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The canned food market size is forecast to increase by USD 29.44 billion between 2022 and 2027, accelerating at a CAGR of 4.3%. In 2017, the US held the largest market share, projecting an annual revenue of USD 23.41 billion. The research report on the Canned Food Market offers indfustry forecasts and segmentation based on Product including Canned fish and seafood, Canned vegetables, Canned meat, Canned ready meals, and Others. It also segments the market by Distribution Channel, which comprises Offline and Online. Geographically, the report covers Europe, North America, APAC, the Middle East and Africa, and South America. The market size, historical data (2017-2021), and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
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The introduction of new products is clearly propelling market advancement.In order to remain competitive and satisfy evolving consumer needs, market players are introducing new products. This is a significant factor influencing the market's expansion. Vendors benefit from increased sales and market share through new product introductions. New canned food varieties are introduced by vendors in an attempt to draw in customers.
For example, in March 2021, Thai Union canned tuna products brand SEALECT introduced a limited-edition line of canned tuna with a unique Doraemon packaging design from the well-known Japanese Manga series; in July 2021, Campbell Soup Company introduced a new canned Spicy Chicken Noodle Soup flavour. The market is being driven by new and innovative goods that meet the increasing demand from consumers.
The Canned Fish and Sea Food segment was the largest segment and was valued at USD 35.32 billion in 2017. There will be consistent expansion in the canned fish and seafood market. The health advantages of canned seafood are equivalent to those of fresh seafood. Eating fish at least twice a week is advised by the American Heart Association due to its many health benefits. In addition, the expansion of the industry is supported by the creation of contemporary distribution channels and technological advancements in the processing, packaging, and storage of seafood goods.
North America is estimated to contribute 33% to the growth of the global market during the forecast period followed by growth opportunities in Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Canned foods, being cheaper than fresh foods, might be more attractive to consumers during times of economic changes. Younger consumers prefer canned food owing to convenience. The rising household expenditure on food and beverages in the region, coupled with product launches, will propel the growth of the market in Europe. Supermarkets and hypermarkets are the primary distribution channels for canned food and are highly preferred in the urban areas of Europe. These factors are expected to drive the growth of the market in the region during the forecast period.
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The Canned Food Market is fragmented in nature. Some significant players include A. Clouet Australia Pty Ltd., Atria Plc, Bolton Group Srl, BONDUELLE SA, Campbell Soup Co., CHB Group, Conagra Brands Inc., Danish Crown AS,
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Del Monte Pacific Ltd., Eureden Co operative Group, General Mills Inc., The Hain Celestial Group Inc., Hormel Foods Corp., The J.M Smucker Co., JBS SA, Jutai Foods Group Ltd., LA DORIA S.P.A., Nestle SA, Princes Ltd., and Thai Union Group PCL
The canned food market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Canned Food Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
Market growth 2023-2027 |
USD 29.44 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.1 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Japan, Spain, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A. Clouet Australia Pty Ltd., Atria Plc, Bolton Group Srl, BONDUELLE SA, Campbell Soup Co., CHB Group, Conagra Brands Inc., Danish Crown AS, Del Monte Pacific Ltd., Eureden Co operative Group, General Mills Inc., The Hain Celestial Group Inc., Hormel Foods Corp., The J.M Smucker Co., JBS SA, Jutai Foods Group Ltd., LA DORIA S.P.A., Nestle SA, Princes Ltd., and Thai Union Group PCL |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Drivers, Challenges, and Trends
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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