Global food cans market to grow by 4%

According to a study conducted by Transparency Market Research (TMR), the global food cans market is estimated to expand at a CAGR of 4% by 2027, owing to customer inclination towards protein rich foods.

25 Jan 2020 | By Aultrin Vijay

Food cans offer a shelf life ranging from one to five years, which varies as per the sealing technique. According to the report, canned food is preferred by consumers, especially millennial population, as it is considered to be cost-effective and long-lasting.

Due to the prolonged shelf life, food cans aid in reducing waste caused by spoilage of food. These factors have led to an increase in demand for food cans in the global market.

“Moreover, food cans also help in controlling portion sizes, and are easy to serve. The portion-control characteristic has particularly resulted in a sharp increase in pet food sales, as it helps in maintaining the correct diets for pets,” the TMR report stated.

According to the report, Asia Pacific holds 18% of the global food cans market, and is expected to expand 1.4-times its current value by the end of 2027. In Asia Pacific, the food cans market is expected to create an opportunity of USD 2.4 bn and could expand at a CAGR of 5% by 2027.

China, however, leads the charts in the Asia Pacific region, in terms of production and consumption of canned food products. “This can be attributed to the busy lifestyle of the millennial population who do not prefer investing time on elaborate recipes,” it mentioned.

The ASEAN countries, such as Vietnam and Malaysia, are emerging as key regions for the food cans market. The report also stated that the Asia Pacific market is expected to grow rapidly for food cans due to booming industry with a large population that is ready to spend on processed and packaged foods.

The Asian food cans market could, therefore, be regarded as an extremely competitive market, and is projected to offer the market with remunerative possibilities.

Meanwhile, Europe and the US cumulatively account for 60% of the global market.

Europe holds approximately one-fourth of the global food cans market share, and represents an opportunity of USD 2.5 billion by 2027, despite being a mature market. Furthermore, the market in Poland is projected to expand at a CAGR of 5% during the forecast period.

In the food cans market, the meat, poultry and seafood segment is expected to lead the way because of increasing customer inclination towards protein-rich foods.