The global canned meat market size was USD 30.85 billion in 2020. The market is projected to grow from USD 32.04 billion in 2021 to USD 42.75 billion by 2028 at a CAGR of 4.21% during the analysis period (2021-2028). This information is provided by Fortune Business Insights™, in its report titled, “Canned Meat Market, 2021-2028.”
According to our researchers, individual households and customers living a busier routine, bend toward ready-to-eat food products for consumption, involving canned meat. Therefore, the accessibility and rise in demand for protein-rich foods are expected to support the global canned meat market growth.
Expanded Shelf-life of Canned Meat Products to Sustain Growth amid COVID-19
The meat ingestion routine of consumers altered amid the COVID-19 pandemic. As the infections surged along with the imposition of limitations on travel, people began stockpiling food products with longer sustainability. Therefore, this hoarding triggered a rise in demand for the product in the market. Moreover, the sales of such products augmented by nearly 70-80% in the U.S. as well as the U.K. during the COVID-19 lockdown tenure.
List of Key Players Covered in the Report
- Hormel Foods Corporation (U.S.)
- Bolton Group (Italy)
- Bumble Bee Foods, LLC. (U.S.)
- Crown Prince, Inc. (U.S.)
- Danish Crown Foods (Denmark)
- Ayam Sarl (Singapore)
- JBS (U.S.)
- Wild Planet Foods (U.S.)
- American Tuna Inc. (U.S.)
- Survivalcavefood (U.S.)
Type, Distribution Channel, and Region are Studied
On the basis of type, the market is segregated into beef, pork, poultry, and others. The beef segment dominates the market on the account of major product consumption in the majority of countries.
Based on distribution channel, the global market is classified into supermarkets/hypermarkets, specialty stores, online channels, and others.
In terms of geography, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
We prepare our reports based on an extensive survey and review method, which primarily focuses on providing accurate information. Our experts have applied a data navigation technique that helps us to present dependable predictions and examine the global market dynamics precisely. Further, our researchers have gained admittance to various international as well as domestic sponsored catalogs and records to provide up-to-date information. This will aid the stakeholders and business owners to capitalize only in the essential areas.
Growing Demand for Convenient Food Products to Spur Growth
Canned meat offers the suitability of ingesting food items without the need to cook or defrost them. These products are effortless to manage and thus are apt for people who lead a busier routine. Also, for people with budgetary restraints, it empowered them to store energy and stockpile the products on shelves for an extended period. Hence, the simplicity in consuming products with greater nutritional value and prompt delivery is the prime aspect contributing to the rising demand for these products.
North America presently holds the majority canned meat market share, and the region is estimated to lead the market during the forecast period.
Surging demand among consumers for processed food products with a greater shelf life is boosting the demand for the product in Europe. France, Germany, and the U.K. are displaying high demand for such products.
Customers in Asia Pacific lean toward consuming fresh food products such as fresh meat over canned meat products.
Inventive Product Launch Declarations by Vital Players to Spur Market Growth
The fundamental players embrace numerous tactics to bolster their position in the market as dominating companies. One such pivotal tactic is procuring companies to boost the brand value among users. Another effective stratagem is intermittently presenting groundbreaking products with a detailed examination of the market and its target audience.
March 2020: JBS, a meat processor based in Brazil, declared an investment to update its production equipment for creating meat products. The USD 2.5 million investment is intended to multiply the production competency for meat products.