The market is mostly driven by the expanding urban population, which favours quick and easy meals. Also, there is a growing market for nutritious foods that are high in protein, useful fibres, vitamins, and omega-3 fatty acids. The desire for meat and seafood that is simple to prepare and products with these qualities are further boosting market sales. Because consumers are more aware of the health benefits of fish, together with the flexibility it offers in use and the lengthy timeframe of practical use, the demand for canned fish and fresh fish has consistently increased. Furthermore, customers' preferences for healthier foods, such as canned meats that are high in protein, etc., are changing as a result of increased health concerns among consumers, which is driving the market growth.
The recession will have a significant effect on the market for canned meat. Consumers typically reduce their spending during recessions, even on luxury goods like premium cuts of meat. As a result, tinned beef may gain popularity as a more practical and inexpensive choice for customers. Consumers who want to stock up on non-perishable food goods frequently choose canned meat since it is a product that can be stored for extended periods of time and is shelf-stable, such as canned chicken, tuna, and corned beef. Canned meat is a versatile component for consumers on a budget who want to stretch their food expenses because it can be used in a variety of recipes.
Growing Consumer Demand for Convenient Food Items is Driving Market Growth
With canned meat, you can enjoy the ease of eating food without having to prepare it or defrost it. Because they are simple to use, these goods are appropriate for those who lead hectic lives. Furthermore, it allowed customers on a tight budget to conserve electricity and keep the goods on the shelves for a long time. As a result, the simplicity of consuming foods with high nutritional content and speedy delivery is the main driver of this items' rising demand. Nevertheless, because they lack the cooking skills, millennials prefer goods like canned beef because they also seek high-quality cuisine. Additionally, a number of canned goods are sold in stores and delivered via internet channels. These variables will boost market expansion.
High Cost of Canned Meat to Limit Market Growth
Manufacturers of poultry confront a number of challenges, including poor storage, transportation, and product waste, all of which reduce the value of finished goods. The machinery used in the poultry industry, including high-pressure processing, chilling, massage, and injectors, improves the efficiency of food production by lowering wastage. Unfortunately, poultry processing facilities demand significant infrastructure investments and expensive capital expenditures. This includes pack houses, cold storage locations along the value chain, cutting-edge machinery for processing processed meats that keep their nutritional value, infrastructure at port gateways with phytosanitary facilitation, and multi-modal logistics.
Based on type, the canned meat market is segmented into beef, pig, poultry meat and other meats. The poultry meat category dominated the market in 2022. One of the key reasons driving the expansion of this market is the rising demand for poultry products. The demand for these items develops dramatically because chicken meat is more inexpensive and does not face the same cultural restrictions as pork and beef. The rising consumption of poultry meat is also a result of the high-quality protein and low fat content of poultry products. Global production of chicken meat reached 100,026 thousand metric tonnes in 2020, up from 92,726 thousand metric tonnes in 2018. With a consumption of 20 million tonnes, China was the market that consumed the most poultry meat in 2019, followed by the United States with 19 million tonnes.
By Distribution Channel
Based on distribution channel, the canned meat market is segmented into supermarkets/hypermarkets, specialty stores, online channel and others. The supermarkets/hypermarkets category dominated the market in 2022. The availability of many products that give consumers a wide range of options is a key reason in the segment's growth. The product's shelf placement and the greater availability of food items in these stores both contribute to the segment's growth. Besides, throughout the anticipated period, internet sales of canned food goods will increase dramatically. Younger people with busier lifestyles are more likely to use online channels since they make it convenient to buy food products from the comfort of their homes. Major players are also starting their own e-commerce portals to connect with customers.
North America is projected to hold the largest share of the canned meat market over the forecast period. The demand for packaged beef products increased as customers shifted to goods with longer shelf lives. During the COVID-19 pandemic, the supply of fresh meat products also decreased, which increased demand for canned meat products. The demand for meat products is rather strong in the area because people are growing more concerned about maintaining wellness and since meat is one of the best sources of iron, zinc, and other crucial nutrients. On the other hand, the Asia Pacific canned meat market is anticipated to grow significantly. The demand for packaged beef products is being driven by consumers' growing need for processed foods with longer shelf lives. Food processing has advanced as a result of the rapidly growing food industries in nations like China, India, Japan, Indonesia, Vietnam, and Bangladesh. This has increased product demand in the region.
LIST OF KEY COMPANIES PROFILED:
- 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.)
- In December 2021, to improve automation in meat operations over the next three years, Tyson Foods Inc. planned to spend more than $1.3 billion. The company will benefit from this as it expands and can produce more.
|Market Size in 2022||USD 30.2 Billion|
|Market Forecast in 2030||USD 49.3 Billion|
|Compound Annual Growth Rate||8.50 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Distribution Channel and By Geography|
|By Distribution Channel||