Outlook for Global Canned Food Market
Outlook for Global Canned Food Market
This report covers the present scenario and the growth prospects of the Global Canned Food market for the period 2012-2016. To calculate market size, the report considers revenue generated from the retail sales of various product segments of the Global Canned Food market. The report considers revenue generated from the following segments:
· Canned Fish
· Canned Fruits
· Canned Vegetables
· Canned Meats
· Canned Ready Meals
· Canned Desserts Others
It also presents the vendor landscape and a corresponding detailed analysis of the leading vendors in the market. In addition, the report discusses the major drivers that influence the growth of the Global Canned Food market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends that are emerging in the market.
Canned food refers to the food items that are processed, preserved, and contained in airtight metal cans. Canned food products are widely consumed all around the world due to factors such as short cooking time, long shelf life, and the ability to store canned food products easily. These products are favored particularly by consumers on-the-go because of their convenience, affordability, and availability throughout the year. They also help them save time and often provide food products at low cost. Owing to these attributes of canned food products, the Global Canned Food market is expected to witness a growth in the coming years.
The Global Canned Food market is currently growing at a steady rate. It was dominated by the EMEA region in 2012, which was followed by the Americas and the APAC region. The market is also expected to witness a huge growth potential from the APAC region during the forecast period due to the high demand for canned food products from the emerging economies. The rapid changing lifestyle of people in China, South Korea, and India is also increasing the demand for canned food products in the APAC region. The Global Canned Food market is expected to grow at a CAGR of 3.28 percent during the period 2012-2016.
The Global Canned Food market is driven by numerous factors, one of which is the changing consumer lifestyle which has increased the consumption of canned foods. As canned food takes less time to prepare and cook, its demand is increasing among the working class population. The reduced availability of time because of hectic lifestyles is also increasing the demand for canned foods among consumers. Another major driver of the Global Canned Food market is the increasing demand for safe and healthy convenient foods.
Despite the presence of the above drivers, the Global Canned Food market is confronted by some major growth inhibitors. The entry of low-priced products and private label offerings is posing as a major challenge for the Global Canned Food market. When compared with branded global products, these low-priced products/private labels products are comparatively cheaper and have a stronger impact on the local market. Another major challenge faced by the Global Canned Food market is the high dependency of the vendors on the IT system.
Despite the presence of certain challenges, the Global Canned Food market shows immense potential and is expected to grow during the forecast period because of certain positive trends emerging in the market. One such major trend emerging in the market is the changing consumer demographic, such as the aging population, who tend to look for easy and fast methods of preparing food. The increase in the demand for canned food products for children is another trend that is expected to lead to the growth of the Global Canned Food market during the forecast period.
Thus, the combined effect of drivers and trends are expected to contribute to the growth of the Global Canned Food market during the forecast period.
Global Canned Food Market Segmentation
The Global Canned Food market was valued at US$76.62 billion in 2012. This is expected to reach US$87.19 billion by 2016, growing at a CAGR of 3.28 percent.
The Global Canned Food market is expected to witness steady growth during the forecast period due to the increasing demand for healthy and safe foods and due to changing consumer lifestyles. Canned foods are increasingly being consumed across the world as they are easy to prepare, require little or no heating, and minimal cooking skills. Currently, canned foods are accessible in almost all parts of the world. Their wide coverage and affordable nature is also leading to their increased adoption by the poor in continents such as Africa. They have also helped to reduce certain global health issues such as the global food crisis, hunger, and global malnutrition. In terms of segment contribution, the Canned Fish segment held the top position and dominated the Global Canned Food market in 2012.