Canned Food Market Size, Growth & Analysis | Report 2031

Report Description

Canned Food Market Outlook 2031

The global canned food market size was valued at USD 94.61 Billion in 2022 and is expected to reach USD 106.27 Billion by 2031, expanding at a CAGR of around 1.30% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing preference for convenient food products.

The busy lifestyle and convenience of ready-to-eat are propelling canned food manufacturing. Canned food is preserved for a long period by packing it in airtight containers. It provides a long shelf life prevents the food from spoiling and maintains the quality.

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Generally, vegetables, fruits, beans, meats, soups, and seafood get canned. Canning food reserves most of the nutrients. The process of canning preserves nutrients in the food, thus it is further considered a healthy food option. Soup, tuna, pasta, and others are the most consumed canned food products.

The COVID-19 pandemic has had a significant impact on the market outbreak as there was a huge surge in demand for canned food owing to the restrictions. People were stocking up on essential items and foods including packaged food. Moreover, the worldwide lockdown resulted in the closing down of restaurants and other places which also contributed to the rising demand for canned food.

• According to a study conducted by the National Restaurant Association (NRA) in 2021, nearly 90,000 restaurants were closed down both temporarily and permanently owing to the nationwide lockdown.

Canned Food Market Dynamics

Major Drivers

Increasing awareness about the negative impacts of plastic packaging and growing recycling rate worldwide is estimated to propel the market growth. Using plastics is expected to cause health-related issues thus, it is essential to put a stop to the usage of plastics.

Moreover, using sustainable packaging is expected to drive the market growth. High application of traditional packaging contributes to global warming and other related issues. Hence, sustainable packaged food is a potential alternative to reducing the use of plastic.

Existing Restraints

High usage of preservatives is expected to cause severe health issues, restraining the market growth. The canned food manufacturing process contains dissolved salt which results in several health issues including high blood pressure and heart attacks, hence restraining the market. Moreover, progressive change in the behavior of the customer requires continuous innovation to attract the customer can create challenges for market growth.

Emerging Opportunities

Growing demand for convenient and innovative canned food products is expected to create lucrative opportunities for the market in the coming years. Canned food offers health benefits which makes it a convenient packaged food and focuses on providing less expensive options.

Additionally, emerging economies are further contributing to creating opportunities for the market. With the increase in disposable income, people started adopting packaged food products as they were an affordable and convenient option and helped in the busy lifestyle of people. Thus, opportunities will arise for market players in the coming years.

Scope of Canned Food Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Canned Food Market Segment Insights

Product Type Segment Analysis

On the basis of product type, the market is classified as canned fish/seafood, canned meat products, canned fruits, canned vegetables, and others. The canned fish/seafood segment is anticipated to grow at a rapid pace during the forecast period as it provides immense health benefits. Canned food offers nutrients and is beneficial in providing omega 3 and omega 6 fatty acids. It is an affordable option owing to its cost-friendly options. Moreover, the rising trend of ready to eat food products is driving the growth of the market segment.

Processing Type Segment Analysis

Based on processing type, the market is bifurcated into organic and conventional. The organic canned food segment is expected to expand with a significant growth rate during the forecast period. Organic canned food is free from preservatives and chemicals and made with completely fresh ingredients. It offers convenience over conventional canned food as it does not have any synthetic pesticides and is a healthy alternative. Moreover, government policies regarding strengthening organic food are expected to boost the market segment.

• For instance, in January 2023, the USDA National Organic Program (NOP) previewed the Strengthening Organic Enforcement (SOE) final rule. This update of USDA organic regulations strengthens and oversees the production, handling, and sale of organic products.

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Distribution Channel Segment Analysis

In terms of distribution channels, the global canned food market is segregated into convenience stores, online retail channels, supermarket/hypermarket, and others. The supermarkets/hypermarkets segment is expected to dominate the market owing to the presence of well-organized brands and assistance in buying. Moreover, top-rated and newly launched canned food products in supermarkets are increasing traffic in the market.

• For instance, in April 2023, Conagra Brands, Inc., one of North America's leading branded food companies, and Wendy's are collaborating to bring Wendy's beloved chili into homes across the country. Wendy's Chili with Beans is going to be in the chili section of grocery stores and mass retailers from Spring 2023.

Regional Analysis

Based on region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market due to rising consumer preferences.

• According to research from the Bureau of Labor Statistics, in November 2023, payroll employment increased by 150,000 in October, and the unemployment rate changed little to 3.9 percent.

Hence, the increasing number of the working population and the busy lifestyle are influencing the regional market to adopt canned food.

Asia Pacific is projected to grow significantly during the forecast period due to the large production and export of canned food products. According to a report from People's Daily Online, the official newspaper of the Central Committee of the Chinese Communist Party (CCP) states that China is the largest producer of canned food. In 2022, China Exported 3.13 million tons of canned food valued at 6.89 billion. Thus, with the rapid growth in the manufacturing of packaged food, the market is projected to witness a boost in the region.

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