Pune, April 15, 2021 (GLOBE NEWSWIRE) -- The global canned food packaging market is thriving, mainly due to the growing numbers of working populaces worldwide. Rising consumer preference is a key growth driver for the market. With schedules increasingly becoming hectic, working populations are inclining gradually more towards convenience foods. Convenient packaging solutions and longer shelf-life benefits that canned packaging offers impact the growth of the market positively.
Besides, the availability of a wide range of produces throughout the year is a significant factor driving the consumer preference for canned food packaging. Shared responsibility is important in the drive towards a sustainable, circular economy. The increasing demand for aluminum and steel as plastic packaging alternatives and the options available for manufacturers on the journey towards sustainability escalate the market growth to furthered height, providing growth opportunities for market players.
According to Market Research Future (MRFR), the global canned food packaging market is projected to grow at a 4.01% CAGR during the forecast period (2020–2027). Rising global economy is a major driving force behind the market increase. Additionally, coronavirus-led lockdowns boost the market demands, influencing consumers purchasing patterns. People are increasingly stocking canned vegetables, fruits, beverages, and other food products to enjoy home-cooked food benefits.
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Canned food packaging provides practical solutions for healthy produce. In addition to the strong performance, canned food packaging continued to have higher shelf-stable gains during the epidemic. Also, canned food packaging has upward pressure on prices since the onset of coronavirus. The increase in canned food sales boosts market growth, states the MRFR expert while talking on his COVID-19 Analysis on the canned food packaging market.
Aluminum is used in laminating and metalized pouches for its ductility and barrier properties. Pouch function and design are moving toward emulation of cans and jars. The high cost associated with aluminum layering and the time associated with the lamination process has boosted the use of metalized film for pouches. Manufacturers are now producing food cans with BPA-free lining to respond to the changing market demands for more food safety options.
Global Canned Food Packaging Market - Segment
The canned food packaging market report is segmented into material, type of food product, and regions. The material segment is sub-segmented into metal, steel, aluminum, and others.
The type of food product segment is sub-segmented into readymade meals, meat, seafood, and others. By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
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Global Canned Food Packaging Market - Geographical Analysis
Asia Pacific dominates the global canned food packaging market. The largest market share attributes to changing consumer buying patterns of more packaged foods in developing economies like India and China. Besides, the easy availability of ample raw materials and cost-competitive labor forces is a major factor benefitting the regional market.
Moreover, inclination towards long shelf-life and low product prices fuel the canned food packaging market in the region. Demand for beverages, continuing with an upward trend toward low-cost alternatives for chilled beverages and frozen meat, boosts the region's market share. Changing lifestyles and the increasing purchasing power define the growing landscape of the regional market.
Europe stands second in the global canned food packaging market. The market is majorly driven by changing consumer preferences and the unavailability of fresh produces during the harsh winter.
Additionally, the high inclination of the working population towards canned foods for convenience of food preparation drives the regional market growth. The growing importance of health & wellness among demographics and rapidly growing markets in Germany, the UK, and Russia, support the market growth in the region.
The North American canned food packaging market is growing rapidly. Factors such as the changing food consumption patterns and high consumption of convenience food due to busy schedules push the market growth.
Moreover, the presence of many production bases and consumers drives the market growth, influencing the production volume in the region. The US is a major growth contributor to the development of the regional market.
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Global Canned Food Packaging Market - Competitive Landscape
Highly competitive, the canned food packaging market appears fragmented due to the presence of many large and small-scale players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch.
Continually changing consumer demands and preferences further encourage players to widen their market penetration by including BPA-free lining in their cans. Industry players have increased their production to meet the rising demand during the COVID crisis.
Major Players:
Players leading the global canned food packaging market include Ardagh Group (Luxembourg), Amcor Ltd. (Australia), CPMC Holdings Ltd. (China), Grief Incorporated (US), Crown Holdings (US), Silgan Holdings Inc. (US), Toyo Seikan Kaisha Ltd. (Japan), Rexam Plc. (UK), Huber Packaging (Germany), and Ball Corporation (US), among others.
Industry/Innovation/Related News:
Feb.26, 2021 ---- PepsiCo launched new canned cocktail mixers, 'Neon Zebra' to meet consumer trends.
Feb.12, 2021 ---- Metal Container Manufacturers' Association, India, announced that it has welcomed the Honorable Finance Minister's recent announcement for reduction of 5% custom duty for all iron & steel items, including tinplate/ tin-free steel. Steel is a major raw material for the metal packaging industry.
The association represents the interest of many MSMEs engaged in the manufacture of tin containers and closures. The announcement has come just in time, keeping in mind the domestic producers' exorbitant increase for these products.
Nov.20, 2020 ---- NÜWATER (UAE) launched its sparkling mineral water canned line in September end and is set to release its still water line in mid-November. The firm aims to become the most sustainable beverage company in the Middle East with its aluminum canned mineral water line containing a re-sealable lid.
The company further states that its manufacturing process is 100% carbon-neutral and has set a goal of becoming net positive by 2023 while aiming to reduce single-use plastics globally.
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