The global canned food market was valued at USD 91.90 billion in 2019 and is anticipated to reach USD 111.13 billion by 2032, reflecting a CAGR of 1.57% over the forecast period, according to our current report analysis. In 2019, North America led the canned food market, holding a 39.1% share.
The market's growth is primarily fueled by increasing consumption of packaged food and beverage items that offer convenience. These products undergo processes like peeling, chopping, and cooking before being sealed in airtight tin or aluminum cans. With the growing pace of life and a rising working population, the demand for convenient food options has surged, thereby driving market expansion.
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Rising Mergers Among Companies to Directly Influence Market Growth
The report highlights several factors that have driven market growth in recent years. Chief among them is the growing number of mergers, acquisitions, and strategic collaborations between companies. Leading industry players are joining forces to optimize resource usage and expand their customer base. For instance, in February 2020, B&G Foods announced the completion of its acquisition of Farmwise LLC, a prominent global canned vegetable producer. This acquisition is expected to enhance B&G Foods' offerings in the plant-based protein segment and strengthen its international presence. The integration of Farmwise LLC is anticipated to positively impact the canned food market over the forecast period.
CANNED FOOD MARKET SEGMENTATION ANALYSIS
By Type Analysis
Canned seafood represents the largest segment within the canned food industry due to its numerous health benefits. Derived from aquatic sources such as fish, crabs, clams, and other seafood, it is a rich source of protein and essential nutrients. Many food service providers and restaurant chains are incorporating canned seafood to deliver authentic culinary experiences. Furthermore, younger consumers are increasingly drawn to exotic fish varieties, driven by evolving taste preferences. The widespread use of canned seafood in dishes like sushi, fish salads, and sandwiches is attributed to its distinct flavor profile. In response to rising demand, manufacturers are scaling up production to meet consumer needs.
REGIONAL INSIGHTS
North America to Lead in CAGR; Fast-paced Lifestyle to Drive Market Expansion
The report evaluates current market patterns across five primary regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, North America is projected to remain the leading market in the foreseeable future. The prevalence of a fast-paced lifestyle and a growing inclination toward canned food, especially in the United States, are major contributing factors. The strong presence of large-scale retailers and increasing demand for convenience food will further support growth. In 2019, North America’s market stood at USD 35.93 billion and is expected to continue expanding. Europe is poised to become the second-largest market, bolstered by a surge in canned food consumption among millennials across various countries in the region.
Companies Profiled in the Report:
- The Kraft Heinz Company (United States)
- Bolton Group S.r.l. (Italy)
- Campbell Soup Company (United States)
- Conagra Brands, Inc. (United States)
- Nestlé (Switzerland)
- Danish Crown AmbA (Denmark)
- Del Monte Foods, Inc. (United States)
- JBS USA Holdings, Inc. (United States)
- Ayam Brand (Singapore)
- Holyland Marketing Private Limited (India)
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Industry Developments:
April 2020: Baxters Food Group Limited introduced a new line of vegan canned soups in three varieties—Jackfruit, Three Bean & Chipotle; Sri Lankan Sweet Potato; and Butternut Squash & Lentil Dhansak.
