Canned food market to surpass $140bn by 2032
The global canned food market size accounted for $103.2 billion in 2022. It is projected to surpass around $140.0 billion by 2032, and it is poised to reach a CAGR of 3.1% from 2023 to 2032.
Canning is a method of conserving foods for long periods by storing them in airtight containers. Canned foods such as sweets & desserts, beans, fruits, and others involve canning procedures that retain essential nutrients. Therefore, canned food products have been one of the desired choices for preserved food products.
- By type, the canned seafood segment leads the market with the highest revenue share of 27%.
- By distribution channel, supermarkets/ hypermarkets dominate the segment with a revenue share of 46% in the account.
- North America held a significant revenue share of 38.2% in 2022.
- The Europe market is anticipated to grow at a high CAGR during the forecast period.
Canned foods are good sources of nutrients, protect foods from external conditions, and offer hygienic canned foods. It is widely used for various packaging because it is suitable to use, safe to consume, and easy to transport.
Factors Affecting the Growth of the Canned Food Market
Several factors can affect the growth of the Canned Food market. Some of these factors include:
- Increasing Demand for Convenience Food: The increasing disposable income and the number of working women is the major factor enhancing the growth of canned food intake worldwide.
- Rising Demand Among Consumers: The rising requirements among customers represents one of the main factor propelling the market growth. Additionally, increasing awareness of hygienic food products drives market growth.