Market Overview:
The global canned meat market size was valued at USD 31.12 billion in 2023 and is projected to grow from USD 32.48 billion in 2024 to USD 46.85 billion by 2032, exhibiting a CAGR of 4.68% during the forecast period.
Canned meat is considered as a convenient food as it requires minimum cooking time, which is the best alternative for people with busy lifestyles. The key market players grow their product line by introducing products in local and international markets with a good taste of the food.
Fortune Business Insights™ mentioned this in a report titled “Canned Meat Market, 2024-2032.”
List of Key Market Players Profiled in the Report:
- Hormel Foods Corporation (U.S.)
- Tyson Foods, Inc. (U.S.)
- Bolton Group (Italy)
- Smithfield Foods, Inc. (U.S.)
- Vion Group (Netherlands)
- Conagra Brands Inc. (U.S.)
- McCallum Industries (New Zealand)
- Keystone Meats (U.S.)
- Werling & Sons, Inc. (U.S.)
- JBS SA (Brazil)
Segmentation:
Bacon Segment Dominates the Market Growth Owing to its Nutritional Benefits
On the basis of product type, the market is segmented into corned beef, bacon, sausage, luncheon meat, ham, and others. Among all the segments, bacon dominates the market as its demand increases due to its nutritional benefits and high-quality products, such as vitamins, protein, and minerals. It is the easily absorbed form of dietary iron and the best source of zinc, which is important for proper immune functioning.
Hypermarkets/Supermarkets to Lead the Market Growth Owing to Increased Sales of Canned Meat
Based on distribution channel, the market is divided into specialty sstores, online retail, supermarkets/hypermarkets, and others. The supermarkets/hypermarkets dominated the market in 2022 and are anticipated to continue their dominance during the projected period. The dominance is due to the easy availability of products with various brands at a lesser cost.
Source: https://www.fortunebusinessinsights.com/canned-meat-market-106372
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Transparent Food Labelling and Sustainable Packaging to Augment Market Growth
As customers become more aware of what is added to their food, transparent labeling and consumer awareness-related product labeling have become the new trend in the processed food sector. Food packaging with transparent labels is expected to increase at a promising rate in the future. Consumer preferences for products with clear, transparent labels present meat producers with profitable potential to expand their product lines with labeled items, augmenting the canned meat market growth during the projected period.
Increasing demand for plant-based meat has surged the number of producers for the product hindering the canned meat market share.
Regional Insights:
North America to Dominate Due to the Increased Adoption of Canned Meat
North America dominated the market share in 2022 owing to the increasing demand and adoption of product in countries such as Mexico, the U.S., and Canada. It is anticipated to continue its dominance during the projected period. The region has the presence of the largest retail market for canned meat products,
In Europe, the consumption of the product majorly depends upon meat production and intra-EU trade. Countries such as Switzerland, Spain, Russia, Norway, Netherlands, Italy, Germany, France, Denmark, and Austria have the highest demand for canned products.
Competitive Landscape:
Key Players in the Market are Inclined towards the Expansion of Businesses in New Geographies to Gain Traction
The global market comprises local players, and the number of local players is more than that of international players. Considering the rising demand for canned meat, market players are going to the international market. The key players in the market include Hormel Foods Corporation, Bolton Group, and Tyson Foods, which are focusing on business expansion to stay competitive in the market.
Key Industry Development:
- November 2022: Smithfield Europe agreed to acquire Goodies Meat Production SRL, a manufacturer of private-label packaged meat products, for the retail channel. The company operated the production facility in Ceptura de Jos, Prahova. Its product portfolio includes salami, ham, bacon, and others. This acquisition is expected to help Smithfield Europe strengthen its existing market business.
- March 2022: Smithfield Foods, Inc. introduced a new product under its brand named ‘Carando.’ It introduced a sweet Italian sausage with traditional Italian spices and 100% pork. The new venture augments its sausage portfolio to continue bringing the bold and traditional flavors consumers demand