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The global canned food market size is projected to reach USD 100.92 billion by the end of 2027. Recent advances in the material associated with the manufacturing of cans will bode well for market growth. According to a report published by Fortune Business Insights, titled “Canned Food Market Size, Share & COVID-19 Impact Analysis, By Type (Canned Seafood, Canned Fruits and Vegetables, Canned Meat, and Others), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, and Online Retail), and Regional Forecast, 2020 – 2027,” the market was worth USD 91.90 in 2019 and will exhibit a CAGR of 1.30% during the forecast period, 2020-2027.
Canned foods have witnessed massive popularity in the past few decades, accounting to factors such as fast-paced and on-the-go lifestyles. The availability of healthy canned food has led to a wider consumption across the world. The increasing demand for clean-labelled foods has in turn, created a demand for canned foods. The presence of several large scale vendors across the world will contribute to the growth of the overall market in the coming years. Recent advances in manufacturing techniques as well as material used in packaging will cater to the growing demand for health-friendly and sustainable products. The availability of organic and long-lasting canned foods has contributed to the growing consumption across the world. Additionally, factors such as variations in product offerings as well as low-cost will have a positive impact on the growth of the overall market in the coming years.
Baxter Announces New Range of Vegan Canned Soups
The report highlights a few of the major industry developments of recent times that have made a huge impact on the growth of the overall market. Accounting to the increasing demand across the world, manufacturers are looking to adopt newer strategies that will help them establish a stronghold in the competitive market. In April 2020l, Baxter announced the launch of a new range of vegan tin-canned soups. The step was taken with a view to capitalizing on the coronavirus outbreak. As people have been forced to stay indoors, the consumption of packed foods has increased dramatically and this will help the company generate massive sales in the coming months. The company introduced three new flavors in the market, with a view to acquiring a wider consumer base. Baxter’s latest range of canned soups will not just help the company grow, but will also have a direct impact on the growth of the overall market in the coming years.
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Major Companies are Shifting their Focus on Innovative Products
The increasing demand for canned foods has created a massive platform for the growth of the companies operating in the market. Due to the heavy product demand, there are several companies in the market that are operating across the globe. As a result, several companies are looking to adopt strategies that will help them establish a formidable stand in the market. It is observed that several companies are looking to introduce newer products with a view to acquiring a wider consumer base.
List of companies profiled in the report:
This global market is segmented on the basis of:
Value (USD Billion)
By Distribution Channel