Growth predicted in the Canned Ready Meals market
The global canned foods market is expected to reach $148.8 Billion by 2026, according to the latest report from the Global Industry Analysts Inc., (GIA). Amid the COVID-19 crisis, the global market for Canned Foods estimated at US$124.2 Billion in the year 2022, is projected to reach a revised size of US$148.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Canned Fish & Seafood, one of the segments analyzed in the report, is projected to grow at a 5% CAGR to reach $49.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Canned Ready Meals segment is readjusted to a revised 5.3% CAGR for the next 7-year period. This segment currently accounts for a 25.6% share of the global Canned Foods market.
Canned seafood is the most preferred canned food of consumers, due to the high protein content and the high demand for convenience food, while the ready meals market is anticipated to have a high CAGR in years to come. The growing awareness among the consumers regarding the high nutritional benefits of consuming seafood and fish is driving the market growth of canned seafood. The consumers in China and India prefer canned seafood instead of frozen seafood and crab meat which is pasteurized is the prominent canned food sold largely in Asian countries.
The Canned Foods market in the US is estimated at $36 Billion in the year 2022. The country currently accounts for a 29.04% share in the global market. China, the world's second-largest economy, is forecast to reach an estimated market size of $17.9 Billion in the year 2026 trailing a CAGR of 5.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while the rest of the European market will reach $18.8 Billion by the close of the analysis period.
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