Market Analysis
Market Research Future (MRFR) predicts the Canned Food Packaging Market to grow at a CAGR of 4.01% from 2021-2027 (forecast period).
Food packaging is described as a coordinated system of preparing food for transport, distribution, retailing, storage, and end-user to provide the ultimate consumer with optimal cost. The global packaging market is continuously evolving and is expected to grow rapidly during the forecast period. Furthermore, the development of new and diverse packaging styles, as well as the high potential in emerging economies that provide huge growth opportunities for canned food consumption, are generating exciting opportunities in the packaging industry.
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The canned food packaging market's growth is influenced by rising beverage consumption, increased use of aerosol cans, and rising canned food consumption. Furthermore, rising urbanization and disposable income have led to the emergence of Asia Pacific as the fastest-growing region.
Globally, packaging has seen rapid growth in recent years as a result of rising disposable income and shifting consumer preferences. Cans are one of the most commonly used packaged material types, and they have grown in popularity in both developed and developing nations in recent years. Advancements in packaging technology, which help in offering metal cans with improved functional and storage features, have also been a key factor driving growth in the soft drinks end-use sector. Cans are commonly used in both alcoholic and non-alcoholic beverages. According to MRFR, the energy drink category is still a significant driver of soft drink cans. The European energy drinks industry increased by 6% in 2015, and now 66% of energy drinks are sold in cans.
The expansion of the canned food packaging market is directly proportional to the food and beverage industry's growth, growing demand from the cosmetic industry, and innovation in the packaging. Nevertheless, increased material costs may impede the growth of the canned food packaging market during the review period. Product differentiation and the use of eco-friendly products and practices, on the other hand, could provide a significant opportunity for market growth. Strategic collaborations and a focus on key growth regions would benefit market participants.
Packaging manufacturers are following a new trend in research and development, with an emphasis on advantageous locations for production and short-distance supply to cut prices. The canned food packaging market is expected to expand significantly during the forecast period due to significant driving factors, including a focus on high-quality products, changing the lifestyle of consumers, and rising spending power. Packaging is an important factor in increasing product sales. Furthermore, the recyclable and reusable properties of cans, lower canned food prices, nutritional value, and hygienic food processing are driving the global canned food packaging market. Furthermore, rising demand for packaged or processed foods, as well as the availability of various convenient food options like ready to eat, ready to cook, ready to serve, and ready to heat, are fueling the market growth.
COVID-19 Impact on the Global Canned Food Packaging Market
Implementation of a set of regulations by governments of different nations to deal with the COVID-19 crisis, like a full shutdown of manufacturing units, is found to have an impact on the development of the global canned food packaging market.
Key Players
The key players of the global canned food packaging market include Amcor Ltd. (Australia), Ardagh Group (Luxembourg), CPMC Holdings Ltd. (China), Crown Holdings (U.S.), Grief Incorporated (U.S.), Silgan Holdings Inc. (U.S.), Rexam Plc. (U.K.), Toyo Seikan Kaisha Ltd. (Japan), Ball Corporation (U.S.), and Huber Packaging (Germany).
Market Segmentation
The global canned food packaging market has been segmented based on material and type.
By material, the global canned food packaging market has been segmented into metal, steel, aluminum, and others.
By type of food product, the global canned food packaging market has been segmented into readymade meals, meat, and seafood.
Regional Analysis
In terms of region, the global canned food market has been segmented into four major regions, including North America, Europe, Asia Pacific, and RoW.
The Asia Pacific is currently expected to be a leading market player and will likely dominate the market during the forecast period. Developing economies such as India, China, and Brazil have altered their purchasing habits by purchasing more packaged foods, which will aid in market growth. Because of the easy availability of raw materials and labor in China, it is one of the most beneficial regions for the establishment of manufacturing facilities. Furthermore, the market for canned food packaging is fueled by a preference for long shelf-life and low prices. Demand for beverages, which is continuing a trend toward low-cost alternatives to chilled and frozen meat, has been increasing in the Asia Pacific region, owing primarily to changing lifestyles and rising purchasing power.
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Summary
The global canned food packaging market is predicted to grow at a CAGR of 4.01% from 2017-2023 (forecast period). The global canned food packaging industry is undergoing various changes with evolving customer expectations like availability in small sizes, development in technological innovation, and shifts in competitive power.
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