Food Can Market - Forecasts from 2022 to 2027

The food can market is estimated to grow at a CAGR of 5.54% to reach a market size of US$9.380 billion in 2027 from US$6.432 billion in 2020.

The main objective of food can be to store and preserve food for expeditious transportation, and distribution, as well as to be used as a container for residential as well as industrial use. The primary factors that are estimated to drive the growth of the global food can market are increasing health-conscious convenience snacking that is marked by a shift in consumers' preference of food ingredients and dietary patterns. Further, the increasing innovation in the food and beverage sector is also set to drive the growth of the food can market globally. Further, the perishable nature of fruits, which makes their shelf life a major deterrent for their application in a variety of food and beverage preparations, is also a reason why the food can market serves as a facilitator in conserving the quality of food products. Particularly, the bakery and confectionary sector benefits from the canning of food, since fruits are one of the most sought-after ingredients in preparations for the aforementioned Food and beverage segment.

Furthermore, advancements in refrigeration and transportation technologies have made it possible to ship more volumes of exotic ingredients. The growing trend of ordering breakfast snacks in the morning is also driving the global food can market. Additionally, the baby boomers, Gen Xs, Gen Ys as well as Gen Zs' consumption tendencies towards food and beverages, albeit varied, are marked by the curiosity of sampling exotic cuisines, trying fusion cookery, and so on. Thereafter, the growing emergence of convenient snaking options that include a variety of food products is gradually being adopted by consumers across the world. This is supported by the growing middle-income group that is giving rise to more disposable income available to a household. A mix of traditionalist and experimentalist consumers across all age groups frequent pubs, local eateries, bars, and fine dining establishments, along with other types of food and beverage establishments.

Furthermore, the tendency for a fast-paced lifestyle due to technological advancements and the changing nature of deliverables and rotational working hours has led to a surge in the need for meal-on-the-go, meal kits, which is also driving the flourishing food and beverage start-up sector that has added to the stream of demand for food that can sustain operations. Additionally, the proliferation of convenience stores in urban agglomerations is helping to drive the growth of the food court market.

Conversely, a plausible aversion to heavily processed food and artificially sweetened beverages, among others, in favour of food ingredients that are perceived to be healthy is also poised to drive the food market. To this extent, aspects of global dietary patterns, particularly in urban and peri-urban areas, have significantly shifted toward veganism and what is becoming known as a flexitarian way of eating. Apart from the aspects of convenience, identity, taste, and value, there has been an increasing consideration of the degree to which the ethics of food products resonate and the benefits that one can derive from consuming the food and /or beverage concerned. This has given rise to the demand for food inclusions that aid the premiumization of a few traditional reckoned food products.

The growing interest in the umami flavour - the fifth flavour that has emerged as a common addition to sauces, soups, and meat pies, among others for its widely recognized meaty- savory flavour, thus subscribing to veganism. Thus, expanding preferences in food and beverages that spill over the traditional national geographical boundaries, evolving consumer demographics, and changing consumption patterns, among others are estimated to throttle the demand for the same.

Aluminium Cans are predicted to have a significant market share by material. According to The Aluminum Association, an average aluminium beverage container can contain up to 70% recycled metal, making it one of the most recyclable beverage containers by far. Aluminium cans are completely impervious to oxygen, light, moisture, as well as other pollutants. They are corrosion-resistant and have one of the longest store lives of any package. The lightweight and stackability of these cans improve storage and shipping efficiencies while also significantly reducing transportation carbon emissions through logistics and supply chains, resulting in their widespread acceptance in packaging.

North America is expected to have a significant share of the market. Food processing is a major manufacturing industry in the United States, and it is boosting regional demand for food cans. Food processing factories account for 16 percent of the value of shipments from all manufacturing operations in the United States, according to the US Department of Agriculture. Packaging also extends the shelf life of a product, reducing food waste, which is a major environmental and economic issue. In the United States, for instance, an approximated 42% of fresh peaches are wasted at the consumer level, mostly due to spoiling. Only 9% of canned peaches deteriorate, resulting in significant resource savings while maintaining the same nutritional content. The demand for food cans is also being driven by product innovation in the region. Ball Corp., for example, has saved more than 210 metric tons of steel yearly, or the equivalent of 250 automobiles, by lowering the weight of an end-user with millions of two-piece food containers in North America by 15% over the last five years.

Recent Developments and expansions

• Crown Holdings Inc. began construction of a new USD 147.6 million, 327,000-square-foot can production facility in Bowling Green, Kentucky, in May 2020, with intentions to open in spring 2021. The advanced-manufacturing plant will be owned and operated by its subsidiary CROWN Cork and Seal USA Inc. It will produce 1.3 billion canisters per year at a pace of 2,800 cans per minute in the beginning.
• Crown Holdings Inc. introduced a new gifting tin in May 2020 for firms that use attractive finishes & textures on metal packaging to entice customers. The inks used in the presenting tin create an oxidized mineral aesthetic, creating the impression of natural weathering through time, and using a colour palette that celebrates nature's diversity.
• In 2020, Puratos, a manufacturer of food ingredients that is headquartered in Belgium announced the launch of a new range of food inclusions that will reportedly contribute to a creamy texture and rich taste, called Smoobees. These soft beads will allow the bakers to add the aforesaid characteristics to their products without any injection equipment, thereby enabling the bakers to adapt to the variation in consumer demand without any overhaul or any major investment in their production processes.

COVID-19 Impact

Packaging producers experienced supply chain interruption as a result of the recent breakout of COVID-19, as well as decreased manufacturing at their facilities in many regions of the world. Global Food Safety Initiative (GFSI) certification programs now offer six-month certification extensions by conducting a remote audit and risk assessment on COVID-19, enabling the business to satisfy demand by approving a new supplier's location without the need for an on-site inspection.

Segmentation

• By Material

Aluminum

Steel

Others

• By Application

Bakery & confectionary

Convenience food

Dairy Products

Fruits & vegetables

Meat & seafood

Pet food

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• United Kingdom
• Italy
• Spain
• Others

Middle East and Africa

• UAE
• Saudi Arabia
• Others

Asia Pacific

• China
• Japan
• South Korea
• India
• Thailand
• Indonesia
• Australia
• Others