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Canned Meat Market Size, Share & COVID-19 Impact Analysis, By Type (Beef, Pork, Poultry Meat, and Others), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Channels, and Others), and Regional Forecast, 2021 – 2028

Region : Global | Format: PDF | Report ID: FBI106372

 

KEY MARKET INSIGHTS

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The global canned meat market size was USD 30.85 billion in 2020. The market is projected to grow from USD 32.04 billion in 2021 to USD 42.75 billion by 2028 at a CAGR of 4.21% during the forecast period (2021-2028). The global impact of COVID-19 has been unprecedented and staggering, with witnessing a positive impact on demand across all the regions amid the pandemic. Based on our analysis, the year-on-year growth of the market was 3.75% in 2020. The rise in CAGR is attributable to this market’s demand and growth rate, returning to pre-pandemic levels once the pandemic is over.  


The demand for protein-rich food increased significantly among health-conscious consumers. Moreover, consumers prefer seasoned and flavored meat products, which also considerably drive the market growth. Single individual households and consumers leading busier lifestyles prefer to consume ready-to-eat food products, including packaged meat products. Thus, the convenience and increase in demand for protein-rich foods drive the growth of the global market.


Extended Shelf-life led to Stockpiling of Canned Products during COVID-19 outbreak


The meat consumption pattern of consumers changed during the COVID-19 pandemic. With rising infections and the restrictions imposed on travel, the customers stockpile food products with longer shelf life. Thus, the stockpiling caused a surge in demand for canned products in the market. The sales of canned meat products increased by 70 to 80% in the U.S. and the U.K. during the COVID-19 lockdown period. The production capacity of processed meat products declined due to the closure of production units. The lockdown further created logistics problems and disrupted the supply chain of the meat market. Hence, there was an initial delay in the availability of the product in retail stores. However, due to pandemic-related efforts undertaken by the manufacturers, retail stores were able to quickly restock products on the shelves of the supermarkets after facing initial product shortages.  


LATEST TRENDS


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New and Developed Meat Packaging Technology Adoption is Impacting in the Global Market


There is a continuous change in the meat packaging process adopted by canned meat manufacturers. Convenience is one of the major factors considered for packaging meat products such as processed meat products. Companies are adopting new technologies such as Advanced Sous-vide Aseptic Packaging (ASAP) developed by Hong Kong-based IXON Food Technology to keep meat products fresh without the need for refrigeration. In recent years, with increasing awareness among consumers about animal cruelty, the demand for plant-based meat products has been increasing significantly in the market.  


DRIVING FACTORS


Rising Demand for Convenient Food Products is Spurring the Market Growth


Canned meat provides the convenience of consuming the products without cooking or thawing the food products. These products are easy to handle, and thus are suitable for people who have a busier lifestyle. Also, for people with budgetary constraints, it enabled them to save energy and store the products on shelves for a long time. Therefore, the ease of consuming products with high nutritional value and quick delivery is the major factor contributing to the growing demand for these products.


Millennials also crave high-quality food products, but they lack the necessary skills for cooking food, and thus prefer products such as canned meat. Additionally, several canned products are distributed through online channels and are also available in supermarkets. These factors will augment the market growth.


Adoption of Latest Canning Technology To Keep Products Fresh Is Positively Influencing Market


Packaging plays a crucial role in maintaining the quality of canned products. To ensure that consumers consume high-quality food, manufacturers use the latest technology to package the products. These include adopting automation and the latest technologies such as Direct Heat Sealing Technology (DHS) to seal the cans and maintain food quality. Companies such as Crown Technologies adopt code scanning stem such as CrownSecure to ensure that the packages have a singular identity quick response code. These coding techniques help in product traceability and also improve customer engagement. 


The key global market players are focusing on the launch of new flavors, shapes, and sizes of canned meats to meet the growing demand in the market. In recent years, companies such as Hormel Foods Corporation have been launching new canned products of different flavors for the market. For instance, in November 2020, F&G Food Pte Ltd launched a new product in different varieties to cater to the growing demand in the market. The company launched two new products in the market, canned chicken ham and pork ham. Similarly, in 2020, Brazil meat-based company Marfrig expanded its presence in Argentina to increase its market presence in the South America region. These market players are tapping into the markets with higher potential in China, Argentina, and others to increase their revenue.


RESTRAINING FACTORS


Adverse Health Effects Caused Due to Frequent Product Consumption to Affect Market Growth


Consumers prefer products that are freshly prepared compared to processed food products such as canned meat. These processed meat products have a high amount of table salt added to them to improve their taste and also help to preserve for a long time. Additionally, these products also comprise several synthetic preservatives responsible for causing health ailments such as obesity and type 2 diabetes. Hence, the demand for packaged meat products among health-conscious consumers is decreasing rapidly.


SEGMENTATION


By Type Analysis


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Beef Segment Dominates Market


Based on type, the market is segmented into beef, pork, poultry, and others.


The consumption of beef is high in South East Asian countries, North America, and South America. Moreover, beef meat price is comparatively higher than poultry meat and pork meat; hence, the beef segment dominates the market share.


The increasing demand for poultry products is one of the significant factors contributing to the growth of this segment. Since chicken meat is affordable and does not have cultural barriers similar to pork and beef, the demand for these products increases significantly. Poultry products have high-quality protein and low-fat levels, which also contribute to the increased consumption of poultry meat.


