Global canned food market to reach $148.8bn by 2026
The global canned food market is projected to reach $148.8billion by 2026, growing at a CAGR of 4.8%, according to a new market study published by Global Industry Analysts Inc.
Canned Fish & Seafood, one of the segments analysed in the report, is projected to grow at a 5% CAGR to reach US$49.5 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the COVID-19 pandemic and its induced economic crisis, growth in the Canned Ready Meals segment is readjusted to a revised 5.3% CAGR for the next 7-year period.
This segment currently accounts for a 25.6% share of the global Canned Foods market. Canned seafood is the most preferred canned food of consumers, due to the high protein content and the high demand for convenience food, while the ready meals market is anticipated to have a high CAGR in years to come.
The growing awareness among the consumers regarding the high nutritional benefits of consuming seafood and fish is driving the market growth of canned seafood. The consumers in China and India prefer canned seafood instead of frozen seafood and crab meat which is pasteurised is the prominent canned food sold largely in Asian countries.
The US Market is Estimated at $36 Billion in 2022, While China is Forecast to Reach $17.9 Billion by 2026
The Canned Foods market in the U.S. is estimated at US$36 Billion in the year 2022. The country currently accounts for a 29.04% share in the global market.
China, the world second largest economy, is forecast to reach an estimated market size of US$17.9 Billion in the year 2026 trailing a CAGR of 5.9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.5% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$18.8 Billion by the close of the analysis period.
Canned Vegetables Segment to Reach $24 Billion by 2026
In the global Canned Vegetables segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$15.1 Billion will reach a projected size of US$20.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.5 Billion by the year 2026, while Latin America will expand at a 4.9% CAGR through the analysis period.