The canned meat market size will reach a value of USD 13.70 billion by 2028 at 2.4% CAGR. The Market has existed for many years, and there have been many developments in the market.
The canned meat market size will reach a value of USD 13.70 billion by 2028 at 2.4% CAGR. The Market has existed for many years, and there have been many developments in the market. The Market deals with the manufacturing and sale of processed meat-free from spoilage and perishing. Canned meat is a major sector of the processed food industry as people worldwide eat canned meat from time to time. Canned meat is easily sold and eaten. For people who are busy and want something quick to prepare and eat. The market witnesses great demand and supply throughout the year. As a food item, it is essential, and its market witnessed growth trends over the years.
Canned meat is prepared by multiple safe food processing practices like thermal processing and sealing the meat in the container. This keeps the meat safe from microbial decay for a long time and keeps it edible. Therefore, the canned meat market is linked with multiple markets and allies to other food and beverages sectors. Canned meat is stored in cold storage for better shelf life. While earlier people used to think that canned meat was nutritionally deficient, the truth is that it is packed with good nutrients like Omega 3 fatty acids and proteins.
Today, there are different varieties in the market, and the Market is diversifying. Thus, the Market has been expanding in recent years. People today prefer meat that is high in nutritional value, is easy to store, and stays fresh for more time. The positive attitude towards canned meat has been a decisive factor in the Canned Meat Market growth. The Market is a multi-billion-dollar market that projects strong growth trends in the following years. The Market has great prospects ahead, according to the Market forecast.
COVID 19 Impact
The COVID 19 pandemic has been an economic struggle for different business sectors, and the Canned Meat Market is no stranger to its impact. There were opposing factors affecting the market in the pandemic. For example, the pandemic's manufacturing and supply of canned meat were negatively affected because of lockdown and mobility restrictions. The availability of canned meat was low, which declined the market.
However, the impact of the pandemic was also positive as people liked to stock up on food, including Canned Meat. While supply was scarce, whatever product from the Market was incoming, were sold. Thus, the impact of the COVID 19 pandemic was not that harsh on the Market.
Many drivers of Market Growth influence the present Canned Meat Market. For example, people in urban regions opting for canned meat alternatives to fresh meat are a major driver of Market Growth. A busy lifestyle in urban regions and its pace has prompted citizens to opt for quickly made food alternatives. Since canned meat is a good source of protein and is ready to eat, people prefer to eat it more. The demand for canned meat items in urban and semi-urban areas is a major driver of the Canned Meat Market because of their convenience and affordability. The Market accounted for nearly one-third of the primary canned food market in 2018, indicating the prolonged popularity of canned meat.
There are multiple market opportunities for the growth of Market Size. One of the major market opportunities in the growing awareness in public about the benefits of canned meat. People are becoming aware of the convenience of eating canned meat and the nutritional value that canned meat adds to the dining table. The misconception that canned meat is bad for your health and cannot be eaten regularly is clearing out. Thus, people are more open to trying canned meat. This trend of growing awareness will push sales up in the Market forecast period.
Major restraints that work on the Canned Meat Market are the growth of the obese population and obesity-related diseases. As obesity is on the rise, people are trying to reduce their meat intake and stay fit. Even canned meat intake is lowered due to these reasons. The major restraint in the Market is the population dropping meat from its diet because of obesity.
A vegan way of life is on the rise in the world. People prefer plant-based products and vegan products. With vegan products getting more incorporated into people's diets, the room for meat-based processed foods like canned meat is less. Canned meat alternatives are not popular among vegan people. Some people are turning to vegan alternatives of meat that have the exact nutritional makeup of meat. The dropping of canned meat from diets will decrease a minor shrink in the Canned Meat Market Size.
Cumulative growth analysis
The different factors and drivers in the Market will affect the overall Canned Meat Market Growth trends in the Market forecast period. The Market will thus see a moderate growth trend that will keep the Market increasing in size. Although the growth rate is less than 5 percent, the overall Market Trend will grow.
The Canned Meat Market Analysis by segment is necessary to understand the overall prospects and composition of the market. The Market is divided into segments based on types and distribution channels.
By type, the Canned Meat Market divides into pork, chicken, beef, seafood, etc. The different types of meat by preference make the Market segments. The most popular segment by type is pork which is widely eaten. The pork segment will also see the highest individual growth rate in the Market forecast period.
By distribution channel, the main segments are store-based with retail stores, hyperlocal stores, and supermarkets. The second segment by distribution channel is the non-store-based one: e-Commerce stores and delivery outlets of canned meat. The store-based segment has been the dominant one in the market till now.
The Canned Meat Market Analysis by regions is important to know the market composition and distribution over world regions. It disperses over different regions of the world according to key competitor presence and revenue. The major regional markets for market Analysis are North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. The major share of the market belonged to North America in the previous years. The Market share held by North America will see high growth prospects in the upcoming years.
On the other hand, Europe is also a very important region for Canned Meat Market. The European region is making a substantial contribution to the Market value in the forecast period. Other regions like the Asia Pacific also see a Market trend of increased consumption and adoption.
The Market Analysis by competitors is important to view major stakeholders. There are many major key players responsible for Market trend of growth. The major competitors of the Market are
The majority of the key players are present in the dominant sector of the North American region.
The Canned Meat Market undertakes many developments under the leadership of its key companies to grow further. According to popular demand, the key companies and producers of canned meat research and development to introduce new types of canned meat. Many companies create their niche with new product lines and a newly captured audience segment. Many companies undertake mergers, acquisitions, and collaborations to create better opportunities for the growth of the canned meat market size.
The market outlook summary is as follows-
The Canned Meat Research report includes different aspects. The market report includes an overview of the current market and its drivers, influences, opportunities, and restraints.
The market report also discusses its cumulative growth analysis and COVID 19 impact on the market. The report also throws light on the segmentation and regional distribution of the market.
The market report also discusses competitors and recent developments to create a completely insightful market outlook.
|Market Size||USD 13.70 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Meat Type, By Distribution Channel, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||American Tuna, Inc. (US), Wild Planet Foods (US), Bumble Bee Seafoods (US), Maruha Nichiro Corporation. (Japan), Vion Food Group (Netherlands), Hormel Foods Corporation (US), JBS (Brazil), Meat Maniac (US), Premium Iowa Pork (US), Nordic Seafood A/S (Denmark)|
|Key Market Opportunities||rise in health concerns, consumers are increasing spending on canned meat|
|Key Market Drivers||
The canned meat market can rise at 2.4% CAGR by 2028.
By 2028, the canned meat market can worth USD 13.70 Billion.
American Tuna, Inc. (US), Bumble Bee Seafoods (US), and Wild Planet Foods (US) are some well-established canned meat market players.
The surge in e-commerce platform to boost canned meat market.
APAC canned meat market to rise in the assessment period.