Global canned food market to grow CAGR of 2.46%

The analysts forecast the global canned food market to grow at a CAGR of 2.46% over the period 2012-2016. One of the key factors contributing to this market growth is the changing lifestyle of people. The Global Canned Food has also been witnessing the changing consumer demographics. However, the entry of low-priced products and private label offerings could pose a challenge to the growth of this market.

The report from Research and Markets has updates from major companies leading the industry:

Bolton Group International Ltd., ConAgra Foods Inc., Del Monte Corp., and H.J. Heinz Co. It also includes data from Hormel Foods, AgriPure Holding plc, Canyon Creek Food Co Ltd., Christian Potier S.A., and La Doria SpA, Zanlakol Ltd.

Due to the change in the attitude and lifestyle of the population, the demand for canned food is going to increase in the near future, according to an industry analyst. The aging population is looking for smaller packages and foods that are easy to prepare as they would rather spend less time on food preparation. Mid-lifers, i.e., people between 28-49 years, are also switching to canned foods due to their increasing workloads and parenthood pressures. The decrease in the average household size in North America and Europe to one or two people has also increased the demand for canned foods. The increase of female participation in the workforce and the working women population has also increased the need for convenient canned food products. The increasing disposable income of consumers in the developing countries has also led to an increased consumption of these products. Thus, the changing consumer demographics of the market is expected to lead to the growth of the Global Canned Food market during the forecast period.

According to the report, the Global Canned Food market is driven by numerous factors, one of which is the changing consumer lifestyle which has increased the consumption of canned foods. As canned food takes less time to prepare and cook, its demand is increasing among the working class population. The reduced availability of time because of hectic lifestyles is also increasing the demand for canned foods among consumers. (tin cans © belchonock / 123RF Stock Photo)

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