Global Canned Meat Market Overview:
The Global Canned Meat Market size is slated to reach approximately USD 13.70 Billion by 2028, at a CAGR of 2.4% from 2021 to 2028.
Market Dynamics:
In recent years, the Global Canned Meat Market has seen significant growth. The increasing awareness of canned meat nutrition among customers is projected to drive the growth of the global demand for canned meat. Development in customer perception of packaged food nutrition is the key factor driving the growth of the global canned meat industry. The growth of the global canned meat industry is driven by the growing popularity of ready-to-cook meat and seafood among customers. The growing urban population, who choose simple and convenient food, and the need for balanced foods rich in proteins, functional fibers, vitamins and omega-3 fatty acids are the key drivers of the industry. In addition to the demand for thin, simple, ready-to-cook meat and seafood, and organic canned fruits and vegetables, customers who are willing to pay a little more on the goods offering such properties are thus fueling market sales. Therefore, demand growth is also growing due to the grocery presence of major retailers such as 7-Eleven, E-mart, Big C, etc. and the increasing internet penetration of the online market for the purchasing of processed meat products.
Consumers are growing expenditure on canned meat with the increase of health issues, which provides canned meat suppliers attractive growth opportunities. Ready-to-eat meat and seafood demand is increasing. The availability of easy choices for cooking, such as ready-to-eat and ready-to-serve, has fuelled market appetite for canned meat. In addition, growing consumer perception of the ills of plastic packaging and the need for a sustainable alternative and increasing recycling rates worldwide have pushed the market further.
The COVID-19 pandemic has turned people's lives across the globe upside down and has affected numerous sectors. As several countries are shut down and have sealed their borders to curb the transmission of the latest coronavirus, the pandemic has disrupted the canned meat supply chain. Strict containment measures implemented by the multi-country government and protective measures to monitor the effects of the epidemic have contributed to major restrictions on travel.
Segmental Analysis:
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 Meat Type, the market has been segmented into pork, poultry, beef, seafood, others. By meat type, pork is expected to be the fastest-growing segment during the forecast period.
By Distribution Channel, the market has been segmented store-based and non-store-based. Any canned meat is sold by shop-based distributors. Supermarkets hypermarkets, convenience stores, and some have been further divided into this segment. The industry dominated the supermarkets hypermarkets segment in 2019 and is predicted to dominate during the forecast period.
Regional Analysis:
North America dominated the worldwide packaged meat market in 2019 with the increase in awareness of the health benefits of canned meats by customers. The US is the biggest market for canned meat in North America. This share is expected to rise rapidly during the forecast period with frequent product launches by many major players in the North American industry.
Europe accounted for a large quantity in the canned meat market. The presence of the canned meat industry in Germany, the United Kingdom, Denmark and, amongst other countries in Europe, creates an opportunistic demand for existing players. Growing market reliance on processed foods with a higher shelf life has fuelled the demand for canned meat in this area. In addition, the launch of many standardized, structured e-commerce sites in emerging economies is expected to increase the market for canned meat in Europe during the predicted timeframe.
Asia-Pacific is the fastest growing region in the global market for canned meat, especially canned fish/seafood, and fruit. The Asia-Pacific region is both the biggest exporter and the largest importer of seafood in the world. Although the consumption of canned seafood in the area is considerably limited, since most of the regional population in the Asia-Pacific region prefers to eat fresh seafood, the demand for canned seafood is primarily for seafood that is not locally available compared to frozen seafood.
Competitive Landscape:
By adding canned meat to the industry, producers are widening their food portfolio. Focus is on mergers, growth, takeover, and collaboration along with new product creation as competitive approaches implemented by leading businesses to improve their market presence among customers. The Market Analysis by competitors is important to view major stakeholders. There are many major Key Canned Meat Market Players responsible for Market trend of growth. The major competitors of the Market are
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) are the major players.
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