The rapid increase in working population in emerging economies has fueled the demand for readymade food products in Asia Pacific and Latin America considerably. People, nowadays, have no time to cook, which has resulted in an increased reliance on canned preserved food, as they are rich in nutrients and do not require cooking. The escalating disposable income of consumers is also adding significantly to the rising demand for canned preserved food in these regions.
The canned preserved food market in Asia Pacific and Latin America, stood at US$24.4 bn in 2014. Expanding at a CAGR of 6.40% during the period from 2015 to 2021, it is expected to reach US$38.1 bn by the end of the forecast period.
Canned Fish to Witness Strongest Demand in Overall Market
Canned meat, canned fish, canned fruits, and canned vegetables are the key canned food products available in Asia pacific and Latin America. With a share of more than 30%, canned fish led the overall market in 2014. However, in Asia Pacific the demand for canned meat was higher than other while in Latin America, canned fish registered the strongest demand in the same year.
Over the coming years, the canned fish segment is likely to retain its position in the overall market. The health benefits associated with the consumption of canned fish, such as increased protein intake, is expected to keep its demand high in the near future. Canned fish, especially tuna fish, provides a massive amount of amino acids essential for the proper functioning of the brain and for maintaining a healthy hormonal balance. It is also a rich source of omega 3 fatty acids that helps in strengthening the cardiovascular systems in humans. The high consumption of canned fish in Brazil, Chile, China, and India is also projected to add significantly to its growing demand in the near future.
Asia Pacific Reports Higher Consumption of Canned Preserved Food than Latin America
Between Latin America and Asia Pacific, canned preserved food reports a greater consumption in Asia Pacific. The growing influence of Western culture in dietary habits of consumers has influenced the demand for canned preserved food positively in this region. The rising awareness regarding the health benefits offered by canned food, together with the increasing disposable income of consumers, is also boosting the adoption of these products significantly in Asia Pacific. During the period from 2015 to 2021, this regional market is likely to retain its position with a rise in the revenue at a CAGR of 6.90%.
Latin America is also expected to witness a steady rise in the demand for canned preserved food on account of the changing lifestyles of people in this region. Analysts project the market for canned preserved food in Latin America to expand at a CAGR of 5.30% between 2015 and 2021.
Dole Food Company Inc., BRF S.A., Pinnacle Foods Inc., Maple Leaf Foods Inc., Campbell Soup Co., ConAgra Foods Inc., B&G Food Holdings Corp., MTR Foods Pvt. Ltd., H.J. Heinz Co., and DelMonte Pacific Ltd. are the key producers of canned preserved food in Asia Pacific and Latin America.
The canned preserved food market has been flourishing at a magnificent rate, especially in Asia Pacific and Latin America, due to several reasons. A recent news analysis shows that the packaged food industry in India was expected to reach about $20 bn by the end of 2014. This remarkable market size can be attributed to the influx of several multinational food packaging companies in the industry, increasing retail trade, technological advancements in packaging, and dramatic changes in the urban lifestyle. The inflation in food prices is also encouraging consumers to buy packaged food. These trends are also seen in other countries in Asia Pacific and Latin America and have been thoroughly researched in the report.
The canned and preserved food market in Asia Pacific and Latin America has been studied using a SWOT analysis and Porter’s five forces analysis. The microscopic scrutiny of the market helps in identifying the strengths, weaknesses, opportunities, and threats of the market, along with pinpointing the threat of new entrants, the threat of substitute products or services, the bargaining power of customers (buyers), the bargaining power of suppliers, and the intensity of competitive rivalry. The research report gives an exact understanding of the status of the market to readers to help them make well-informed business decisions.
Countries in Latin America and Asia Pacific are witnessing a surge in the demand for canned preserved food. The longer shelf-life of these food items, growing urbanization, and the convenience of ready-to-eat items are propelling the demand for canned preserved food in these regions. Furthermore, the busy lifestyles of consumers in urban areas are also making consumers opt for these kinds of food items. Improving per capita incomes are also one of the reasons for the positive growth trend in the canned preserved food market in Asia Pacific and Latin America.
According to the research report, the canned preserved food market in Asia Pacific and Latin America was worth US$24.4 bn in 2014 and is expected to reach US$38.1 bn by 2021, registering a whopping CAGR of 6.40% from 2015 to 2021. In terms of volume, the canned preserved food market was worth at 6.28 bn kg in 2014 and is expected to rise to 8.55 bn kg by 2021, moving forward at a CAGR 4.40% over the forecast period.
The canned preserved food market in Asia Pacific and Latin America has been segmented on the basis of product and region. The types of products sold in the Asia Pacific market are canned meat, canned fish, canned fruits, canned vegetables, and others. The countries scrutinized within the regional segment of Asia Pacific are India, China, and Rest of Asia Pacific, while the Latin American markets examined in the report are Chile, Argentina, Brazil, and Rest of Latin America.
Companies Mentioned in the Canned Preserved Food Market to Asia Pacific and Latin America are:
Some of the important players profiled in the canned preserved food market are Pinnacle Foods Inc, DelMonte Pacific Ltd., MTR Foods Pvt Ltd., H.J. Heinz Company, and ConAgra Foods Inc.
Asia Pacific and Latin America Canned Preserved Food Market by Geography:
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments