“Global Canned Food Market to reach a market value of USD 151.3 Billion by 2031 growing at a CAGR of 3.7%”
The Global Canned Food Market size is expected to reach $151.3 billion by 2031, rising at a market growth of 3.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 8,654.2 Kilo Tonnes Quintal experiencing a growth of 14.1% (2020-2023).
Convenience stores offer quick and easy access to a variety of these food products, making them a convenient option for consumers with busy lifestyles or limited time for grocery shopping. Consequently, the convenience stores segment would acquire nearly 16% of the total market share by 2031. Also, the Russian convenience stores would register 98.12 kilo tonnes of volume by 2031. These stores are typically located in accessible locations, such as urban areas, gas stations, and transportation hubs, allowing consumers to purchase these foods on-the-go or during their daily commutes.
Modern lifestyles are becoming increasingly hectic, with many consumers juggling work, family, and social commitments. Also, ready-to-eat meals cater to the needs of consumers who are often on the go and require portable meal options. Thus, the increasing demand for ready-to-eat meals drives the market’s growth. Additionally, this food stays safe for extended periods, often years on the shelf. This minimizes food wastage, both among consumers and within commercial operations. In addition, this food is a critical element in emergency preparedness. With a long shelf life and no refrigeration required, canned goods provide a safe and reliable food source during natural disasters or power outages. Therefore, the long shelf life of this food is driving the market’s growth.
However, this food production involves using raw materials such as meat, vegetables, and grains, which can be expensive to source and procure. In addition, this food products require specialized packaging materials, such as cans, lids, and labels, which can add to the overall production cost. Hence, high production costs are impeding the growth of the market.
On the basis of type, the market is segmented into organic and conventional. In 2023, the organic segment attained 13.4% revenue share in the market. In terms pof voule, the organic segment recorded 1,049.1 kilo tonnes in 2023. Consumers are becoming increasingly mindful of the health advantages linked to organic foods. Organic canned foods are perceived as free from fertilizers, synthetic pesticides, and genetically modified organisms (GMOs), appealing to those seeking healthier and more natural food options.
By distribution channel, the market is divided into hypermarkets & supermarkets, convenience stores, online, food service, and others. The food service segment procured 25% revenue share in the market in 2023. This food offer versatility in menu planning and recipe development. They serve as versatile ingredients, suitable for a broad spectrum of dishes, including soups, stews, salads, and desserts.
Based on product, the market is divided into canned fruits & vegetables, canned meat products, canned fish & seafoods, canned ready meals, canned condiments, and others. The canned fish & seafoods segment attained 22% revenue share in the market in 2023. In terms of Volume, the canned fish & seafoods segment recorded 1,155.3 kilo tonnes in 2023. Canned fish and seafood are rich sources of vital nutrients such as vitamins, protein, and minerals. Health-conscious consumers increasingly recognize the benefits of including fish and seafood in their diets, driving demand for convenient canned options.
Free Valuable Insights: Global Canned Food Market size to reach USD 151.3 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed 36% revenue share in the market in 2023. In Europe, where agricultural production is affected by seasonal variations and weather conditions, canned food provides a reliable source of nutrition year-round. Canning preserves food at peak freshness, allowing consumers to access a variety of fruits, vegetables, and other food items regardless of seasonal availability.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 114.3 Billion |
| Market size forecast in 2031 | USD 151.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 3.7% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 377 |
| Number of Tables | 770 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Product, Region |
| Country scope |
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| Companies Included | F.C.F. Fishery Co., Ltd. (Bumble Bee Foods, LLC), Conagra Brands, Inc., The Kraft Heinz Company, Hormel Foods Corporation (MegaMex Foods, LLC), Campbell Soup Company, Del Monte Pacific Limited, Thai Union Group PLC, Dole Food Company, Inc., Bonduelle S.A. and McCormick & Company, Inc. |
By Type (Volume, Kilo Tonnes, USD Billion, 2020-31)
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2020-31)
By Product (Volume, Kilo Tonnes, USD Billion, 2020-31)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-31)
This Market size is expected to reach $151.3 billion by 2031.
Increasing demand for ready-to-eat meals are driving the Market in coming years, however,High production costs restraints the growth of the Market.
F.C.F. Fishery Co., Ltd. (Bumble Bee Foods, LLC), Conagra Brands, Inc., The Kraft Heinz Company, Hormel Foods Corporation (MegaMex Foods, LLC), Campbell Soup Company, Del Monte Pacific Limited, Thai Union Group PLC, Dole Food Company, Inc., Bonduelle S.A. and McCormick & Company, Inc.
In the year 2023, the market attained a volume of 8,654.2 Kilo Tonnes Quintal experiencing a growth of 14.1% (2020-2023).
The Hypermarkets & Supermarkets segment led the Market by Distribution Channel in 2023; thereby, achieving a market value of $60.9 billion by 2031.
The Europe region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $52.3 billion by 2031.
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