Press Release - | Food Can Market to Reach Valuation of USD 39.1 Billion by 2028 - Increasing Demand for Food Can Market for demand for organic foods to Drive the Market Growth |
Vantage Market Research | 18 May 2022
Food & Beverage
Food Can Market to Reach Valuation of USD 39.1 Billion by 2028 - Increasing Demand for Food Can Market for demand for organic foods to Drive the Market Growth
From the period of 2022 to 2028, the Global Food Can Market is expected to reach USD 39.1 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 5.8%.
Food canning is a method of food preservation that involves sealing and sterilizing food in airtight vessels. Seafood, meat, fruits, vegetables, meals, sweets & desserts, soups & sauces, beans, lentils, and pasta are among the various canned food products available on the market. Because the canning technique preserves many critical elements, canned food products have become one of the most popular preserved food products on the market. The need for healthy food high in protein, functional fibers, vitamins, and omega-3 fatty acids is mostly driven by the growing urban population, which seeks easy and convenient eating. Consumers willing to pay a little more for products with such features, together with the desire for tiny, easy-to-cook meat and seafood, as well as organic canned fruits and vegetables, are driving market sales. Furthermore, growing global awareness of the negative effects of plastic packaging, as well as the need for a sustainable alternative and increased recycling rates, have fueled the industry.
Key Highlights from the Report
Market Dynamics:
Rising Consumer Awareness towards Hygienic Food Products
Canning is a way of preserving food products by giving them a longer shelf life. Food goods are preserved by canning, which prevents decomposition due to external elements such as sunshine and air. Many fast-food franchises and restaurants use canned food products because they are convenient to prepare and stay free of contamination and spoiling for longer periods of time. Because canned fruits are devoid of pollutants and preserve all of their nutritional characteristics, they are commonly utilized in salads, smoothies, drinks, or eaten straight. Consumers' desire to spend money on clean and easy food products is largely to blame for the popularity of these foods.
Increasing Demand from Consumers for Ready-to-Cook and Ready-to-Eat Products
Consumer desire for ready-to-cook and ready-to-eat food products has assisted the growth of the tinned food business in both developed and emerging economies. The increase in the working population, as well as reduced time spent cooking, has boosted the market growth. The rise of the millennial generation, as well as their widespread acceptance of ready-to-eat foods, has led them to prefer canned goods because they are easier to prepare and save time. To better serve consumers and meet their growing expectations, major manufacturers are implementing innovative methods such as new product releases and boosting production capacity.
Over the projection period, North America is expected to have tremendous growth. Food processing is a major manufacturing industry in the United States, and it is boosting regional demand for food cans. Food processing factories account for 16 percent of the value of shipments from all manufacturing operations in the United States, according to the US Department of Agriculture. Packaging also extends the shelf life of a product, reducing food waste, which is a major environmental and economic issue. Food Can Market demand is also being driven by product innovation in the region.
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Food & Beverage
Food Can Market to Reach Valuation of USD 39.1 Billion by 2028 - Increasing Demand for Food Can Market for demand for organic foods to Drive the Market Growth
18 May 2022
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Food Can Market to Reach Valuation of USD 39.1 Billion by 2028 - Increasing Demand for Food Can Market for demand for organic foods to Drive the Market Growth
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