Increasingly Hectic Lifestyles Contribute to Expected Rise of Asia Pacific and Latin America Canned Preserved Food Market to US$38.1 bn by 2021
The Asia Pacific and Latin America canned preserved food market is expected to reach US$38.1 bn by the end of 2021. This market was valued at US$24.4 bn in 2014 and is expected to progress at a CAGR of 6.40% within a forecast period of 2015 to 2021. The forecast period of this market is discussed in a new research report released by Transparency Market Research, titled “Canned Preserved Food Market – Asia Pacific and Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2021.” The report provides details on how the current socioeconomic trends are affecting the sales of canned preserved goods in these two major developing regions.
According to the report, the key driver of the Asia Pacific and Latin America canned preserved food market is the extended shelf life of perishable foods. This allows consumers to store the foods for longer durations and use them whenever required. The economic situation in developing economies is drastically changing as rapid urbanization and industrialization are allowing a high number of citizens to lead a modern lifestyle with high disposable incomes and hectic schedules. Therefore, a larger number of consumers are preferring to purchase canned foods over fresh foods.
On the other hand, the use of excessive amounts of salt, sugar, and other preservatives are hindering this market. The excessive consumption of any of these preservatives, especially salt, can have a negative impact on the consumer’s health. Salt is one of the most commonly used preservatives and is highly common in canned foods. High consumption of canned foods will significantly ramp up the salt intake of an individual, leaving him or her susceptible to the relevant health complications.
The Centers for Disease Control and Prevention has already released warnings regarding the excess consumption of salt through canned and preserved foods. It can lead to complications including heart diseases and high blood pressure, in addition to calcium deprivation and increased frequency of urination due to low water retention levels.
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The manufacturers and distributors currently operating in the Asia Pacific and Latin America canned preserved food market are searching for improved capacities. The current penetration rate of players in these regions is very low. In order to increase their consumer base, the products need to be made cheaper and available in a larger variety. There are large untapped regions and consumer demographics still left to explore for players, and these regions present major opportunities.
The report reveals that the Asia Pacific and Latin America canned preserved food market was led by canned fish in terms of consumption. In terms of regions, the overall consumption of canned preserved foods is expected to be higher in Asia Pacific than in Latin America, with India and China being the top contributors to the demand.
The key players in the Asia Pacific and Latin America canned preserved food market include H.J. Heinz Company, DelMonte Pacific Ltd., B&G Food Holdings Corporation, MTR Foods Pvt. Ltd., and ConAgra Foods Inc.
Key segments of the Asia Pacific and Latin America Canned Preserved Food Market
Asia Pacific and Latin America Canned Preserved Food Market by Geography:
Rest of Asia Pacific
Rest of Latin America