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

May 18, 2022

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

  • On the basis of Material, the market is segmented into Aluminum Cans and Steel/Tin Cans. During the forecast period, the aluminum can segment is expected to lead the market in terms of material. Aluminum's cost-effectiveness and recycling rates are to blame for this. Increasing the usage of metal packaging for food and beverage packaging gives a long-term and environmentally beneficial packaging solution for a variety of applications. Aluminum cans are easy to store in the refrigerator and oven.

  • 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. The market for other applications (food and beverage metal cans) is divided into two categories: food and beverages. Because of the significant use of carbonated, non-carbonated, and sports & energy drinks, beverage cans are expected to account for the largest share. The market for beverage cans is growing as the consumption of alcoholic beverages rises. Furthermore, during the projection period, shifts in consumer attitudes toward healthier drinks will drive the market for metal cans.

  • Asia Pacific is the fastest regional segment in terms of growth. The Asia-Pacific area is the world's fastest-growing market for canned foods, particularly canned meat, fish/seafood, and fruits. Canned crab meat is heavily imported by countries like Japan, Korea, and China. Pasteurized crab meat, for example, is one of the most popular canned seafood products in Asia-Pacific countries, second only to canned fish like tuna. Furthermore, in nations such as India, food manufacturers have begun to offer ready-to-eat cans of the most popular native delicacies, such as poha and upma. Many local vegetarian food staples, such as sterilized pav bhaji, curry parata, and dal, are now available in ready-to-eat cans that have been certified by a number of local and international food safety bodies.

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 demand is also being driven by product innovation in the region.