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Food Cans Market Revenue to Surpass ~USS 33.7 Bn by 2027

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Food Cans Market Revenue to Surpass ~USS 33.7 Bn by 2027

June 28
23:54 2021
Food Cans Market Revenue to Surpass ~USS 33.7 Bn by 2027

Food Cans Market
Globally, revenue generated by the food cans market has been estimated to be ~US$ 24.8 Bn in 2019, and is projected to expand at a CAGR of ~4% in terms of value during the forecast period, the use of food cans that aid in retaining the nutrient value and freshness of packaged food is projected to drive market growth.

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.

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.

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Europe & U.S. Cumulatively Account for ~60% of the Global Market

The United States accounts for a lion’s share in the North America market, and is anticipated to expand 1.4X its current value by the end of 2027. The demand for food cans has witnessed substantial growth in North America. It is anticipated that the enhanced shelf life of food cans will further bolster market growth. Affordability of food cans, coupled with changing lifestyles, is anticipated to be the key growth driver of the food cans in the region.

Europe holds ~one-fourth of the global food cans market share, and represents an incremental opportunity of ~US$ 2.5 Bn by 2027, despite being a mature market. Furthermore, the market in Poland is projected to expand at a CAGR of ~5% in term of value during the forecast period. In the food cans market, the meat, poultry & seafood segment is expected to lead the way because of increasing customer inclination towards protein-rich foods.

Food Cans Market: Competition Landscape

In the global market report for food cans, key players profiled are Crown Holding Inc., Silgan Holding Inc., Ball Corporation, Toyo Seikan Co. Ltd, Smurfit Kappa Group Plc, Mondi Group Plc, Sonoco Product Company, Ardagh Group S.A, CPMC Holding Limited, Kingcan Holding Limited, Allstate Can Corporation, Kian Joo Can Factory Berhad, Independent Can Company, Colep Portugal S.A, Nampak Ltd, HUBER Packaging Group, Visy Industries, CAN-PACK S.A., Jamestrong Packaging, and Aaron Packaging Inc.

Crown Holdings Inc., Ardagh Group S.A, Silgan Holding Inc., and Ball Corporation have been identified as the top players operating in the global food cans market. However, several other players are emerging as prominent regional players, such as Kian Joo Can Factory Berhad, Colep Portugal S.A, and others. While they might not directly compete with the global giants, they can affect regional pricing trends to a significant extent.

Global Food Cans Market- Key Research Findings

Among the various capacities, the 300 gm – 500 gm segment is estimated to be prominent in the global food cans market, and is expected to account for ~41% of the market share by the end of 2019.

In the end-use segments of food cans, fruits and vegetables is expected to account for ~38% share by the end of 2019, but is expected decline by ~2% during the forecast period. Soups, tomatoes, beans and fruits are projected to remain the most canned foods in metal food cans.

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The metal segment in the food cans market is expected to create an incremental opportunity of US$ ~7.3 Bn by 2027, and it is projected to grow at a CAGR of ~4%. This can be attributed to the wide applications of metal cans in the packaging of pickles, tomato purees, and other processed foods.

Based on material, the tinplate segment is projected to dominate the global food cans market, and is expected to account for ~53% of the market share by the end of 2019. However, the market share is expected to decline by 2.4% during the forecast period. The aluminium segment is anticipated to gain market share, and is expected to generate an incremental opportunity of ~US$ 1.9 Bn by the end of the forecast period.

In the product type segments, 2-piece food cans are observed to be more prominently used. Thus, they are expected to account for ~82% of market share by the end of 2019, and projected to grow at a CAGR of 3.5% over the forecast period. However, the 3-piece food cans segment is expected to gain ground and expand 1.6X its current value by the end of the forecast period.

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