Canned Food Packaging Market, By Material (Metal, Steel, Aluminum, Others), Type of Food Product (Readymade Meals, Meat, Sea Food) - Forecast To 2023
Market Synopsis
Food packaging is defined as a coordinated system of preparing food for transport, distribution, storage, retailing, and end-user to satisfy the ultimate consumer with optimal cost. The global packaging market is constantly evolving and is expected to witness a high growth over the forecast period. Moreover, the development of new and diversified packaging styles and high potential in emerging economies providing huge growth opportunities for canned food consumption are creating exciting opportunities within the packaging industry.
The growth of the canned food packaging market is influenced by the increasing consumption of beverages usage of aerosol cans and increasing consumption of canned food. Furthermore, increasing urbanization and their disposable income have led to the emergence of Asia Pacific as the fastest growing region.
The global market for global Canned Food packaging market is expected to grow at ~4.01% CAGR.
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Globally, packaging has been witnessing a strong growth over the last few years due to increasing disposable income and changing consumer preferences. Cans are one of the most widely used packaged material types and they have become increasingly popular in developed and developing countries during the past few years. Advancements in the packaging technology, which aids in offering metal cans with improved functional and storage features have also been a major factor triggering the growth in the soft drinks end-use sector. Cans are widely used in alcoholic and non-alcoholic drinks. According to MRFR analysis, the energy drink category continues to be an important driver for soft drink cans. The European energy drinks market increased by 6% in 2015 and now ~ 66% of energy drinks are sold in cans.
The growth of the canned food packaging market is directly proportional to the growth in the food & beverage industry, increasing demand from cosmetic industry, and innovation in the packaging. However, the increased material cost may hinder the growth of the canned food packaging market over the review period. Whereas, product differentiation and use of eco-friendly products and practices could also provide an immense opportunity to the growth of the market. Strategic collaborations and focus on key growth regions would benefit the market participants.
A new trend in research and development is carried out by the packaging manufacturers with a focus on advantageous locations for production and short-distance supply to reduce costs. The canned food packaging market is expected to experience massive growth during the forecast period due to the major driving factors such focus on high-quality products, changing the lifestyle of consumers, and rising spending power. Packaging plays an important role in increasing the sales of products. Moreover, recyclable and reusable properties of the cans, the cheaper price of canned food, nutritional value, and hygienic food process are driving the global canned food packaging market. Moreover, the growing demand for the packaged or processed food along with the availability of various convenient food option such as ready to eat, ready to cook, ready to serve, and ready to heat is adding fuel to market growth.
The global canned food packaging market is undergoing various changes with evolving customer expectations such as availability in small sizes, acceleration of technological innovation, and shifts in competitive power. The market is segmented on the basis of material it includes metal, steel, aluminum, and others. Moreover, by type of food product, it is segmented readymade meals, meat, and seafood. In terms of region, the global canned food market is segmented into four major regions including North America, Europe, Asia Pacific, and RoW. Geographically, Asia Pacific region is anticipated to be the fastest growing market for canned food packaging during the forecast period.
Regional Analysis
North America and Europe are the leading cans market owing to the high consumption of canned beverages and processed food. However, their markets have been saturated and are hence expected to grow at a slower rate. Currently, Asia Pacific is expected to be a leading market player and is likely to dominate the market during the forecast period. Developing economies like India, China, and Brazil have changed their buying patterns by purchasing more packaged foods will help to grow the market. The easy availability of raw material and labor in China makes it one of the beneficial regions for setting up of manufacturing facilities. Moreover, inclination towards long shelf-life and low prices fueling the market for canned food packaging. Demand for beverages, continuing a trend toward cheap alternatives to chilled and frozen meat has been increasing in the Asia Pacific region majorly due to the changing lifestyle and the increasing purchasing power.
As the competitive landscape of the report, there was a study of the growth strategies adopted by the companies between 2016 and 2021. The key players adopted various strategies to achieve operational efficiencies. The key strategies followed by the most companies in the global canned food packaging market are mergers & acquisitions, winning new projects, new product innovations, and expansion.
The key players of global canned food packaging market include Amcor Ltd. (Australia), Ardagh Group (Luxembourg), CPMC Holdings Ltd. (China), Crown Holdings (U.S.), Grief Incorporated (U.S.), Silgan Holdings Inc. (U.S.), Rexam Plc. (U.K.), Toyo Seikan Kaisha Ltd. (Japan), Ball Corporation (U.S.), and Huber Packaging (Germany).
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