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, expanding at a CAGR of 1.57% during the forecast period. In the United States alone, the market is expected to record notable growth, reaching an estimated USD 28.25 billion by 2032. This upward trend is largely attributed to growing consumer demand for convenient, long-lasting food products, alongside the introduction of healthier and premium canned options by producers. In 2019, North America dominated the market, accounting for 39.1% of the global share.
The market’s expansion is closely tied to the rising consumption of ready-to-eat packaged foods and beverages. These products, often prepared through processes such as peeling, chopping, or pre-cooking before being sealed in airtight cans, are highly favored by busy working populations. As lifestyles become increasingly hectic, demand for convenient meal solutions continues to surge, directly fueling market growth.
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Rising Mergers and Acquisitions Boost Market Outlook
A key growth driver for the canned food industry is the surge in mergers, acquisitions, and collaborative ventures among leading companies. Such strategic moves are aimed at strengthening operational capacities and broadening market reach. For example, in February 2020, B&G Foods completed the acquisition of Farmwise LLC, a well-known canned vegetable company. This acquisition enhanced B&G’s plant-based product portfolio and expanded its global footprint, contributing positively to the overall industry.
Canned Food Market Segmentation
By Type
Canned seafood represents the largest market segment, largely due to its nutritional value. Rich in protein and essential nutrients, products such as fish, crabs, and clams are increasingly used by restaurants and food service providers to deliver authentic taste experiences. Younger consumers are showing growing interest in innovative seafood dishes like sushi, seafood salads, and sandwiches that often feature canned seafood. To meet this demand, manufacturers are scaling up production.
Regional Insights
North America Maintains Market Dominance
The market assessment covers five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America is forecasted to retain its leadership position, driven by fast-paced consumer lifestyles and a high preference for convenient food options, especially in the U.S. The strong presence of large retail chains also supports growth in this region. North America’s market stood at USD 35.93 billion in 2019, with consistent growth expected. Europe is projected to be the second-largest region, supported by rising canned food adoption among millennials across various countries.
Leading Companies in the Market
- 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)
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Recent Developments
- April 2020: Baxters Food Group Limited introduced a vegan canned soup range featuring Jackfruit, Three Bean & Chipotle; Sri Lankan Sweet Potato; and Butternut Squash & Lentil Dhansak. The launch was designed to tap into the expanding plant-based segment and diversify the company’s portfolio.
