Canned food market predicted to increase
Transparency Market Research (TMR), a global market intelligence company, delivers key insights on the food cans market in its new report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027.
In terms of revenue, the global food cans market is estimated to expand at a CAGR of around 4% during the forecast period, owing to numerous factors.
The food can appeal
Food cans offer a shelf life ranging from one to five years, which varies as per the sealing technique. Canned food is preferred by consumers as it is considered to be cost-effective, long-lasting and prevents wastage of food. Moreover, food cans also help in controlling portion sizes, and are easy to serve.
Asia Pacific to represent significant growth potential
Geographically, Asia Pacific holds 18% of the global food cans market, and is expected to expand its current value by 1.4x by the end of the forecast period. The food cans market is expected to create an incremental opportunity of US$ 2.4 bn and is projected to expand at a CAGR of 5% over the forecast period in this region. China leads in terms of both production and consumption of canned food products.
The ASEAN countries, such as Vietnam and Malaysia are emerging as key regions for the food cans market. The Asia Pacific market is expected to grow rapidly for food cans due to booming industry with a large population that is ready to spend on processed and packaged foods.
Europe & US together account for ~60% of the global market
The United States accounts for a lion’s share in the North America market, and is anticipated to expand its current value by 1.4x by the end of 2027. Demand for food cans has witnessed substantial growth in North America, and it is anticipated that the enhanced shelf life of food cans will further bolster market growth. Affordability, coupled with changing lifestyles, is anticipated to be the key growth driver of the food cans in the region.
Europe holds a quarter of the global food cans market share, and represents an incremental opportunity of US$ 2.5 bn by 2027, despite being a mature market. Poland in particular is projected to expand at a CAGR of 5% in terms of value during the forecast period. The meat, poultry and seafood segment is expected to lead the way because of as consumers lean more towards protein-rich foods.
Food cans market: competition landscape
In the global market, the key players are Crown Holdings, Ardagh Group S.A, Silgan Holdings and Ball Corporation. However, several other players are emerging as prominent regional players, such as Toyo Seikan, Smurfit Kappa Group, Mondi Group, Sonoco Product Company, CPMC Holding, Kingcan Holding, Allstate Can Corporation, Kian Joo Can Factory Berhad, Independent Can Company, Colep Portugal S.A, Nampak, HUBER Packaging Group, Visy Industries, CAN-PACK S.A., Jamestrong Packaging, and Aaron Packaging. While they might not directly compete with the global giants, they can affect regional pricing trends to a significant extent.
These insights are based on a report on Food Cans Market by Transparency Market Research.