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.”
Key
Takeaways
- 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
- Canned Meat
- Canned Fish
- Canned Fruits
- Canned Vegetables
- Others
By
Region
Asia
Pacific
- India
- China
- Rest of Asia Pacific
Latin
America
- Brazil
- Argentina
- Chile
- Rest of Latin America
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