By Distribution Channel Analysis


Online Retail Channels Segment to Exhibit Fastest Growth


The supermarkets/hypermarkets segment holds a dominant market share in the global market. The major factor contributing to the segment's growth is the availability of many products that provide the consumers abundant choice. Shelf arrangement of the product and higher availability of food products in these stores also boost the segment's growth.


The sales of canned food products through online channels would rise significantly during the forecast period. Since online channel provides the convenience to purchase food products from the comfort of home, the younger population with busier lifestyle would be the highest purchaser using these channels. In addition, major players are opening their e-commerce portals to reach out to customers. 


REGIONAL INSIGHTS


North America Canned Meat Market Size, 2020 (USD Billion)

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North America currently holds the majority share in the global market, and the region is predicted to lead the market throughout the forecast period. As consumers switched to products with longer shelf life, the demand for packaged meat products also increased. Additionally, the supply of fresh meat products also declined during the COVID-19 pandemic, which caused a surge in demand for canned meat products. Additionally, as per the recommendations stated by the 2015 Dietary Guidelines for Americans, a person needs to consume 5.7 ounces of meat per day to achieve a healthy and balanced diet. As consumers are becoming more conscious about maintaining well-being, and meat being one of the great sources of iron, zinc, and other important minerals, the demand for meat product is comparatively high in the region.  


Increasing demand among consumers for processed food products with a higher shelf life is propelling the demand for packaged meat products in the Europe market. Germany, France, and the U.K. are exhibiting high demand for the product. The European Union set strict rules, such as Council Directive 2002/99/E.C., regarding the health rules associated with meat products suitable for human consumption. Additionally, as the price of food items increased, consumers with budgetary constraints moved more toward more economical options such as canned meat products.


Consumers in Asia Pacific prefer to consume fresh food products such as fresh meat than packaged products. The demand for these products in China, Indonesia, Malaysia, and Thailand is increasing significantly. This rise in demand can be attributed to the swift industrial development coupled with rise in hectic lifestyle of consumers. Moreover, the country's women's employment rate is growing faster, further supporting ready-to-cook meat and seafood adoption.


Brazil is one of the largest beef producers and exports its products to other countries in dried or processed form. Development in the modern food retail industry has increased the availability of processed meat products in the region. Around two-thirds of the sales that happen in supermarkets include processed food products such as meat.


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The increasing adoption of packaged meat products drives the market in Middle East & Africa region. In recent years, Middle Eastern countries have undertaken steps by relaxing the shelf life restriction of these products. This enables the exporting countries to sell their products more regularly and helps them reduce the wastage of the products that remain unsold before the expiry date.


KEY INDUSTRY PLAYERS


Key Players Focusing on New Product Offerings to Gain Prominent Market Share


This market is consolidated with five major players. Companies such as Hormel Food Corporation and Bolton Group focus on developing new varieties and flavors for their products. The companies adopt new distribution channels such as online stores to reach out to new customers and improve their market presence. Additionally, to attract new consumers and increase their market presence, companies are launching new products and acquiring new companies to gain a foothold in new markets and increase their presence. For instance, in 2020, F&G Food Pte Ltd, a Singapore-based company, launched new canned products, namely Chicken Ham and Pork Ham, for the market. Furthermore, in 2021, Lakeside Foods Inc. acquired Cher-Make Sausage Co., a U.S.-based company, to expand its product portfolio and offer new products to customers.


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.)


KEY INDUSTRY DEVELOPMENTS:



  • Feb 2020: Bordon, a corned beef brand of JBS, planned to announce the launch of new flavors such as spicy, onion, and chunky in shredded meat.

  • September 2020: Scout, a Canada-based seafood company, launched its canned seafood line for the U.S. and Canada markets.   


REPORT COVERAGE


An Infographic Representation of Canned Meat Market

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The canned meat market research report provides a detailed analysis of the market and focuses on key aspects such as competitive landscape, type, and distribution channel. Besides this, it offers insights into the market trends and highlights key industry advances. In addition to the factors mentioned above, the report covers several factors contributing to the market's growth in recent years.


Report Scope & Segmentation














































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



By Type




  • Beef

  • Pig

  • Poultry Meat

  • Other Meats



By Distribution Channel




  • Supermarkets/Hypermarkets

  • Specialty Stores

  • Online Channel

  • Others



By Geography




  • North America (By Type, Distribution Channel, and Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, Distribution Channel, and Country)

    • France (By Type)

    • Germany (By Type)

    • Spain (By Type)

    • Italy (By Type)

    • U.K (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Distribution Channel, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Rest of Asia Pacific (By Type)



  • South America (By Type, Distribution Channel, and Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Rest of South America (By Type)



  • Middle East and Africa (By Type, Distribution Channel, and Country)

    • South Africa (By Type)

    • Turkey (By Type)

    • Rest of MEA (By Type)





 

Frequently Asked Questions

Fortune Business Insights says that the value of the market was at USD 30.85 billion in 2020 and is projected to reach USD 42.75 billion by 2028.

Growing at a CAGR of 4.21%, the market will exhibit steady growth during the forecast period (2021-2028).

Beef are expected to be the leading meat type in the global market.

Rising demand for convenience food products across the globe is driving the growth of the market.

Hormel Foods Corporation, Bolton Group, Bumble Bee Foods, LLC., and Crown Prince, Inc. are a few of the top players in the global market.

North America is expected to hold the highest market share throughout the forecast period.

The online retail segment is expected to be the fastest-growing segment during the forecast period.

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