DUBLIN, Feb. 6, 2023 /PRNewswire/ — The “Food Cans Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists; marketers and senior management with the critical information they need to assess the global food cans market as it emerges from the COVID-19 shut down.
The food cans market reached a value of nearly $60,264.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.0% since 2016. The market is expected to grow from $60,264.3 million in 2021 to $69,515.7 million in 2026 at a rate of 2.9%. The market is then expected to grow at a CAGR of 3.1% from 2026 and reach $80,954.8 million in 2031.
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This report describes and explains the food cans market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from the increased demand for organic foods, food security initiatives, low-interest rates and increased pet ownership by gen Z and gen Y adults.
Going forward, increasing millennial population, continued technology development, growing awareness about nutritional benefits of canned food and rising penetration of organized retail will drive the growth. Factors that could hinder the growth of the food cans market in the future include supply chain disruptions, reductions in free trade, stringent regulations and impact of Russia–Ukraine war.
North America was the largest region in the food cans market, accounting for 27.2% of the total in 2021. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the food cans market will be Africa, and, South America where growth will be at CAGRs of 3.7% and 3.4% respectively. These will be followed by Middle East, and, Asia-Pacific where the markets are expected to grow at CAGRs of 3.3% and 3.3% respectively.
In the packaging sector, demand for shelf-ready products in the food sector owing to the changing purchase and storage patterns of consumers has seen a spike. Consumers are shifting their preference towards ready-to-eat meals, which include pre-packaged flavoring ingredients and syrups. On the other hand, the heavy loss of revenues due to low sales in hotels, restaurants, and food and beverages retailers has offset the spike in demand for shelf-ready products. China being the epicenter of the disease, shutdown in the Chinese market in the early months of coronavirus’ spreading has greatly impacted the packaging sector worldwide. Heavy reliance on Chinese manufacturing facilities has disrupted the global supply chain.
The food cans market is concentrated with a small number of large players dominating the market. The top ten competitors in the market made up to 36.03% of the total market in 2020. Crown Holdings, Inc was the largest competitor with 11.01% of the market, followed by Ball Corporation with 6.63%, Ardagh Group S.A with 5.89%, CAN-PACK S.A. with 3.52%, Silgan Holdings Inc. with 3.27%, Toyo Seikan Group Holdings Ltd with 1.93%, CPMC Holdings Limited with 1.46%, Visy Industries with 0.90%, Tetra Laval International S.A. with 0.88% and Kian Joo Can Factory Berhad with 0.54%.
The top opportunities in the food cans market segmented by product will arise in the 2-Piece Cans segment, which will gain $7,209.5 million of global annual sales by 2026. The top opportunities in segment by material will arise in the aluminum cans segment, which will gain $5,730.2 million of global annual sales by 2026. The top opportunities in segment by end-use will arise in the beverages segment, which will gain $4,098.0 million. The food cans market size will gain the most in the USA at $1,752.2 million.
Market-trend-based strategies for the food cans market include using aluminum cans to protect the environment, focusing on BPA free cans as they eliminate risks associated with BPA products, investing in high pressure pasteurization equipment and invest in innovative products to provide better and enhanced products.
Player-adopted strategies in the food cans market include expanding operations by constructing new facilities, introducing new products specific various applications, focusing on strategic collaborations and focusing on acquisitions.
To take advantage of the opportunities, the publisher reccomends the food cans companies to focus on use of recyclable aluminum cans, focus on investments in innovative products, invest in BPA (Bisphenol A)-free cans, focus on emerging markets, focus on strategic collaborations, continue to expand in developed markets, focus on competitive pricing, continue to use business-to-business (B2B) promotions, target local retailers and target pet food manufacturers.
Key Topics Covered:
1. Food Cans Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
6.1.1. Segmentation By Geography
6.1.2. Segmentation By Product
6.1.3. Segmentation By Material
6.1.4. Segmentation By End-Use
7. Food Cans Market Characteristics
7.1. Segmentation By Product
7.1.1. 2-Piece Food Cans
7.1.2. 3-Piece Food Cans
7.2. Segmentation By Material
7.2.1. Aluminum Cans
7.2.2. Steel/Tin Cans
7.3. By End Use
7.3.1. Meat, Poultry And Seafood
7.3.2. Pet Food
7.3.3. Bakery And Confectionery
7.3.4. Sauces, Jams And Pickles
7.3.5. Fruits And Vegetables
7.3.6. Beverages
7.3.7. Others End-Users
8. Food Cans Market Trends And Strategies
8.1. Recyclable Aluminum Cans
8.2. BPA Free Cans
8.3. High Pressure Pasteurization Of Fruits And Vegetables
8.4. Rising Investments In Innovative Products
9. Impact Of COVID-19 On The Food Cans Market
9.1.1. Impact On Food Packaging
9.1.2. Impact On Sales
9.1.3. Impact On Supply Chain
9.1.4. Impact On Production
9.1.5. Future Outlook
10. Global Food Cans Market Size And Growth
10.1. Market Size
10.2. Historic Market Growth, 2016 – 2021, Value ($ Million)
10.2.1. Drivers Of The Market 2016 – 2021
10.2.2. Restraints On The Market 2016 – 2021
10.3. Forecast Market Growth, 2021 – 2026, 2031F Value ($ Million)
10.3.1. Drivers Of The Market 2021 – 2026
10.3.2. Restraints On The Market 2021 – 2026
11. Global Food Cans Market Segmentation
11.1. Global Food Cans Market, Segmentation By Product, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
11.2. Global Food Cans Market, Segmentation By Material, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
11.3. Global Food Cans Market, Segmentation By End Use, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
12. Food Cans Market, Regional And Country Analysis
12.1. Global Food Cans Market, By Region, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
12.2. Global Food Cans Market, By Country, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/739utm-cans-global?w=5
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