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.
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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.
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