Worldwide sales within the canned food market are forecast to reach nearly $80bn (€60bn) by 2014. However, only three out of eight sectors in the canned foods industry grew in 2011.
The fastest growing category was canned fish, due to a rise in fish consumption, improvements in sustainably-sourced products and an influx of value-added products within the sector.
Despite this increase in value, the canned foods industry is in decline in volume terms, according to market report, 'Canned/Preserved Food Packaging in the US,' in 2012.
It states: 'Although the market has traditionally benefited from economic downturns, it has failed to profit from the current crisis. This is because the majority of consumers are now accustomed to a certain degree of luxury in their lives, which they are proving reluctant to give up, in spite of strained finances'.
Value for money
Canned goods are considered to be household essentials by the majority of homes, as they are perceived as products that offer good value for money
The global canned food market is estimated to have reached about $77.2bn at the beginning of 2013, and will grow to $79.6bn by 2014. By 2020 this industry is forecast to reach a total of $99.7bn, growing at a CAGR of 3.5% between 2010 and 2020.
The report states though tastes of consumers are varied, there is hardly any difference in the qualities they value. Topping the list of consumer demands for foods and packaging are freshness, ingredients of superior quality, convenience and eco-friendliness. A can is able to provide all of these, though consumer perception is very low.
For example, convenience offered by canned foods is highly valued by consumers, but health and nutritional advantages are often ignored. Today's consumer is interested in nutritious foods to maintain a healthy lifestyle, with health-conscious diets becoming more common and driving the demand for the most nutritious food on offer.
The report provides analysis of the global market for canned food and statistics for global and regional markets including North America, Europe, Asia-Pacific, South America and the Rest of the World.
The major canned food segments analyzed in the study comprise Canned Cooking Sauces, Canned Desserts, Canned Fish/Seafood, Canned Fruits, Canned Meat, Canned Pasta & Noodles, Canned Soups and Canned Vegetables.