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Report

I Canned Live Without Food

22 October 2021 by Mordor Intelligence

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The rising urban population prefers easy and convenient food, demand for healthy food rich in protein, functional fibres, vitamins, and omega-3 fatty acids. Consumers willing to spend a little more for the products offering such properties coupled with the demand for small, easy, ready-to-cook meat and seafood and organic canned fruits and vegetables are thus, fuelling the canned food market. 

Rise in Spending on Convenience Products 

– The convenience food products market is growing faster across the globe with an increasing number of consumers primarily millennials investing 30% of their monthly expenditure on ready-to-eat or on-to-go snack products.

– The increasing demand for organic foods is driving the demand for the food cans market. For instance, in the United Arab Emirates, over 38% of consumers are increasingly purchasing organic produce in 2019, according to the Arla Foods Survey.

Canned Fish and Seafood Touching the Crust

The demand for canned fish and seafood has witnessed a steady growth owing to consumer awareness regarding the nutritional benefits of fish and seafood coupled with the convenience in consumption it provides and the long shelf life it possesses. Also, rising awareness among consumers about the benefits of fresh food has led to an increased demand for substitute packaging or techniques. 

Asia-Pacific region is the fastest-growing region in the global market of canned foods, especially canned meat, fish/seafood, and fruits. Countries, such as Japan, Korea, and China import canned crab meat in high quantities.

Canned Foods Demand in the US

– The food and beverage industry is among the significant users of food cans for packaging due to its ease of disposal, recycling advantages, and increased shelf life.

– According to the 24/7 Wall Street, 98% of Americans keep canned foods in their kitchens, and soup is the biggest food category preserved in a can in the United States. The 11 most popular canned soups account for over 420 million cans annually.

– Packaging also significantly increases a product’s shelf life, which helps reduce food waste, a significant environmental and economic problem. For example, an estimated 42% of fresh peaches are lost at the consumer stage in the US, primarily due to spoilage. Only 9% of the product spoils for canned peaches, saving significant resources while providing the same nutritional value.

Competitor’s Strategic Outlook on Boosting the Brand Presence

The global market for canned food is highly competitive, owing to prominent regional and domestic players in different countries. Emphasis is given to the merger, expansion, acquisition, and partnership of the companies and new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. 

This report was contributed by knowledge partner:

 

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