PUBLISHER: Grand View Research | PRODUCT CODE: 1493398
PUBLISHER: Grand View Research | PRODUCT CODE: 1493398
The global canned food market size was anticipated to reach at USD 154.72 billion in 2030 and is projected to grow at a CAGR of 3.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is driven by various factors, including the increasing demand for convenient and ready-to-cook food products and the rising popularity of canned food among consumers worldwide.
The increasing demand for convenient and ready-to-cook food products has been pivotal in driving the demand for canned food. Quick Service Restaurants (QSRs) have also contributed significantly to the market growth, relying on canned food products to maintain consistent taste and align with their operational efficiency goals thus fueling market expansion.
The canned fruits and vegetables segment held the market with the largest revenue share of 30.4% in 2023 and is expected to register at a considerable CAGR over the forecast period. Canned fruits and vegetables offer consumers the convenience of ready-to-eat, pre-prepared produce that requires minimal preparation, saving time and effort in meal preparation. In addition, they are also widely available in various retail channels, including supermarkets, grocery stores, and online platforms, making them easily accessible to consumers. This accessibility and availability contribute to increased sales and consumption.
The organic segment is expected to grow at the fastest CAGR of 7.4% from 2024 to 2030. There is an increasing awareness about the potential health and environmental benefits of organic foods. Consumers are becoming more conscious about the impact of their food choices on personal health and the environment, leading to a greater demand for organic food products, including canned foods. Moreover, organic canned foods are perceived as healthier options due to their lack of synthetic pesticides, herbicides, and fertilizers commonly used in conventional farming practices. As consumers seek healthier and more natural alternatives, the demand for organic canned fruits, vegetables, meat, seafood, condiments, and other products is expected to rise during the forecast period.
Europe dominated the market with a revenue share of 37.7% in 2023 and is estimated to expand at a significant CAGR over the forecast period. The popularity of canned food is fueled by the fast-paced lifestyle and increasing demand for convenience food in Europe. The market has expanded to include a wide variety of products, including fruits, vegetables, soups, meats, and seafood. This diversification caters to the preferences of European consumers who seek convenient, ready-to-eat or easy-to-prepare meal options further driving market growth in the Europe region.
Major players in the global market include Conagra Brands, Inc., Kraft Heinz Company, Campbell Soup Company, The Kraft Heinz Company, Del Monte Foods, Inc., Hormel Foods Corporation, Thai Union Group PCL, Dole Food Company, Inc., Bonduelle SA, and Bumble Bee Foods, LLC. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain more market share.