NEWARK, Del, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Over the forecast period, the market for canned fruits is anticipated to grow at a moderate rate of 1.9% CAGR. In 2023, the canned fruits market is expected to be worth US$ 9.95 Bn. Demand for canned fruits is anticipated to peak at US$ 12.01 billion by 2033.
Market growth in the next years is expected to be led by the rising demand for nutritious and quick or ready-to-eat food options in both developed and developing economies as a result of busy lifestyles and rising family income. Market leaders are investing in digitalization, and new product launches to increase their product selections for international consumers. Case in point: in May of this year, Del Monte Foods announced the introduction of their high-end Gold Range. Canned pineapple chunks and canned pineapple slices are joining the lineup.
The seasonal change in fruit prices and production can affect the final price of canned fruits, which is expected to slow the demand for canned fruits. A further factor expected to slow the canned fruits market expansion is the rising preference for unprocessed and fresh foods.
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Conventional canned fruits are expected to maintain a sizable part of the international demand for canned fruits. It is expected that conventional canned fruit production is likely to increase due to the low cost of conventional fruits in comparison to organic fruits and the abundant availability of conventional fruits. Nonetheless, the market for organic canned fruits is expected to expand at a rapid rate in the next years as a result of rising consumer preference for organic and natural products because of the many health benefits associated with them.
It is anticipated that the cut fruit sub-segment will represent a sizable portion of the international market. Canned fruit slices, half, and cubes are likely to see increased demand due to the rising need for convenient and healthful snack options. The market share held by supermarkets and hypermarkets is projected to be particularly high. Product sales from these businesses are expected to increase as a result of the growing reliance customers have on them as a result of the many services they provide, including freebies, home delivery, discounts, and many more.
Key Takeaways
- The 1.2% CAGR forecast for the worldwide canned pineapples market is driven by demand in the United States, Canada, Japan, China, and Europe. The total size of these regional marketplaces is estimated at US$ 1.4 Bn.
- During the analysed period, Latin America will grow at a CAGR of 3.1%.
- The report projects that the market for canned peaches, one of the segments analyzed, will grow at a CAGR of 3.3% and reach $3 Bn by the end of the assessment period.
- Due to the ongoing recovery from the pandemic, the forecast for the canned mixed fruit market segment is being revised downward to a CAGR of 1.9% over the next seven years.
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Competitive Landscape
Each organization has consistently placed a premium on ensuring the security of its food supply. Consequently, leading companies in the global canned fruits market adhere to this by only selling products of the highest possible quality, safety, and freshness to their customers. Furthermore, the introduction of many high-tech machines, such as custom-designed pitting & processing lines, new optical laser and color sorters, on-site freezing & frozen storage, and high-speed packaging lines, has made fruit processing more convenient and easier.
Del Monte Foods, The Kraft Heinz Company, Conagra Foods, Rhodes Food Group, Dole Food Company, Kangfa Foods, Seneca Foods, CHB Group, Gulong Food, Tropical Food Industries, and Others are all major competitors in the global canned fruits market.
Key Segments in the Canned Fruits Market
Nature:
- Organic
- Conventional
Form:
- Whole Fruit
- Cut Fruit
Distribution Channel:
- Supermarkets/Hypermarkets
- Online Retail Stores
- Specialty Stores
- Others
Region:
- North America
- Latin America
- Asia Pacific
- MEA (Middle East and Africa)
- Europe
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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