Supermarkets
- Restaurants
- Online sales
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
FAQs
How big is the canned goods market?
Canned goods market revenue could reach USD 88.50 Billion in 2023 and is expected to grow at a CAGR of 4.61% over 2023-2032.
Why is the demand for tin cans rising?
Tin cans are poised to capture substantial canned goods market share owing to its exceptional preservation and protection properties.
How will meat and poultry food drive canned food market growth?
The overall market revenue from meat and poultry is anticipated to grow owing to increasing inclination towards consuming protein rich food.
What makes Europe a profitable avenue for canned food market?
Europe canned food industry revenue is expected to grow significantly owing to the changing lifestyles of the population.
What Does This Report Provide?
This report provides a detailed understanding of the global canned goods market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global canned goods market have been covered in the report. This report further includes the shares owned by the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
Objectives of this Report:
- To estimate the market size for the canned goods market on a regional and global basis.
- To identify major segments in the canned goodss market and evaluate their market shares and demand.
- To provide a competitive scenario for the canned goods market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of the canned goods market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for the mentioned applications
Customization:
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
For more information, contact: sales@quincemarketinsights.com