Food Cans Global Market Opportunities And Strategies To 2031

This report describes and explains the food cans market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

The food cans market reached a value of nearly $60,264.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.0% since 2016. The market is expected to grow from $60,264.3 million in 2021 to $69,515.7 million in 2026 at a rate of 2.9%. The market is then expected to grow at a CAGR of 3.1% from 2026 and reach $80,954.8 million in 2031.

Growth in the historic period resulted from the increased demand for organic foods, food security initiatives, low-interest rates and increased pet ownership by gen Z and gen Y adults.

Going forward, increasing millennial population, continued technology development, growing awareness about nutritional benefits of canned food and rising penetration of organized retail will drive the growth. Factors that could hinder the growth of the food cans market in the future include supply chain disruptions, reductions in free trade, stringent regulations and impact of Russia-Ukraine war.

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 food cans market is segmented by material into aluminum cans and steel/tin cans. The aluminum cans market was the largest segment of the food cans market segmented by material, accounting for 57.3% of the total in 2021. Going forward, the aluminum cans market is expected to be the fastest growing segment in the food cans market segmented by material, at a CAGR of 3.1% during 2021-2026.

The food cans market is segmented by end use into meat, poultry and seafood, pet food, bakery and confectionary, sauces, jams and pickles, fruits and vegetables, beverages and other end-users. The beverages market was the largest segment of the food cans market segmented by end-use, accounting for 41.1% of the total in 2021. Going forward, the beverages market is expected to be the fastest growing segment in the food cans market segmented by end-use, at a CAGR of 3.1% during 2021-2026.

North America was the largest region in the food cans market, accounting for 27.2% of the total in 2021. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the food cans market will be Africa, and, South America where growth will be at CAGRs of 3.7% and 3.4% respectively. These will be followed by Middle East, and, Asia-Pacific where the markets are expected to grow at CAGRs of 3.3% and 3.3% respectively.

In the packaging sector, demand for shelf-ready products in the food sector owing to the changing purchase and storage patterns of consumers has seen a spike. Consumers are shifting their preference towards ready-to-eat meals, which include pre-packaged flavoring ingredients and syrups. On the other hand, the heavy loss of revenues due to low sales in hotels, restaurants, and food and beverages retailers has offset the spike in demand for shelf-ready products. China being the epicenter of the disease, shutdown in the Chinese market in the early months of coronavirus’ spreading has greatly impacted the packaging sector worldwide. Heavy reliance on Chinese manufacturing facilities has disrupted the global supply chain.

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 with 6.63%, Ardagh Group S.A with 5.89%, CAN-PACK S.A. with 3.52%, Silgan Holdings Inc. with 3.27%, Toyo Seikan Group Holdings Ltd with 1.93%, CPMC Holdings Limited with 1.46%, Visy Industries with 0.90%, Tetra Laval International S.A. with 0.88% and Kian Joo Can Factory Berhad with 0.54%.

The top opportunities in the food cans market segmented by product will arise in the 2-Piece Cans segment, which will gain $7,209.5 million of global annual sales by 2026. The top opportunities in segment by material will arise in the aluminum cans segment, which will gain $5,730.2 million of global annual sales by 2026. The top opportunities in segment by end-use will arise in the beverages segment, which will gain $4,098.0 million. The food cans market size will gain the most in the USA at $1,752.2 million.

Market-trend-based strategies for the food cans market include using aluminum cans to protect the environment, focusing on BPA free cans as they eliminate risks associated with BPA products, investing in high pressure pasteurization equipment and invest in innovative products to provide better and enhanced products.

Player-adopted strategies in the food cans market include expanding operations by constructing new facilities, introducing new products specific various applications, focusing on strategic collaborations and focusing on acquisitions.
To take advantage of the opportunities, the publisher reccomends the food cans companies to focus on use of recyclable aluminum cans, focus on investments in innovative products, invest in BPA (Bisphenol A)-free cans, focus on emerging markets, focus on strategic collaborations, continue to expand in developed markets, focus on competitive pricing, continue to use business-to-business (B2B) promotions, target local retailers and target pet food manufacturers.