The global canned food industry is expected to grow at a CAGR of 3.8% until 2021, Research and Markets estimates.
The report notes that brand image and customer loyalty are considered important for the continuous growth of the global canned food industry. Innovative product offerings with a focus on convenience, quality and eco-friendliness are expected to drive the market growth.
However, it also stressed that the excess sugar and salt content in some canned foods may lead to significant health issues that can constrain market growth.
As a result, new product development, high investment in R&D and growing demand in the developing world are growth opportunities for the canned food industry.
The fish and seafood segment is reported to be the fastest growing, given the high demand, sustainably sourced products and proper value additions within the sector.
The market is currently dominated by Europe, followed by North America. The market in the Asia-Pacific region is also expected to experience a boom in the coming years. The slowly evolving and changing food habits along with growing urbanisation play a vital role in driving the growth of the canned fruits industry in countries like India and China.
Further, the report observed that strategic alliances and agreements with regional players are being heavily adopted for better market penetration in regions like South America and Asia-Pacific.