Originally published by Technavio : Canned Food Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027
The canned food market is poised for robust growth, projected to achieve a Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2027, resulting in an anticipated increase of USD 29,442.6 million. This growth is underpinned by several converging factors, including the introduction of innovative products, the rising demand for convenient food solutions driven by modern lifestyles, and the expanding presence of online retail platforms.
This comprehensive report offers a detailed exploration of market segmentation, encompassing various product categories (such as canned fish and seafood, vegetables, meat, ready meals, among others), distribution channels (offline and online), and geographical regions (Europe, North America, APAC, Middle East and Africa, and South America). Furthermore, it provides an exhaustive analysis of drivers, trends, and challenges shaping the market landscape, complemented by historical market data spanning from 2017 to 2021.
Market Size Projection:
During the forecast period, the canned food market is expected to witness significant growth, with a projected surge of USD 29,442.6 million and a CAGR of 4.3%. This growth trajectory is fueled by factors such as the continuous introduction of innovative products and the increasing demand for convenient food options to cater to the evolving needs of modern consumers.
Key Market Drivers, Trends, and Challenges:
A primary driver of market growth is the ongoing wave of new product launches. Market players are continuously innovating and diversifying their canned food offerings to meet changing consumer preferences and maintain a competitive edge. However, challenges such as product recalls can hinder market advancement. Instances of product recalls, often due to issues like tainted raw materials or labeling discrepancies, can undermine consumer trust and tarnish brand reputation.
Major Market Segments:
The canned fish and seafood segment emerge as focal points of rapid growth within the market. Offering comparable health benefits to fresh alternatives, canned fish products are gaining traction, particularly among health-conscious consumers seeking convenience without compromising on nutrition.
Geographical Insights:
North America and Europe are expected to be significant contributors to market growth, collectively accounting for 33% of the market expansion during the forecast period. Rising household expenditures on food, coupled with the inherent convenience of canned foods, drive market growth in these regions. Despite the challenges posed by the COVID-19 pandemic, growing awareness of the health benefits of canned foods is anticipated to further stimulate market growth.
Key Players and Competitive Landscape:
Market vendors employ various strategies, including strategic alliances, mergers and acquisitions, and product diversification, to enhance their market presence. Noteworthy players in the market include Jutai Foods Group Ltd. and industry giants like Conagra Brands Inc., Campbell Soup Co., and The Hain Celestial Group Inc.
Conclusion:
The canned food market presents promising growth prospects, fueled by factors such as innovative product offerings and increasing consumer demand for convenience. With segments like canned fish and seafood experiencing robust growth, and regions like North America and Europe offering fertile ground for expansion, the canned food market offers a compelling landscape full of opportunities for stakeholders and industry participants alike.