High disposable income majorly drives growth in the Canned Fruits Market
Market overview:
The Global Canned Fruits Market was valued at USD 10.5 billion in 2019 and is projected to reach USD 12.4 billion by 2024, at a CAGR of 3.34% from 2020 to 2025. Canning of food products is a preservation technique that uses a combination of heating and storage procedures in airtight containers to dramatically extend the shelf life of food by eliminating any microorganisms responsible for spoilage. Virtually all types of harvested or processed food products can be canned. This procedure has played an important role in supplying sufficient rations to the armed forces of any nation and in making available certain varieties of food products that can only be harvested in one particular geography.
Recent developments:
Wayne County food processor Seneca Foods Corp. offered to buy Allens Inc., an Arkansas-based canned vegetable company that filed for bankruptcy in October, for about $ 148 million. Makes canned Popeye spinach and vegetarian mixed vegetables.
Bonduelle announces that it has finalized with Conagra Brands Inc. the acquisition of the Del Monte processed fruits and vegetables business in Canada. The acquired business excludes all industrial and personal assets as Bonduelle's existing co-conditioners and production capabilities will be utilized.
Market Drivers and Restrains:
Factors driving the growth of the global canned fruits market are the rapid rate of urbanization, the increasing number of nuclear households, busy lifestyles, and the growing demand for portable storage methods for food products, as well as the increasing popularity of ready meals. Due to busy lifestyles, consumer propensity to consume ready-to-eat and processed food products has increased in recent times, and also due to retention of a large number of nutrients and flavors, canned foods are has become one of the favorite options for canning. Among consumers, the increase in the percentage of working women has also increased consumer dependence on packaged food, leading to an increase in demand for food with a longer shelf life, which in turn has increased consumer dependence on packaged foods. Ultimately, it fuels the growth of the canned food market.
However, factors such as the presence of alternative inexpensive packaging methods and high prices for canned fruit are the factors hampering the growth of the market. The increasing demand for fresh and minimally processed produce is expected to have a major negative impact on the canned fruit market. In addition, increased outdoor food consumption and reduced home cooking practices are also expected to gradually erode the market.
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Market Segmentation:
The Global Canned Fruits Market can be divided based on the Type and distribution channel.
By type, the canned fruit market is mainly divided into two types, namely organic and inorganic. Of these, the organic segment is expected to grow at a tremendous rate, due to the increase in consumer inclination towards organic products due to the adverse health effects of synthetic chemicals, consumers have become more food conscious they consume.
By distribution channel, the canned fruit market is mainly divided into supermarkets/hypermarkets, online retail and convenience stores. Among these, the supermarkets segment was dominant, accounting for half of the canned fruit market share in 2018 and is expected to maintain its dominant position during the outlook period.
Impact of Covid-19 on the Canned Fruits Market
Although the Covid-19 pandemic has negatively affected several industries, it is considered a boon for the canned fruits market. The growing consumer preference for consuming meat substitutes for a healthy lifestyle is expected to act as a catalyst for demand for canned fruits around the world.
Geographical Segmentation:
Europe has the dominant share of almost 40% of the worldwide canned fruit market, followed by North America. Together, the canned fruit markets in Europe and North America have a strong position in the development of the global canned fruit market and it is believed that they will continue to lead the development of the market. These regional markets are growing primarily due to factors such as busy lifestyles, a strong preference for ready-made meals, and high disposable incomes. However, these areas are supposed to experience stagnant growth in the future due to augmented demand for fresh and organic fruits. In contrast, the canned fruit market in the Asia-Pacific region is growing steadily due to the increasing urbanization of some countries in this area.
Key market players:
Leading vendors operating in the Global Canned Fruits Market are Coca Cola Amatil Limited, H.J. Heinz Company, ConAgra Foods Inc., Rhodes Food Group, Pinnacle Foods Inc., and Princes Group.
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