Albany, NY, Aug. 11, 2016 (GLOBE NEWSWIRE) -- According to the report, the global market opportunity in canned fruits is expected to rise from US$9.45 bn in 2015 to over US$10.82 bn by 2019. Europe followed by North America is expected to lead in the global canned fruits market by 2019. Europe is expected to account for 45.6% of the global canned fruits market.
Increased Health Awareness Creates Demand for Organic Canned Fruits
“Canned fruits made from organic fruits presents a huge opportunity for players,” states a TMR analyst. The growing preference for organic and natural ingredients over their synthetic counterparts is driving the demand for organic canned fruits. Companies such as Eden Organic, Bionaturae, and Native Forest, provide organic canned fruits. Organic and natural ingredients are thus gaining momentum and will drive the consumption of organic canned fruits.
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Rigorous Testing and Monitoring by USDA to Impede Growth of Canned Fruits Market
The additives and ingredients used in canned fruits are strictly regulated and monitored by the U.S. Department of Agriculture (USDA). The USDA has set certain standards and criteria for determining the safety of canned fruits. Rigorous testing is done to define the safety levels of different products. All canned fruits need to be U.S. Grade B and should be packed as per guidelines with a declaration of the proper content. The quality of the fruit, the strength of the syrup, the fruit mass in the container, and the possible existence of micro-biological decay are checked for. Products that do not conform to these strict regulations are rejected and not marketed.
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Another factor affecting the demand for canned fruits is the availability of frozen fruits, says TMR. The frozen fruits market is on the ascent owing to the inclination of an increasing number of consumers towards hygienic and convenient options. A majority of nutrients in frozen fruits are locked and retained whereas canned fruits are blanched and flash frozen to remove bacteria, causing a loss of some vitamins in the process. Additionally, the availability of different fruit juices in innovative packaging makes them more convenient, portable and storable, which is also reducing the demand for canned fruits.
Convenience and Nutritional Benefits Drive Demand for Canned Fruits
The steadily evolving food habits among the people due to urbanization, increasing disposable income, and emergence of nuclear families have led to an increase in the consumption of canned fruits. Other factors driving the demand for canned fruits include increase in the number of working women, busy lifestyles, and the availability of a wide range of fruits in different categories. As an increasing number of consumers seek convenience food, canned fruits have become an integral part of the grocery budget for many families. Canned fruits are convenient because they are available throughout the year, regardless of seasons. Moreover, they have no pits, peels, and stalks, making them ready to use as soon as the fruit can is opened. Canned fruits last for many months without the need for refrigerating.
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Canned fruits are also appealing to the health conscious people as they do not contain preservatives and the nutritional value of these fruits are same as freshly picked fruits. As canned fruits are a good source of vitamin A, C, minerals, and fibers, their demand is high among consumers, including the health conscious people.
The global canned fruits market is highly concentrated with the top three players accounting for over 50% of the total market in 2012. Some of the players in the market include Dole Food Company, Inc., H.J. Heinz Company, ConAgra Foods, Seneca, and Del Monte. Most of the companies operating in canned fruits market own various brands, Transparency Market Research (TMR) finds in a new study. For instance, Del Monte has a wide range of brands such as Contadina, Del Monte, College Inn, S&W, and many others.
Companies are entering into strategic partnerships and acquisitions in order to expand in the market. These partnerships and joint ventures help companies widen their product portfolio and expand their brand across the globe. A case in point would be Seneca Foods Corporation. The company has acquired Independent Foods, LLC. This acquisition has helped the company to add canned pears, apples, and cherries to its product portfolio.
This information is based on the findings of a report published by Transparency Market Research titled “Canned Fruits Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019.”
The global canned fruits market is segmented as follows:
Geography Market Analysis:
- EMEA
- North America
- Asia-Pacific
- Rest of the World
Other Research Reports:
- Canned Preserved Food Market:http://www.transparencymarketresearch.com/canned-preserved-food-market.html
- Global Juice Market:http://www.transparencymarketresearch.com/juice-market.html
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.