The canned food packaging market is anticipated to flourish at an average CAGR of 4.8% between 2023 and 2033. The market is expected to hold a market share of USD 46.70 billion by 2033, while the market is likely to reach a value of USD 29.22 billion in 2023.
| Attributes | Details |
|---|---|
| Canned Food Packaging Market CAGR (2023 to 2033) | 4.8% |
| Canned Food Packaging Market Size (2023) | USD 29.22 billion |
| Canned Food Packaging Market Size (2033) | USD 46.70 billion |
Canned or processed food is an excellent source of nutrients, it preserves the food from external elements, and it is sanitary. Applications of metal packaging in the food industry are rising because because it is easy to use, transport, and consume.
Aluminum packaging is becoming more popular because it offers greater security and protection against external factors such as heat and pollution. North America is regarded as a highly profitable market for canned food packaging, owing to the region's high consumption of canned food.
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The global demand for canned food packaging is projected to increase at a CAGR of 4.8% during the forecast period, reaching a total of USD 46.70 billion by 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 3.3%.
The rise in demand for ready-made canned foods and off-seasonal food products are the key factors driving the growth of the global canned food packaging market.
Canning food products are cost-effective for preserving perishable goods with minimal flavor change. As a result, the growing horticulture and seafood processing industries are fuelling the growth of the canned food packaging industry.
Canning foods are in high demand due to changing consumer preferences for food products as people's living standards rise. Because hermetically sealed cans protect against all types of microbial contamination, people widely accept canned foods. Furthermore, as the world moves toward sustainability, the recyclable nature of metal and glass cans strengthens its market position.
The high cost of manufacturing materials such as metal and the availability of cheaper alternatives is the key threat to the growth of the global canned food packaging market. Furthermore, canning is a time-consuming process that necessitates numerous steps and equipment. Moreover, canning cannot maintain product freshness, and concerns about the presence of BPA in canned products are leading to consumer dissatisfaction with canned products.
Growing Availability of Canned Goods in Online Stores to Promote Growth
The canned food packaging industry is poised to increase rapidly in the near future. This is due to the growing availability of canned goods in online stores and supermarket hypermarkets. Furthermore, the recyclable and reusable properties of the cans, nutritional value, and hygienic food process are all reasons for the global increase in demand for canned food packaging.
Due to an increase in the demand for packaged or processed food, as well as the availability of various convenient food options such as ready-to-eat, ready-to-cook, ready-to-serve, and ready-to-heat, all of these factors are expected to propel the growth of the global canned food packaging market.
Furthermore, the constantly changing lifestyle, increase in disposable income, decreasing prices of packaged or canned food items making them affordable for use, and easy availability of canned food with a variety of taste preferences and choices have all influenced the growth of the global canned food packaging market.
Innovations in packaging design and simulation technology are resulting in new techniques for packing canned food, which is likely to increase market demand over the forecasting years
Availability of low-cost alternatives to Hinder Market Growth
Despite the fact that the canned food packaging market has numerous end-uses, there are multiple barriers to market growth. Other low-cost alternatives, such as other packaging solutions, may impede the growth of the canned food packaging market.
With increasingly complex rules and regulations, canned food packaging manufacturers focus on developing creative and innovative products.
Furthermore, a lack of raw materials and a disrupted supply chain may limit the growth of the canned food packaging market in the coming year. The high cost of metals and the introduction of polyethylene terephthalate and high-density polyethylene materials may limit market growth.
High Consumption of Canned Food Creating Opportunities for Canned Food Packaging manufacturers
North America was the leading market for canned food packaging, and this trend is projected to continue during the forecast period due to the region's high consumption of canned food. The increase in disposable incomes of the region's middle-class households leads to more convenient and healthier lifestyles, which is predicted to boost the canned food packaging market.
With the rapid development of the food industry, North America is expected to be the next dominant region, with high adoption rates for canned food packaging during the forecast period. As of 2022, the region accumulated a market share of 29%.
Asia Pacific is the Region with the Fastest Growth
The Asia-Pacific region is the fast-growing region in the global canned food packaging market, particularly canned meat, fish/seafood, and fruits. Canned crab meat is heavily imported by countries such as Japan, Korea, and China.
Pasteurized crab meat, for example, is one of the most popular canned seafood products in Asia-Pacific, following canned fish such as tuna. Furthermore, food manufacturers in countries such as India have begun to produce the most popular local foods, such as poha, upma, and so on, in ready-to-eat cans.
Many local vegetarian food products, including sterilized pav bhaji, curried parata, and dal, are now available in ready-to-eat cans that have been certified by many local and international food safety boards, including the Food Safety and Standards Authority of India (FSSAI), Brand Reputation through Compliance (BRC), and The Agricultural and Processed Food Products Export Development Authority (APEDA).
Asia Pacific held a 25% canned food packaging market share in 2022.
| Category | By Food Type |
|---|---|
| Leading Segment | Fish and Seafood |
| Market Share (2022) | NA |
| Category | By Raw Material Type |
|---|---|
| Leading Segment | Aluminum |
| Market Share (2022) | 30% |
Increasing Demand for Canned Fish and Seafood
The majority of the market is dominated by fish and seafood. Canning fish and seafood is an excellent way to preserve these perishable foods. It is a low-cost method of preserving sea products that can last up to 5 years. However, with the advancement of technology, the canning of fruits and vegetables has increased significantly.
The demand for canned fish and seafood has steadily increased as a result of consumer awareness of the nutritional benefits of fish and seafood, as well as the convenience of consumption and the long shelf life it possesses. Canned fish products (such as canned salmon) are in high demand among the fitness-conscious demographic, particularly athletes.
Canned seafood, such as salmon, is high in iron, high-quality protein, omega-3 fatty acids, and vitamin B-12, making it popular among the aforementioned demographic. The prospect of greater growth in seafood e-commerce is also driving its expansion.
Popularity of online grocery is rising as it provides convenience and improves the purchasing experience significantly. Thus, by type of food, canned fish and seafood are expected to hold a key market share for the canned food packaging market in the sales indicator period 2023 to 2033.
Aluminum to Have Highest Demand in the Sector
Aluminum is perhaps the most commonly used material for making food cans. Aluminum cans are a low-cost, lightweight, and durable metal for food packaging. Furthermore, they are non-reactive to most food products and acids and provide maximum protection against oxygen reactions.
Furthermore, for centuries, aluminum cans have been widely used for food packaging due to their high stackability and recyclability. Thus, aluminum held a 30% market share for the canned food packaging market by raw material in 2022, registering a CAGR of 4.5% over the assessment period.
Some start-up companies in the canned food packaging market include Around, LaFabrica Craft, Tinplate Company of India Limited (TCIL), Ajanta Bottle Pvt. Ltd., PAXLANDER, HATA Bevtech, and Cirqle.
Ball Corporation, Del Monte Foods, Inc., Crown Holdings, Amcor Limited, Anchor Glass Container Corporation, and Siligan Containers are key players in the global canned food packaging market.
Because of several leading participants, the market is extremely competitive. While global players such as Ball Corporation, Del Monte Foods, Inc., and Crown Holdings control a sizable market share, several regional players are active in key growth regions, particularly Asia Pacific.
For Instance:
The market held a value of USD 27.88 billion in 2022.
The market holds a value of USD 29.22 billion in 2023.
The market is anticipated to hold a share of USD 46.70 billion by 2033.
The market is expected to have a CAGR of 4.8% by 2033.
The aluminum segment leads the market, as it held a market share of 30% in 2022.
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Canned Food Packaging Market
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