Canned food Market size was at $91.4 billion in 2018 and is anticipated to reach $124.8 billion by 2026, with a CAGR of 3.9% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $33.2 billion from 2018 to 2026.
Growing awareness among consumers regarding the health hazards and ill effects of the food produced/grown using synthetic chemicals is likely to drive the growth of the organic canned food market in the future.
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Fruits, vegetables, meals, seafood, meat, soups & sauces, beans, sweets & desserts, lentils, and pastas are the most popular canned foods preferred by consumers due to their taste, nutrition and/or convenience. Canned foods are the popular choice for breakfast, snack, and dessert among health-conscious consumers. Due to busy lifestyle, consumers have been shifting their preference toward the consumption of convenience food products. Owing to the high nutritional content in the canned food products and wide range of product types available, they have become one of the most preferred convenience food choices among consumers.
The canned food market growth is propelled by the rise in demand for convenience foods in the market. Busy lifestyle and increasing women workforce have contributed to consumer shift toward nutritional food products along with convenience, both offered by canned food products. Canning of food products retain high nutritional value such as proteins, fibers, minerals, and antioxidants. Furthermore, with the growing retail industry and rise in penetration of e-commerce, the reach of canned food products in emerging markets is likely to grow in the future.
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The canned food market is segmented on the basis of product type, distribution channel, type, and region. On the basis of product type, it is categorized into canned meat & seafood, canned fruit & vegetables, canned ready meals, and others. Canned meat & seafood has been the most preferred choice of canned food among consumers due to their high protein content along with taste. The canned meat & seafood segment was valued at $40.3 billion in 2018 and is expected to grow with a CAGR of 3.2% from 2019 to 2026, to reach $52.2 billion by 2026. The canned ready meals segment is estimated to be the fastest growing segment during the forecast period.
The key players profiled in this report include Del Monte Foods, Conagra Brands, Kraft Heinz, Nestlé, Campbell Soup Company, JBS, CHB Group, AYAM, Danish Crown, and Bolton Group.
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Key findings of the Study In Canned Food Market Size
- The canned food market was valued at $ 91.4 billion in 2018 and is estimated to reach $124.8 billion by 2026, growing at a CAGR of 3.9% during the forecast period.
- By type, the organic segment is estimated to witness the fastest growth, registering a CAGR of 6.4% during the forecast period.
- In 2018, by distribution channel, the supermarket/hypermarket segment held the highest share, accounting for one third of the global canned food market share.
- In 2018, Germany was the most prominent market in the Europe region and is expected to grow at a significant CAGR throughout the forecast period.
