Time Efficiency Offered by Canned Preserved Food to Continue to Boost its Demand, Says TMR
Although the competitive landscape of the canned preserved food market in Asia Pacific and Latin America boasts of a large pool of local as well as international players, only a few companies, namely, DelMonte Pacific Ltd., H.J. Heinz Co., ConAgra Foods, Pinnacle Foods, and MTR Foods have managed to establish their brands in these regions, finds a study by Transparency Market Research.
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As of now, these players mostly rely on the introduction of new products in varied flavors or with extra nutritional value to strengthen their presence. However, in the coming years, they will need to penetrate developing economies, such as China, Brazil, India, and Japan, where the market share of canned preserved food is low at present but the future growth potential is very high.
Time Crunch in Urban Areas Drives Demand for Canned Preserved Food
“The time efficiency offered by canned food, as it is mostly readymade and does not require cooking, has boosted its demand significantly in the recent times,” an analyst at TMR states. The fast-paced routines of people across the world do not leave room for cooking in their day-to-day lives, owing to which, their reliance on canned food is increasing rapidly. Since canned food can be preserved for a longer period of time, it is witnessing a remarkable rise in its popularity, leading to a predicted surge in its demand in the next few years.
Apart from this, the substantial rise in disposable income of people and the growing impact of western culture, thanks to globalization, are also fueling the demand for canned preserved food in Asia Pacific and Latin America. All these factors point towards a rewarding future for the canned preserved food market in both the regions.
Presence of Excess Salt and Sugar Hampers Adoption of Canned Food Products
Despite the convenience offered by canned and preserved food, consumers show some degree of apprehensiveness about including canned food products in their daily diet due to the excessive amount of salt and sugar in these products. In the long run, this factor is likely hamper the growth of this market to some extent.
Alongside the factor, the risk of harmful substances, such as bisphenol, being transferred from the container to the food and the usage of lead as a preservative are also projected to limit the adoption of canned preserved food in these regions over the forthcoming years.
Consumption of Canned Preserved Food to Remain High in Asia Pacific
Asia Pacific and Latin America, together, presented an opportunity worth US$24.4 bn for canned preserved food in 2014. Rising at a CAGR of 6.40% between 2015 and 2021, it is likely to increase to US$38.12 bn by the end of the forecast period.
Among the two, Asia Pacific emerged as the key consumer of canned food in 2014. Trends indicate the region to remain leading throughout the forecast period with revenue increasing to US$27.11 bn by 2021. Asia Pacific is also projected to experience a rise by 1.71 Kg billion in the production of canned preserved food by the end of the forecast period.
Country-wise, China is expected to continue to top the chart with utmost demand for canned preserved food in the near future. Canned fish will witness high demand in both Asia Pacific and Latin America over the next few years, states TMR.
The analysis presented here is based on a report by Transparency Market Research (TMR) titled “Canned Preserved Food Market – Asia Pacific and Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2021.”
Among a large pool of participants, only a few could establish their brands in the canned preserved food market in Asia Pacific and Latin America
Protracted preservation time adds significantly to the popularity of canned food products
A rise by 1.71 Kg billion in the production of canned preserved food is likely to be witnessed in Asia Pacific by 2021
The canned preserved food market in Asia Pacific and Latin America has been segmented as follows:
By Product Type
Rest of Asia Pacific
Rest of Latin America