Although a copious number of local and international players compete against one another in the market for canned preserved food in Latin America and Asia Pacific, just a few of them have a solid stronghold over it. DelMonte Pacific Ltd., ConAgra Foods, H.J. Heinz Co., MTR Foods, and Pinnacle Foods are to name a few of such prominent companies.
They have managed to reach a position of prominence in the market for canned preserved food in Latin America and Asia Pacific by their continued thrust on product development – they have been experimenting with new and unique flavors or added nutrients in their quest to expand their consumer base. They are also seen training their sights on developing economies of Brazil and Asian nations of China, Japan, and India. The relatively underpenetrated canned preserved food markets in these nations, where the disposable incomes of consumers are rising impressively, spell opportunity.
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A report on the market for canned preserved food in Asia Pacific and Latin America by Transparency Market Research states that it would rise at a 6.40% CAGR over the course of the forecast period starting from 2015 and ending in 2021. Rising at this pace, the market which was worth US$24.4 bn in 2014, is predicted to attain a value of US$38.1 bn by 2021-end.
Fish, meat, fruits, and vegetables are the main canned preserved foods being sold in Latin America and Asia Pacific. Among them, the segment of canned fish led in 2014 with more than 30% share in the market. In the next couple of years too, the segment of canned fish is expected to hold on its dominant share in the market because of the rising awareness about the health benefits of consuming fish. Between Asia Pacific and Latin America, canned preserved food are seeing higher uptake in Asia Pacific. This is because of the increasing influence of western influence on food habits of the people and their rising spending capacity. The canned preserved food market in the region is expected to rise at a 6.9% CAGR over the course of the forecast period.
Time Crunch Coupled With Rising Disposable Incomes of People Fuels Canned Preserved Food Demand
Two factors have gone hand in hand in driving demand in canned preserved food market in Asia Pacific and Latin America. One is the increasing disposable incomes of people and the other is their time crunch owing to demanding jobs. This not just leaves them hard-pressed to find time for cooking elaborate meals but also with the means to spend on ready-to-eat food products such as canned preserved foods. Brazil, Chile, India, and China with their large population whose spending capacities are increasing gradually are some of the main markets for canned preserved food.
High Demand for Tuna Fish in Canned Preserved Foods Market
A noticeable trend in in the canned preserved foods market is the high demand for fish, particularly tuna fish, which are a powerhouse of amino acids and omega 3 fatty acids. While amino acids are essential for the proper functioning of the brain and maintaining a proper hormonal balance, omega 3 fatty acids help strengthen the cardiovascular system.
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