Food Can Market
Food Can Market - Global Industry Assessment & Forecast
- By Material Aluminum Cans, Steel/Tin Cans
- By Application Ready Meals, Powder Products, Fish and Seafood, Fruits and Vegetables, Processed Food, Pet Food
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 27.9 Billion|
|Revenue 2028:||USD 39.1 Billion|
|Revenue CAGR (2022 - 2028):||5.8%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The Global Food Can Market is valued at USD 27.9 Billion in the year 2021 and is projected to reach a value of USD 39.1 Billion by the year 2028. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.8% over the forecast period.
Food canning is a food preservation technique that entails sealing and sterilizing food in airtight containers. Among the different canned food goods available on the market are seafood, meat, fruits, vegetables, meals, sweets & desserts, soups & sauces, beans, lentils, and pasta. Canned food items have become one of the most popular preserved food products on the market because the canning procedure protects several vital ingredients. The rising urban population, which seeks fast and convenient eating, is driving the demand for healthy food high in protein, functional fibers, vitamins, and omega-3 fatty acids. Market sales are being driven by consumers ready to spend a little more for products with such attributes, as well as a desire for small, easy-to-cook meat and seafood, as well as organic canned fruits and vegetables. Furthermore, the business has been pushed by a growing global awareness of the harmful consequences of plastic packaging, as well as the demand for a sustainable alternative and higher recycling rates.
Food Can Market Size, 2021 To 2028 (USD Billion)
Because of the purported health benefits of organic products, the use of organic and clean-label products has increased in developed nations. The use of organic and clean-label products has expanded rapidly in several emerging countries, assisting the market's expansion. Consumers are more likely to consume chemical-free natural food products, and their increased label awareness has had a favorable impact on the industry. Organically cultivated veggies, fruits, and even meat products are preferred by consumers since they are healthier than conventionally grown ones. The widespread availability of organic canned goods, as well as their rising consumption, is a critical component in the rise of the canned food business. Tin and aluminum cans, which are nonbiodegradable in nature, are used to make canned food goods. After being used, the cans are thrown away, and they remain in the biosphere for more than a decade, posing major environmental risks. When the cans are exposed to abiotic or biotic causes, hazardous gases and toxic compounds are released.
Furthermore, governments in numerous countries are recommending people to avoid using tin and aluminum cans, which has hampered market growth. However, in order to prevent environmental pollution, several producers are now producing food in recyclable tin and aluminum cans.
The Food Can Market is segmented on the basis of Material and Application. On the basis of Material, the market is segmented into Aluminum Cans and Steel/Tin Cans. On the basis of Application, the market is segmented into Ready Meals, Powder Products, Fish and Seafood, Fruits and Vegetables, Processed Food, Pet Food and Other Applications.
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Based on Material-
In terms of material, the aluminum can segment is likely to lead the market throughout the forecast period. This is due to aluminum's cost-effectiveness and recycling rates. Metal packaging for food and beverage packaging is becoming more popular as a long-term and environmentally friendly packaging solution for a number of applications. Aluminum cans are convenient to keep in the fridge and oven.
Based on Application-
Food and beverages are grouped into two groups in the Other applications (food and beverage metal cans) market. Beverage cans are predicted to account for the greatest percentage due to the widespread usage of carbonated, non-carbonated, and sports and energy beverages. The market for beverage cans is expanding as alcoholic beverage consumption rises. Furthermore, shifts in consumer attitudes toward healthy drinks will drive the market for metal cans during the forecast period.
North America Region Dominates the Food Can Market with the Largest Share
North America is projected to acquire the largest market share with a share of 39.20%. The surge in consumption of processed foods and beverages will propel the global industry forward. North America is a mature economy with a sizable customer base and an equal number of working professionals. The regional market has been pushed by improvements in supply chain infrastructure and the growing popularity of convenience foods. Multinational investments, particularly from important markets in the region such as the United States, Canada, and Mexico, will provide chances for local companies. Consumption of various ready-to-eat/drink items has increased due to an increase in the working population and a busy lifestyle. The global pandemic outbreak of Covid-19 has caused a significant drop in the market, as the region's canned food manufacturing industries have been shut down. The majority of the Covid-19 afflicted, and deceased patients are from the United States. This is impeding market expansion.
Key players operating in the Global Food Can Market include- Crown Holdings, Wells Can Company, Kian Joo Group, Silgan Holdings Inc., CAN-PACK SA, Aaron Packaging Inc., Toyo Seikan Group Holdings Ltd, Visy Industries, Jamestrong Packaging and others.
Segmentation of the Global Food Can Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Food Can in terms of revenue?
The global Food Can valued at USD 27.9 Billion in 2020 and is expected to reach USD 39.1 Billion in 2028 growing at a CAGR of 5.8%.
Which are the prominent players in the market?
The prominent players in the market are Crown Holdings, Wells Can Company, Kian Joo Group, Silgan Holdings Inc., CAN-PACK SA, Aaron Packaging Inc., Toyo Seikan Group Holdings Ltd, Visy Industries, Jamestrong Packaging.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.8% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Food Can include
- Improving Income Levels
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Food Can in 2020.