Wilmington, Delaware, United States, July 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global food cans market was valued at US$ 27.9 Bn in 2022. It is projected to grow at a CAGR of 3.9% from 2023 to 2031 to reach US$ 39.3 Bn by 2031.
Increase in popularity of canned food to preserve a wide variety of food, such as fruits, vegetables, beans, soups, meats, and seafood, for a long time offers significant market opportunities for packaging companies. Most canned meat and seafood are safe to use within three years, while canned juice is safe to consume up to a period of a year, provided they are stored properly. Surge in demand for ready-to-eat canned food products in developing countries is likely to augment the market value in the near future.
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Analysis of Key Players
According to the food cans market competition analysis, major players operating in the global market include Crown Holdings, Inc., Silgan Holdings Inc., Toyo Seikan Group Holdings, Ltd., Mondi Plc, Sonoco Products Company, Ardagh Group S.A, CPMC Holdings Limited, Allstate Can Corporation, Kian Joo Can Factory Berhad, Independent Can Company, Colep Portugal S.A., and Nampak Ltd.
Each of these companies has been profiled in the food cans market growth forecast report based on factors such as product portfolio, financial overview, recent developments, business strategies, company overview, and business segments.
Key Findings of Study
Significant Preference for Food Cans Packaging
Food cans are a popular option for maintaining freshness and nutritional content of the food products such as vegetables and fruits. Increase in usage of the canning process to enhance the shelf life of packaged food is anticipated to bolster the food cans market. Rise in utilization of steel as the material for cans for packaging beverages and frozen dairy products presents substantial opportunities for companies operating in the market. Growth in adoption of lightweight packaging solutions in the food industry is likely to boost the usage of paperboard and plastics in the manufacture of cans. On the other hand, metal cans are infinitely recyclable, which is likely to fuel popularity of these cans among food packaging companies. An upward of 90% of the co-products from the steel making process are reused or recycled, according to the American and Iron Steel Institute.
High Demand for Steel Food Cans and Non-BPA Linings
In terms of material, stainless steel was a lucrative sub-segment of the metal segment in 2022. The food packaging industry is making rapid shift to non-Bisphenol A (BPA) linings. Alternatives, such as Bisphenol S (BPS) and bisphenol F (BPF), are now being utilized to replace the BPA in plastics lining aluminum cans. Furthermore, continuous R&D activities in reducing microbial spoilage in canned foods are likely to broaden market outlook in the near future.
Key Growth Drivers of Food Cans Market
- Increase in demand for environmental-friendly food packaging is a key driver of the global food cans market. High recycling rate of different varieties of metal drink & food cans, such as aluminum, tin, steel, or bi-metal cans, is a prominent factor that is likely to spur the adoption of cans in the food packaging industry.
- Consumers across the world are transitioning toward food packaging that eliminates the need for secondary packaging. Packaging companies are working continuously to reduce their secondary packaging waste and do away with any unnecessary/excess packaging. These trends are likely to fuel market development.
Regional Landscape
Asia Pacific is projected to account for the leading market share during the forecast period. The market in the region is anticipated to expand at a CAGR of 5.1% from 2023 to 2031. A booming organized retail sector in countries such as India and China is propelling market growth in the region. Inclination of consumers in developing countries toward ready-to-eat food products is likely to accelerate the adoption of canned food, which, in turn, is bolstering market development.
The market in North America is projected to expand at a significant pace during the forecast period. Rise in demand for canned meat among consumers in the U.S. is expected to fuel market growth in the region. Increase in preference for recyclable food packaging is anticipated to create lucrative opportunities for food cans manufacturers in North America.
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Segmentation
The global food cans market is segmented based on
Product
- 2 Piece Cans
- 3 Piece Cans
Material
- Metal
- Stainless Steel
- Aluminum
- Tinplate
- Paperboard
- Plastic
Capacity
- Less than 100 gm
- 100 gm – 300 gm
- 301 gm – 500 gm
- More than 500 gm
End-use
- Meat and Poultry & Seafood
- Pet Food
- Bakery & Confectionery
- Sauces and Jams & Pickles
- Fruits & Vegetables
- Tea & Coffee
- Others (Baby Food, Ready Meals, Nutrition Food, Dairy Food, Etc.)
Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
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