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Fruits are one of the most versatile and commonly eaten foods throughout the world, and it represents an essential part of people’s diet which promotes health. They have the potential to improve the diet quality and health of those who consume fruits regularly. However, because of seasonality, they are often consumed processed, which in turn can drive the global canned fruit market.
The increasing demand for healthy and convenient or ready-to-eat food options within developed as well as developing economies owing to a busy lifestyle and rising household income are predicted to drive the global market in forthcoming years. The key players operating the market are embarking on the digitalization and new product launch to expand their product offerings in the global market. For instance, in May 2018, Del Monte Foods has announced the launch of its premium Gold Range. The new product range will include canned pineapple chunks and canned pineapple slices.
Canning of fruits is one of the cheapest and easiest techniques to preserve the fruits for a prolonged period. Besides, it is one of the best techniques for preserving seasonal fruits throughout the year and it also preserves the several nutritional properties of fruits such as fiber, vitamins, minerals, and many others. The rising awareness concerning the health benefits of fruit consumption, rising vegetarian population, and intensifying demand for convenient products are likely to drive the global market. The rising customer inclination towards healthy and organic food and escalating demand for clean-label products are predicted to serve as an opportunity for the market players. The buyers are ready to pay premium prices for high-quality food, which is expected to encourage the niche companies to produce clean-label products which generally have high-profit margins.
The fluctuation in pricing and production of fruits mostly due to seasonal variation can impact the final price of the canned fruits which is anticipated to hinder the market growth. Furthermore, increasing demand for fresh and minimally processed food is anticipated to restrain market growth.
Key Market Driver -
Rising Consumer Inclination towards Convenient and Healthy Snack Options
Key Market Restraint -
Fluctuating Raw Material Price
The prominent players operating in the global canned fruits market are Del Monte Foods, The Kraft Heinz Company, Conagra Foods, Rhodes Food Group, Dole Food Company, Kangfa Foods, Seneca Foods, CHB Group, Gulong Food, Tropical Food Industries, and Others.
The conventional canned fruits are predicted to hold a prominent share in the global market. The low cost of conventional fruits as compared to organic fruits and abundant availability of conventional fruits are predicted to boost the production of conventional canned fruits. Nonetheless, in upcoming years, the market of organic canned fruits is predicted to grow at a significant pace due to increasing consumer inclination towards organic and natural products owing to the numerous health benefits allied with them.
The cut fruit segment is predicted to hold a significant share in the global market. The growing demand convenient and healthy snack options is expected to drive the sale of canned fruit slices, halves, and cubes. The supermarkets/hypermarkets segment is expected to hold a significant share in the global market. Increasing consumer dependency on such stores owing to various facilities offered by these stores such as freebies, home delivery, discounts, and many others is predicted to positively impact the product sales from these stores.
The abundant availability of raw material within Asia Pacific due to the massive production of fruits within the region is expected to drive the regional market. For instance, according to the Agricultural & Processed Food Products Exports Development Authority of India (APEDA), India ranks second in fruit production in the world, after China. Moreover, high profit associated with the production of organic canned fruits is forcing regional market players to expand their distribution network and production capability, which in turn can drive the regional market in forthcoming years.
Europe is predicted to hold a considerable share in the global canned fruit market. High awareness among consumers regarding the health benefits of fruit consumption, well-established food processing industry, and proximity to a large domestic market are predicted to drive the regional canned fruit market. North America is anticipated to witness significant growth in the global market. The rising vegetarian population, and escalating fitness and wellness trend within the region are likely to drive the regional market.
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