August 25, 2022 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The global canned food packaging market is anticipated to reach a value of US$ 44,568.5 Mn by 2032, with sales growing at an average CAGR of 4.8% over the forecast period of 2022 to 2032. Valued at US$ 27,887.9 Mn in 2022, the canned food packaging market is fueled by escalating demand for packaged food and beverages. A growing preference for urban lifestyle, convenient and ready-to-eat food items coupled with rapid adoption of technological advancements in the packaging industry are expected to supplement the market expansion of canned food packaging over the forecast period.
Canned food packaging prevents the product from getting spoilt by protecting it from environmental factors and external stimuli like pollution and heat. This packaging offers greater security and extends the shelf life of the product. Canned food packaging is an affordable method of preserving perishable food items with little to no change in the flavor. Consequently, there is high demand for this packaging from the advancing horticulture and seafood processing sectors. Canned food products are also easy to consume and transport. In addition to this, easy access and increasing availability of canned goods fosters an environment of growth for the canned food packaging market during the period under observation.
The recyclable and reusable property of the cans is another growth driver of the market. Again, canned food items are rising in popularity due to their nutritional value and hygiene quality. Moreover, factors like swiftly changing lifestyles, rising disposable income, affordable pricing of canned food products as well as the availability of a wide range of choices drives the canned food packaging market. Besides, incorporation of technological advancements in the packaging process have led to the generation of new techniques for packing canned food. This, too, bodes well for the canned food packaging market.
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“Large scale acceptance of canned food products due to protection against all kind of microbial contamination is likely to boost the sales of canned food packaging over the forecast period,” says an FMI analyst.
Ball Corporation, Del Monte Foods, Inc., Crown Holdings, Amcor Limited, Anchor Glass Container Corporation, Ardagh Group, Greif Incorporated, Toyo Seiken, Huber Packaging and Siligan Containers among others are some of the major players in the canned food packaging market that are profiled in the full version of the report.
In an extremely competitive market, major players are keen on expanding operations and entering new markets. These businesses are also engaged in product development so as to maintain a competitive advantage.
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More Insights into the Canned Food Packaging Market Report
In its latest report, FMI offers an unbiased analysis of the global canned food packaging market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on type of food (fish and seafood, vegetables, meat products, fruits, canned ready meals, milk and sauces, beans and legumes, other canned food products), distribution channel (supermarkets and hypermarkets, independent retailers, convenience stores, specialist retailers, other distribution channels), raw materials (aluminum, steel, tinplate, glass, plastic), type of can (3-piece welded food packaging cans, 2-piece food packaging cans, D&I food packaging cans, DRD food packaging cans, drawn wall-ironed food packaging cans, single drawn food packaging cans, open top sanitary food packaging cans), preservation technique (pressurized, vacuum), and region.
According to the latest FMI reports, based on region, the canned food packaging market in Europe is expected to offer multiple lucrative opportunities for canned food packaging market. This growth is attributed to the immense demand for packaged food, the advancing food and beverages sector as well as the rapidly growing biscuit premix market.
In North America, the canned food packaging market is predicted to exhibit tremendous growth over the forecast period. High consumption of canned food products coupled with rising disposable income is responsible for the market growth in this region.
Asia Pacific is estimated to be the fastest-growing canned food packaging market. Canned meat and seafood are highly popular in countries like Japan, China, and Korea. Additionally, many manufacturers are also focusing on producing canned vegetarian and ready-to-eat food items. These factors are driving the market growth in Asia Pacific.
Based on segmentation, by food type, seafood segment is expected to dominate the market whereas on the basis of raw material, aluminum seems to dominate the market due to its high demand over the forecast period.
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Key Segments Profiled in the Canned Food Packaging Industry Survey
Canned Food Packaging Market by Type of Food:
Canned Food Packaging Market by Distribution Channel:
Canned Food Packaging Market by Raw Material:
Canned Food Packaging Market by Types of Can:
Canned Food Packaging Market by Preservation Technique:
Canned Food Packaging Market by Region:
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