Canned food market to grow by $29.44bn
Packaging-related innovations are the primary trend in the market. Manufacturers are focusing on innovations in packaging with an increase in the demand for chemical-free canned foods.
Brands like Conagra Brands and The Hain Celestial Group Inc. (Hain Celestial) have started offering products in BPA-free containers. These brands offer either a few or all their canned food products in BPA-free cans, which usually have polyester-based substances coated on the inside of the cans.
The canned food market is segmented by product (canned fish and seafood, canned vegetables, canned meat, canned ready meals, and others), distribution channel (offline and online), and geography (Europe, North America, APAC, Middle East and Africa, and South America).
The canned fish and seafood segment held the largest share of the market in 2022. The market is estimated to witness significant growth during the forecast period due to the new product launches. To remain competitive in the market and satisfy shifting consumer needs, market participants are introducing new items. This is a significant factor in promoting the market growth.
Frequently Asked Questions:
- At what rate is the market projected to grow?
The canned food market is estimated to grow by $29.44 billion at a CAGR of 4.3% from 2022 to 2027, according to the report by Technavio.
- Who are the top players in the market?
The canned food market comprises several market vendors, including 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. among others.
- What are the key market drivers and challenges?
The new product launches are notably driving the canned food market growth, although factors such as product recalls may impede the market growth.
- What is the largest region in the market?
North America will account for 33% of the growth of the canned food market during the forecast period.