The global canned food market was valued at USD 91.90 billion in 2019 and is expected to reach USD 111.13 billion by 2032, growing at a CAGR of 1.57% during the forecast period, according to our analysis. In 2019, North America led the market, holding a 39.1% share.
Market growth is primarily driven by increasing demand for convenient packaged food and beverages. These products undergo processes such as peeling, chopping, or cooking before being sealed in air-tight tin or aluminum cans. The fast-paced lifestyle and rising working population have fueled the demand for convenience foods, significantly contributing to market expansion.
Information Source: https://www.fortunebusinessinsights.com/canned-food-market-103258
Rising Number of Company Mergers to Directly Influence Market Growth
The report highlights various factors driving the growth of the overall market in recent years. Among these, the growing trend of company mergers, acquisitions, and collaborations has had the most significant impact on market expansion. Major companies are increasingly partnering with one another to optimize resource utilization and expand their consumer base. For instance, in February 2020, B&G Foods completed the acquisition of Farmwise LLC, a well-known global manufacturer of canned vegetables. This acquisition aims to enhance B&G Foods’ portfolio of plant-based protein products. By acquiring the US-based Farmwise, B&G Foods is positioned to strengthen its global operations in the coming years. This strategic move is also expected to positively influence the growth of the overall canned foods market in the near future.
North America to Record Highest CAGR; Fast-paced Lifestyle to Drive Growth
The report evaluates current market trends across five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, North America is anticipated to dominate the market in the coming years. The region’s fast-paced lifestyle and rising consumption of canned foods, particularly in the United States, are key contributors to this growth. The presence of numerous large-scale retailers, along with the increasing demand for convenience foods, will further support market expansion. In 2019, the North American market was valued at USD 35.93 billion, and this figure is expected to rise significantly in the future. Meanwhile, Europe is projected to become the second-largest market, driven by the growing preference for canned foods, especially among millennials in various countries across the region.
List of 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)
Industry Developments:
In April 2020, Baxters Food Group Limited introduced a new line of vegan canned soups in three flavors: Jackfruit, Three Bean & Chipotle; Sri Lankan Sweet Potato; and Butternut Squash & Lentil Dhansak.
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