PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308657
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308657
According to Stratistics MRC, the Global Canned Beans Market is accounted for $743.4 million in 2023 and is expected to reach $1326.4 million by 2030 growing at a CAGR of 6.2% during the forecast period. Beans that have been canned after being preserved are referred to as canned beans. The salt, water, and specific preservatives used to keep the beans in the cans help to maintain their color, texture, and freshness. The bean is among the oldest foods that have been domesticated. Beans lower cholesterol and the risk of heart disease and diabetes, among other health benefits. Additionally, canned beans are very convenient because they don't require any prior preparation, such as peeling, slicing, or cleaning.
According to the American Heart Association, eating beans as part of a healthy diet can help improve high blood cholesterol, a leading cause of heart disease.
One of the key elements driving the market's expansion is an increase in personal disposable income. The factors that determine market growth include changing lifestyles, westernization, increasing research and development efforts made by major corporations, particularly in developing economies, and ever-increasing global participation. Improving the distribution system, growing consumer demand for ready-to-eat food products, expanding the retail industry in developing economies, rising health consciousness among consumers, and shifting consumer tastes and preferences will all contribute to market value growth.
However, a sizable portion of the population has bean allergies, which will significantly hinder market's expansion. Because of the high sodium content, canned beans might not be a good choice for people with high blood pressure or other illnesses. It consequently affects demand. Therefore, the large percentage of people who have bean allergies will be a significant barrier to the market's growth.
Cans of beans, a readily available organic source of protein, are in high demand as a result of consumers' growing health concerns. The rising popularity of ethnic cuisine is expected to increase demand for legumes and beans in the upcoming years. The market has grown as a result of government initiatives that have encouraged the use of canned beans in various contexts. Therefore, it is anticipated that the market for canned legumes will grow quickly over the next few years, driving the market for canned beans to grow financially.
The development of the canned beans market over the coming years is likely to be constrained by rising artificial flavor usage in canned beans. Additionally, the rising demand for fresh foods, high costs of these products, and rising costs for R&D is limiting the market expansion.
The global economy was negatively impacted by the COVID-19 pandemic. Limitations on travel and cargo movement, on the other hand, reduced the demand for the goods. However, the growth of e-commerce companies, on the other hand, resulted in a significant increase in demand for canned beans from online delivery services. The market demand for these beans has increased due to their longer shelf life and lack of microbial contamination. But supply and demand on the global market were also impacted by the global economic downturn.
As people became more conscious of the detrimental effects traditional farming methods have on their health and the environment, the organic segment is expected to dominate the canned beans market in the prediction period. Organic canned beans help to support healthy ecosystems and the growth of crops without the use of conventional chemical inputs because they are produced without the use of artificial fertilizers, pesticides, or radiation. Such aspects spur the segment's growth.
The baked beans segment is estimated to witness the highest growth rate during the forecast period. Beans covered in sauce and either homemade or premade in cans are known as baked beans. Protein, fiber, other nutrients, and healthy plant compounds are all found in abundance in baked beans. They might raise cholesterol levels and benefit gut health. Moreover, a balanced diet can benefit from including baked beans, provided they are prepared with little sugar and a moderate amount of salt.
On account of busy lifestyles, an increase in the number of working women, and higher disposable income, North America is anticipated to witness the largest share over the forecast period. According to data from the World Bank, the overall proportion of working women in North America between the ages of 15 and 64 increased by 1.96% between 2015 and 2019. Additionally, it is predicted that increased demand for ready-to-eat foods will spur market expansion in the area. The rising popularity of vegan cuisine is also anticipated to spur market expansion.
On the back of rising population and shifting lifestyles, the Asia Pacific region is predicted to experience the highest CAGR during the forecast period. The market is growing as a result of rising vegan diet acceptance, increased industry establishment, and rising consumer preference for plant-based substitutes. Additionally, the Indian canned bean market was the Asia-Pacific region's fastest-growing market, and China's canned bean market had the largest market share. Furthermore, rising packaged food and beverage consumption is anticipated to spur market expansion in the area.
Some of the key players profiled in the Canned Beans Market include American Garden, B&G Foods, Inc. , Bonduelle , Bush Brothers & Company, ConAgra Foods, Inc. , Del Monte Foods , Eden Foods, Epicure , Grandma Brown's Beans Inc. , Hain Celestial Group, Ortega, The H. J. Heinz Company and Windmill Organics Limited.
In December 2022, Baked beans maker Bush Brothers & Co., Knoxville, Tenn., has acquired the Westbrae Natural brand of The Hain Celestial Group, Inc. Financial terms of the acquisition were not disclosed.
In April 2022, to diversify its product offering, Site Family Foods introduced canned black beans in April 2022. The company provides vegan customers with natural pinto or black beans, avocado, salt that has received Kosher certification, natural chili, and organic red onion.