Global Canned Foods Market to Reach $148.8 Billion by 2026

Canning refers to the long-term preservation of food by packing it into airtight containers like steel and tin cans and mason jars. Food canning is defined as a technique to store food at standard temperatures by keeping food in tightly closed vacuum-sealed containers and heat processing properly. Canning process involves washing, sorting/grading, preparation, container filling, exhausting, container sealing, heat sterilization, cooling, labeling/casing and shipment storage. The first step in canning is processing where the food undergoes cooking, peeling, pitting, shelling, boning or slicing. The processed food is then sealed in cans and then heated to destroy toxic bacteria and avoid spoilage. These processes make food stable for the shelf and safe for consumption from one to five years. Boiling, exertion of high temperature over sustained periods, pasteurization, freezing, vacuum treatment, refrigeration, food compatible antimicrobial agent infusions are some common procedures used for the prevention of food spoilage before containment. Other processes used are ionizing radiation, immersion in highly saline solution, osmotically tough microbial combating environments and solutions that are highly acidic or basic.

Amid the COVID-19 crisis, the global market for Canned Foods estimated at US$110.9 Billion in the year 2020, is projected to reach a revised size of US$148.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Canned Fish & Seafood, one of the segments analyzed in the report, is projected to grow at a 5% CAGR to reach US$49.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Canned Ready Meals segment is readjusted to a revised 5.3% CAGR for the next 7-year period. This segment currently accounts for a 25.6% share of the global Canned Foods market.

The U.S. Market is Estimated at $34.3 Billion in 2021, While China is Forecast to Reach $17.9 Billion by 2026 The Canned Foods market in the U.S. is estimated at US$34.3 Billion in the year 2021. The country currently accounts for a 29.04% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$17.9 Billion in the year 2026 trailing a CAGR of 5.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$18.8 Billion by the close of the analysis period.

The global market is set to continue its growth trajectory driven primarily by growing consumer perception about metal being a superior material compared to plastic and cartons in terms of retaining the flavor of the food as well as maintaining the safety of the packaged product. Additionally, canned food requires less energy for storage as this packaging often allows food to be stored without refrigeration. In addition to retaining the safety and quality of packaged food, cans are also economical and environment-friendly, making them an ideal material for food packaging. Canning is also known to retain the freshness of food; making cans the ideal choice of packaging for food products such as fruits and vegetables, which are often transported to long distances. As a truly sustainable and economical source of food packaging, metal cans are set to continue their dominance in the food packaging sector. An increase in the number of working women increased the consumer dependency on convenience foods and ready meals, which in turn led to the rise in demand for nutritious and shelf-stable food and consequentially propels the market growth of canned food.

The increasing urban population which is preferring convenience foods instead of home-cooked food is the key factor driving the market growth of canned food. Because of the hectic lifestyle, consumers are ready to pay more to purchase ready-to-cook seafood, meat, and meals, to save time. The increasing awareness among the consumers regarding the plastic packaging hazards, increasing recycling rates, and the requirement of sustainable solutions are propelling the canned food products market. Additionally, the growing awareness of the consumers regarding the benefits of consuming fresh food is driving the demand for alternative techniques or packaging. Consumers are also increasingly spending on organic foods, due to increased health concerns, which in turn provides an opportunity for the manufacturers to concentrate on canned organic food products. The manufacturers are focusing on offering canned organic food with high nutritional value, taste, and quality, with a variety of options to attain a competitive edge in the market of canned food. The high demand of the consumers for health food rich in functional fibers, protein, omega-3 fatty acids, and vitamins, is driving the consumers to prefer canned food products.

Canned Vegetables Segment to Reach $24 Billion by 2026

In the global Canned Vegetables segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$15.1 Billion in the year 2020 will reach a projected size of US$20.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.5 Billion by the year 2026, while Latin America will expand at a 4.9% CAGR through the analysis period.