Global canned food market to reach $114bn by 2027
The global canned food market is projected to reach $114.38billion by 2027, growing at a CAGR of 3.44%, according to a new report by ResearchAndMarkets.com.
The market was valued at $93.37billion in 2021. Companies Mentioned in the report include:
- Ayam Sarl
- Campbell Soup Company
- CHB Group
- Danish Crown AmbA
- Del Monte Foods Inc.
- JBS S.A.
- Nestle S.A
- Princes Foods (Mitsubishi Corporation)
- Thai Union Group PCL
- The Bolton Group
- The Kraft Heinz Company
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Canning is a process of preserving food products, such as seafood, meats, fruits, vegetables, sweets and desserts, soups and sauces, beans, lentils, and pasta, by increasing their overall shelf life. It relies on processing food, sealing processed food into cans, and heating cans to kill harmful bacteria.
It preserves nutrients of food products and prevents decomposition due to external factors like sunlight and air. At present, there is a rise in the consumption of canned food products across the globe due to the busy lifestyle of individuals.
The growing demand for canned food among consumers represents one of the key factors driving the market. Moreover, there is a rise in the number of working individuals, which is increasing the consumption of ready-to-eat (RTE) and convenient food items.
This, along with the escalating demand for healthy food that is rich in proteins, functional fibers, vitamins, and omega-3 fatty acids, is propelling the growth of the market across the globe. In addition, there is a surge in the number of large retail formats, such as hypermarkets and supermarkets around the world.
This, coupled with the wide availability of canned food through online stores, is offering lucrative growth opportunities to end-users and industry investors. Besides this, key market players are focusing on offering organic canned food products due to rising health concerns among people.
In line with this, they are providing product variants with high quality, taste, and nutritional value, which is positively influencing the market.
Additionally, the increasing demand for canned fish products among fitness-conscious individuals due to several health benefits of fish and seafood is strengthening the market growth.