Global canned food market to reach $124.49bn by 2031

According to Straits Research, the global canned food market was valued at $96.5 billion in 2022. 

It is estimated to reach $124.49 billion by 2031, growing at a CAGR of 2.87% during the forecast period (2023–2031).

This increase is due to a combination of factors, including rising consumption rates, an urbanising population, and a growing middle-class population. The retail boom is supported by swiftly expanding economies, which also contribute to this expansion. 

A rise in foreign direct investment (FDI) has led to a rise in private and public participation in other nations, contributing to retail infrastructure improvements.

Food is processed and then sealed in an airtight container (jars like Mason jars and steel and tin cans) as part of the canning process, a food preservation technique. 

Food preservation done in this manner is also referred to as “putting food by.” Those who are interested have the option of home canning. 

The canning process increases food’s shelf life by one to five years, although under some circumstances, this can be greatly extended for a longer duration. A product that has been freeze-dried and then canned, like dry and canned lentils, has a shelf life of up to thirty years before it loses its capacity to be consumed.

The National Food Processors Association tested food cans found in the Bertrand wreckage in 1974. A riverboat by the name of Bertrand went along the Missouri River in the year 1865. Researchers concluded that despite the food’s look, smell, and vitamin content degrading over 109 years, consumption was still safe. There was no sign of microbial multiplication, which led them to this conclusion.

Regional Analysis

Europe is the most significant global canned food market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period. In terms of both production and consumption, Europe commands the majority of the market. Sustainable farming practices and the advantages of canned food items have increased their use in Europe. 

In addition, the growing population, changes in consumption habits, and consumer awareness of health issues have increased demand for better food items, boosting the market for canned foods. Sales of canned food goods in the area are projected to increase due to the region’s steadily expanding demand for them. 

In keeping with this, leading market participants in the area are involved in the production of canned food items like fish and meat, as well as the launch of new goods to meet consumer demand and boost overall revenue.

North America is anticipated to exhibit a CAGR of 3.6% over the forecast period. Both in terms of production and consumption, North America is the world’s second-largest region for canned food items. 

However, an existing market for canned food items presents a considerable opportunity for the industry. The market in this region is being driven by technical developments, growth in demand for convenience meals, healthy food high in protein, and increasing awareness among the general population regarding fresh canned food products. 

The existence of large market participants in the area, each of which has powerful brands and production facilities designed to handle enormous volumes of product, contributes to an increase in the amount of manufactured canned food.

Key Highlights

  • Based on product type, the global canned food market is bifurcated into canned fruits vegetables, canned meat and seafood, canned ready meals, and others. The canned fruits and vegetables segment dominates the global market and is projected to exhibit a CAGR of 4.2% during the forecast period.
  • Based on distribution channels, the global canned food market is segmented into supermarkets/hypermarkets, convenience stores, e-commerce, and others. The Supermarket/Hypermarket segment dominates the global market and is predicted to exhibit a CAGR of 3.2% over the forecast period.
  • Based on type, the global canned food market is bifurcated into organic and conventional. The conventional segment owns the highest market share and is predicted to exhibit a CAGR of 3.4% over the forecast period.
  • Europe is the most significant global canned food market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period.

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