- Surge in awareness regarding nutritious value provided by canned food, increase in organized retailing, and rise in inclination toward convenience food drive the global canned food market
PORTLAND, Oregon, Feb. 12, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Canned Food Market by Product Type (Canned Meat & Seafood, Canned Fruit & Vegetables, Canned Ready Meals, and Others), Distribution Channel (Supermarket/Hypermarket, Convenience stores, E-commerce, and Others), and Type (Organic and Conventional): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global canned food industry generated $91.4 billion in 2018, and is expected to reach $124.83 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026.
Prime determinants of market
Surge in awareness regarding nutritious value provided by canned food, increase in organized retailing, and rise in inclination toward convenience food drive the global canned food market. However, risks related to contamination of food and increase in awareness regarding chemicals & preservatives hinder the market growth. On the other hand, surge in R&D activities along with trend of innovation create new opportunities in the industry.
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The conventional segment to maintain its lead position during the forecast period
Based on type, the conventional segment contributed to more than four-fifths of the total share of the global canned food market in 2018, and is expected to maintain its lead position during the forecast period. This is due to lower costs, safety in consumption, and wide availability across the globe. However, the organic segment is expected to register the highest CAGR of 6.4% from 2019 to 2026, owing to surge in consumer preferences due to environment friendly nature and awareness regarding ill effects of synthetic chemicals.
The supermarket/hypermarket segment to maintain its pole position by 2026
Based on distribution channel, the supermarket/hypermarket segment held the highest market share of the global canned food market, accounting for nearly half of the total share in 2018, and is projected to maintain its pole position during the forecast period. This is attributed to lower prices of products, high visibility, and ease in accessibility. However, the e-commerce segment is expected to grow at the largest CAGR of 6.8% from 2019 to 2026, owing to changing buying preferences for convenience, free home-delivery, and ease of payment.
Europe to lead during the forecast period, North America to follow
Based on region, Europe accounted for the largest market share in terms of revenue, contributing for more than two-fifths of the global canned food market in 2018, and is expected to lead during the forecast period. This is due to sustainable farming techniques coupled with rise in benefits, increase in health consciousness, and launch of new products. North America accounted for the second-highest market share in 2018. However, Asia-Pacific is estimated to maintain the fastest CAGR of 5.9% from 2019 to 2026, owing to big manufacturers entering the region, rise in demand for convenience by consumers, industrial import & export, and changing consumer behavior.
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Leading market players
- Del Monte Foods
- Conagra Brands
- Kraft Heinz
- Campbell Soup Company
- CHB Group
- Danish Crown
- Bolton Group
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