Food Cans Market 2020 | Business Analysis, Scope, Size, Overview, and Forecast 2

Posted by Fred Williams on December 18th, 2020

Transparency Market Research delivers key insights on the food cans market in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the global food cans market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, about which, TMR offers thorough insights and forecasts in this report.

The Food Can Appeal’ – Aesthetically Pleasing, Long-lasting, yet Cost-Effective

Food cans offer a shelf life ranging from one to five years, which varies as per the sealing technique. Canned food is preferred by consumers as it is considered to be cost-effective and long-lasting. As such, it is even more popular among the millennial population. Due to prolonged shelf life, food cans aid in reducing waste caused by the spoilage of food. These factors have led to an increase the demand for food cans in the global market. Moreover, food cans also help in controlling portion sizes, and are easy to serve. The portion-control characteristic has particularly resulted in a sharp increase in pet food sales, as it helps in maintaining the correct diets for pets.

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Asia Pacific to Represent Significant Growth Potential for Regional Manufacturers

Geographically, Asia Pacific holds ~18% of the global food cans market, and is expected to expand 1.4X its current value by the end of the forecast period. In Asia Pacific, the food cans market is expected to create an incremental opportunity of ~US$ 2.4 Bn and projected to expand at a CAGR of ~5% over the forecast period. Furthermore, China leads the charts in the Asia Pacific region, in terms of both, production and consumption of canned food products. This can be attributed to the busy lifestyle of the millennial population who do not prefer investing time on elaborate recipes.

The ASEAN countries, such as Vietnam and Malaysia are emerging as key regions for the food cans market. The Asia Pacific market is expected to grow rapidly for food cans due to booming industry with a large population that is ready to spend on processed and packaged foods. The Asia food cans market can, therefore, be regarded as an extremely competitive market, and is projected to offer the food cans market with remunerative possibilities.