Canned fruit market projected to grow
The global canned fruit market is projected to grow to $12.7billion by 2026, according to a new market study.
The study, published by Global Industry Analysts Inc, is titled “Canned Fruits – Global Market Trajectory & Analytics” and presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Food canning is defined as a technique to store food at standard temperatures by keeping food in tightly closed vacuum-sealed containers and heat processing properly. The canning process involves washing, sorting/grading, preparation, container filling, exhausting, container sealing, heat sterilisation, cooling, labelling/casing and shipment storage.
Amid the COVID-19 crisis, the global market for Canned Fruits estimated at US$10.5 Billion in the year 2020, is projected to reach a revised size of US$12.7 Billion by 2026, growing at a CAGR of 3.4% over the analysis period.
Canned Peaches, one of the segments analysed in the report, is projected to grow at a 4.4% CAGR to reach US$3.8 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Canned Mixed Fruit segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 20.9% share of the global Canned Fruits market.
The Canned Fruits market in the U.S. is estimated at US$2.8 Billion in the year 2021. The country currently accounts for a 27.05% share in the global market.
China, the world second largest economy, is forecast to reach an estimated market size of US$2.4 Billion in the year 2026 trailing a CAGR of 5.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.7% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 2.5% CAGR while Rest of European market (as defined in the study) will reach US$2.6 Billion by the end of the analysis period.
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