The global cannedfoods market size is projected to reach USD 100.92 billion bythe end of 2027. Increasing product demand availability at low costs willemerge in favor of market growth. According to a report published by FortuneBusiness Insights, titled “Canned Food Market Size, Share & IndustryAnalysis, By Type (Canned Seafood, Canned Fruits and Vegetables, Canned Meat,and Others), Distribution Channel (Supermarkets/ Hypermarkets, SpecialtyStores, and Online Retail), and Regional Forecast, 2020 – 2027,” the market wasworth USD 91.90 in 2019 and will exhibit a CAGR of 1.30% duringthe forecast period, 2020-2027.
Canned foodsare widely consumed across the world, accounting to the adoption of fast pacedlifestyles. These foods have gained massive popularity in the past few decades.The increasing demand for clean-labelled products has led to an increase in thedemand for canned foods across the world. The use of environment-friendlymaterial for manufacturing of cans and can materials will aid the growth of theoverall market in the coming years. The availability of canned foods at retailchains, stores, grocery shops, and other chains will lead to a widerconsumption across the world. The availability of preserved foods andvariations in these foods will emerge in favor of the companies operating inthe market. The high investment in development of long-lasting canned foodswill aid the growth of the overall market in the forthcoming years.
Increasing Number of Company Mergers will Have a Direct Impact on MarketGrowth
The report encompassesseveral factors that have contributed to the growth of the overall market inrecent years. Among all factors, the increasing number of number of companymergers and acquisitions as well as collaborations has made the highest impacton market growth. Major companies are looking to collaborate with each otherwith a view to maximizing the use of resources and subsequently acquire a widerconsumer base. In February 2020, B&G Foods announced that it has completedthe acquisition of a renowned canned food manufacturer. The company acquiredFarmwise LLC., a global manufacturer of canned vegetables. Through theacquisition of US-based Farmwise, B&G Foods will look to improve its rangeof plant-based protein foods. This acquisition will help the company improveits global business in the coming years. B&G’s acquisition of Farmwise LLCwill also influence the growth of the overall canned foods market in the comingyears.
NorthAmerica to Exhibit the Highest CAGR; Adoption of Fast-paced Lifestyle to AidGrowth
The report analysesthe ongoing market trends across five major regions, including North America,Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among allregions, the market in North America is expected to emerge dominant in the comingyears. The adoption of a fast-paced lifestyle and increasing trends of cannedfood consumption, especially in the United States will contribute to marketgrowth. The presence of several large scale retailers, coupled with the growingpopularity of convenience foods will emerge in favor of market growth. As of2019, the market in North America was worth USD 35.93 billion and this value isprojected to increase further in the coming years. The market in Europe is projected to emerge asthe second largest market, owing to the increasing consumption of canned foodsespecially by the millennial population in several countries across thisregion.
Listof companies profiled in the report:
• The Kraft Heinz Company (UnitedStates)
• 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)
Industry Developments:
April2020: BaxtersFood Group Limited announced the launch of a new range of vegan tin-cannedsoups in three flavours-Jackfruit, Three Bean & Chipotle; Sri Lankan SweetPotato; and Butternut Squash & Lentil Dhansak.
Information Source:
https://www.fortunebusinessinsights.com/canned-food-market-103258
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