The global canned food market is projected to grow at a CAGR of over 3% during the forecast period. The key factors that drive the growth of the global canned food industry include the growing disposable incomes in developed, as well as emerging economies and the improved standard of living. This will further intensify the demand for packaged products and hence will drive the canned food market.
There is an increasing demand for canned fish and seafood owing to the increasing awareness of consumers regarding the nutritional benefits offered by fish and seafood coupled with the long shelf life possessed by them. This tends to drive the overall growth of the global canned food market.
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Moreover, the recent COVID-19 outbreak has positively impacted the global canned food industry growth. The outbreak has impacted the consumer’s behavior across the globe, with many shoppers dealing with the shortage of food and delivery bottlenecks for feeding themselves and their families. At the forefront of the COVID-19 outbreak, panic buying saw many consumers stockpile items such as beans, soups, and other canned food goods.
The COVID-19 outbreak has led to the shutdown of restaurants and retail shops and forced the people to stay at home, which in turn, has increased the demand for processed food such as canned soups and vegetables. This has rippled through the entire food supply chain. Seeing this increasing demand, the food cans manufacturers are also speeding up their production in order to cater to the increasing demand for canned food. For instance, Crown Holdings, went into the year planning to increase production in the US, and the virus has only added urgency to the effort.
The overall food business is normally steady, however, the rapid rise in the sales of canned and other packaged foods amid the COVID-19 outbreak, when other transportation companies and vegetable producers have been knocked off stride by the virus, has forced manufacturers into a state of high alert. The increasing demand due to the COVID-19 outbreak has presented the opportunity for the growth of the global canned food market in the near future.
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Global Canned Food Market – Segmentation
By Type of Food
- Canned Meat Products
- Canned Fish/Seafood
- Canned Vegetables
- Canned Fruits
- Others (Milk, Sauces)
By Distribution Channel
- Retail & Convenience Stores
- Online Platforms
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
