Market Overview:
The global cannedmeat market size was valued at USD 31.12 billion in 2023 and is projectedto 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 itrequires 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 areport 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 itsNutritional Benefits
On the basis of product type, the market is segmented intocorned 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 Owingto Increased Sales of Canned Meat
Based on distribution channel, the market is divided intospecialty 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.
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 toAugment Market Growth
As customers become more aware of what is added to theirfood, 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 numberof producers for the product hindering the canned meat market share.
Regional Insights:
North America to Dominate Due to the Increased Adoptionof Canned Meat
North America dominated the market share in 2022 owing tothe 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 dependsupon 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 theExpansion of Businesses in New Geographies to Gain Traction
The global market comprises local players, and the number oflocal 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.
