The global canned food market is projected to grow at a CAGR of over 3% during the forecast period. Fruits and vegetables are an important element for a healthy diet, however, due to seasonality, they are often consumed processed. Canned fruits and vegetables are convenient products that fulfill the dietary needs of the consumers. Along with healthy foods, consumers are looking for functional foods or foods that provide benefits for health or reduce the risks of some diseases. 

The primary factors that drive the growth of the global canned food market include the increased urban population which prefers ready, easy, and convenient foods. Increased awareness amongst the people regarding the harmfulness of plastic packaging and the demand for a sustainable solution and increasing recycling rates across the globe are further driving the growth of the market over the forecast period.

However, some of the factors that hinder the growth of the market include the material in which canned food packaging is done. Growing environmental concerns and rising awareness amongst the people significantly demand for sustainable and eco-friendly packaging materials. 

Segmental Outlook

The global canned food market is segmented on the basis of types of food and distribution channels. Based on the type of food segment, the market is segmented into canned meat products, canned fish/seafood, canned vegetables, canned fruits, and others such as canned milk and sauces. Based on the distribution channel, the market is bifurcated into retail & convenience stores that include supermarkets & hypermarkets and online platforms.

Online Platform Segment to Register Significant Growth in the Market

Amongst the distribution channel of the global canned food market, the online platform segment is likely to grow significantly over the forecast period. The segmental growth of the market is attributed to the ease of purchasing and convenience, which is offered by online channels. The online channels provide 24/7 accessibility, 365 days a year, with no downtime for public holidays, closing times, and bad weather conditions, which makes purchasing faster and easier, without the hassle of crowds, traffic, and awkward social interactions. Improved infrastructure, lower selling price, and reduced costs associated with marketing and outreach of products over a digital platform promote online sales, which in turn, drives the segmental growth of the market.

Regional Outlook

The global canned food market is geographically segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific region is estimated to grow significantly during the forecast period. The growth of the region is backed by the increased adoption of canned food especially meat and seafood in economies such as Japan, China, and others. As per FAO, China, Korea, and Japan are among the key importers of meat followed by the US. Further, in countries such as India, there has been increased adoption of ready-to-eat foods. Canned foods in India are also certified by many local and international food security boards, such as BRC, APEDA, and FSSAI which regulate and ensures the safety and security of the food item. Whereas in the North American region, the presence of a large number of players backs the growth of the market during the forecast period.

Global Canned Food Market by Region, 2019 (%)

Market Players Outlook

Some of the prominent players operating in the global canned food market include Conagra Brands, Nestle SA, The Kraft Heinz Co., Campbell Soup Co., The J.M. Smucker Co., Bolton Group Srl, Bonduelle Group, and others. These are the key companies adopting several organic and inorganic growth strategies such as product launches & developments, partnerships, agreements, and acquisitions to strengthen their product portfolios and maintain a competitive position in the global canned food market. 

For instance, in July 2019, Bolton Group acquired Bellevue, a US-based tuna firm Tri Marine. Tri Marine has over 5,000 employees involved in fishing processing, trading, and distributing tuna. In addition to owning its tuna brands Ocean Naturals and Choice landing, Tri Marine supplies several other leading tuna brands across the globe. The company operates 14 purse seiners as well as processing plants in San Pedro, California; Port Louis, Mauritius; the Solomon Islands; the Marshall Islands; Ningbo, China; Barranquilla, Colombia; and Manta, Ecuador. This acquisition of Tri Marine has strengthened the revenue stream of Bolton Group.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global canned food market. Based on the availability of data, information related to products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.