The global canned food market was valued at USD 91.90 billion in 2019 and is projected to reach USD 111.13 billion by 2032, registering a CAGR of 1.57% over the forecast period. In the United States, the market is anticipated to expand notably, with an estimated value of USD 28.25 billion by 2032. This growth is being fueled by the rising preference for ready-to-eat, long-shelf-life products and the introduction of healthier, premium-quality canned options by leading manufacturers. In 2019, North America held the largest share of the market at 39.1%.
The demand for canned food is primarily driven by the rising consumption of packaged food and beverages, which offer convenience for busy lifestyles. These products are typically processed through methods such as chopping, peeling, or cooking before being sealed in airtight tin or aluminum containers. With the growing working population and a fast-paced way of life, the appeal of convenience food has surged, thereby accelerating market growth.
That said, the global outbreak of COVID-19 temporarily disrupted the market. Lockdowns across multiple economies reduced product availability, raised prices, and impacted consumer purchasing power. Government-imposed restrictions on essential purchases, combined with reduced manpower and temporary shutdowns of production facilities, also contributed to a dip in sales. Despite these setbacks, demand for canned food rebounded quickly as consumers increasingly turned to these products for their convenience, safety, and wide availability.
Information Source: https://www.fortunebusinessinsights.com/canned-food-market-103258
Market Drivers
Mergers and Acquisitions Strengthen Industry Outlook
Industry growth is also being supported by an increasing number of mergers, acquisitions, and collaborations among major players, aimed at enhancing market reach and operational efficiency. For instance, in February 2020, B&G Foods completed its acquisition of Farmwise LLC, a well-known canned vegetable producer. This move expanded B&G’s plant-based product line and broadened its international presence, positively influencing the overall market.
Market Segmentation
By Type
Canned seafood represents the leading segment due to its strong nutritional profile, rich in protein and essential nutrients. Products such as fish, clams, and crabs are widely used in restaurants and foodservice outlets to offer authentic dining experiences. Younger consumers, in particular, are gravitating toward innovative seafood dishes like sushi, seafood salads, and gourmet sandwiches, which often incorporate canned seafood. To meet this growing demand, manufacturers are ramping up production capacity.
Regional Insights
North America Retains Market Leadership
The market is studied across North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America is expected to maintain its dominant position, supported by consumer preference for convenient food options and the presence of robust retail networks. In 2019, the region generated USD 35.93 billion in revenue, with steady growth projected. Europe is forecasted to be the second-largest region, fueled by increasing adoption of canned food products among millennials across key countries.
Key Players
Prominent companies operating in the global canned food market include:
- The Kraft Heinz Company (U.S.)
- Bolton Group S.r.l. (Italy)
- Campbell Soup Company (U.S.)
- Conagra Brands, Inc. (U.S.)
- Nestlé (Switzerland)
- Danish Crown AmbA (Denmark)
- Del Monte Foods, Inc. (U.S.)
- JBS USA Holdings, Inc. (U.S.)
- Ayam Brand (Singapore)
- Holyland Marketing Private Limited (India)
Recent Developments
- April 2020: Baxters Food Group Limited launched a vegan canned soup line featuring Jackfruit, Three Bean & Chipotle, Sri Lankan Sweet Potato, and Butternut Squash & Lentil Dhansak. This initiative was aimed at tapping into the growing plant-based food trend while diversifying the company’s portfolio.
