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The Canned Preserved Food Market is estimated to reach $136.1 billion by 2030, growing at a CAGR of 4.3% over the forecast period 2023-2030. In the past few months, ready-to-cook food
items have been flying off the shelves as a result of countries being placed
under lockdown and the majority of people working from home. One online grocery
store with headquarters in India, Grofers, even reported a sales increase of
170% in the ready-to-eat category and 31% in the ready-made meals and mixes
category in 2020. It is predicted that this shift in consumer behavior would
greatly boost the industry under study in the next few years. Food that has been hermetically sealed,
processed commercially and prepared for human consumption is referred to as
canned food. This includes canned fruits and vegetables, canned seafood and
canned meat and several other food items. For the purposes of this provision, canned
food that are corroded, leaky, bloated or that are otherwise not capable of
being sold to the general public are expressly excluded. North America
holds a major share of 35% in 2022. The market expansion of canned food in this region is being
significantly fueled by the large variety of products, improvement in the
infrastructure of the supply chain and rise in popularity of convenience food.
Canned Preserved Food Market Drivers
Growing Demand for Convenience Food:
The global Canned Food market is expanding as a result of the rising demand for convenience food because of the busy lifestyle. As canned food cooks quickly, is simple to prepare and has a long shelf life, the demand for it is rising, particularly among people who are employed. A survey by the Associated Chamber of Commerce and Industry of India (Assocham) in 2021 found that due to a sharp rise in incomes, changing standards of living and the convenience factor, roughly 79% of households chose quick food. This is boosting the market growth.
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Rising Demand for Plant-based Seafood:
The market for canned seafood is projected to expand due to the rising
acceptance of plant-based seafood. A Bloomberg Intelligence
analysis predicts that the market for canned fish made from plants would
increase from US$30 billion in 2020 to US$162 billion in 2030. Additionally,
scientists and marketers are developing nutritious, plant-based fish that
tastes authentic due to the rise in demand for seafood alternatives. The Good
Catch raised US$32 million in funding in January 2020 for its plant-based
seafood.
R&D Investment:
In January 2022, the fish company Minnow,
founded by a New York City restaurant, debuted its product line. Alaskan
salmon, Icelandic cod liver and Spanish sardines are all available in the
private label line of shelf-stable canned seafood.
Major Players in this Market
The major
companies in the Canned Preserved Food Market include Campbell Soup Company, Ayam
Sarl, Danish Crown, CHB Group, JBS, Conagra Brands, Inc., The Kraft Heinz
Company, Del Monte Foods, Inc, Princes Foods, Nestle S.A. and Bumble Bee
Seafoods LLC.
In January 2022, the first range of items from the tinned
fish brand Minnow was introduced. Alaskan salmon, Icelandic cod liver and
Spanish sardines are among the first goods in the shelf-stable, private-label line of canned seafood products.
Companies operating in the Canned Preserved Food market can generate more revenue in countries where the demand for canned preserved food is higher. Increasing market potential for current players and new entrants in the global canned preserved food market can be achieved by launching innovative products, which are anticipated to propel the market growth during the forecast period of 2023–2030.