Food Cans Market Sees Growth Rate Of About 7% As Per The Business Research Company Analysis
The food cans market is expected to grow to over $27 Bn this year with the rising penetration of organized retail among other industry drivers.
LONDON, April 20, 2022 /PRNewswire/ -- The food cans market consists of sales of food cans by entities (organizations, sole traders, and partnerships) that manufacture cans or containers for the distribution and/or storage of food and beverage items. The food is processed and sealed in airtight containers with tops that can be lifted and the contents can be consumed. These cans are used to store a variety of fruit, vegetables, dairy, fish, meat, ready meals, pet food, infant milk powder, beverages and other food products.
The global food cans market size is expected to grow from $25.91 billion in 2021 to $27.67 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The global food can market size is expected to grow to $34.86 billion in 2026 at a CAGR of 5.9%.
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Food & Beverage Metal Cans Market Segmentation
The food cans market is segmented by product into 2-piece food cans and 3-piece food cans. The 2-piece food cans market was the largest segment of the food cans market segmented by product, accounting for 80.3% of the total in 2021. Going forward, the 3-piece food cans market is expected to be the fastest growing segment in the food cans market segmented by product, at a CAGR of 3.2% during 2021-2026.
The metal food cans market is also segmented by material into aluminum cans and steel/tin cans, by end use into meat, poultry and seafood, pet food, bakery and confectionary, sauces, jams and pickles, fruits and vegetables, beverages and others.
The increasing penetration of organized retail is expected to be a major driver of the food cans market. Increasing disposable incomes, changing consumer tastes and preferences, changing demographic profiles, and increasing investments are enhancing growth in the organized retail market. In addition, the growing internet penetration and more international retailers initiating operations in different countries and regions are also benefiting the organized retail sector, increasing reach of various canned food products to consumers across the world.
Key Players And Their Strategies In The Food Cans Industry
The food cans market is concentrated with a small number of large players dominating the market. The top ten competitors in the market made up to 36.03% of the total market in 2020. Crown Holdings, Inc was the largest competitor with 11.01% of the market, followed by Ball Corporation, Ardagh Group S.A., CAN-PACK S.A., Silgan Holdings Inc., Toyo Seikan Group Holdings Ltd, CPMC Holdings Limited, Visy Industries, Tetra Laval International S.A., and Kian Joo Can Factory Berhad.
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