Food Can Market will be Massively Influenced by Macroeconomic Factors

Food cans refer to the cans that act as a medium of carrying the foodstuffs for the purpose of storage and distribution. Such food cans are usually made up of materials such as steel and aluminum. Consumers prefer food cans because of the various benefits it offers as compared to the other packaging mediums. The food can market has been rising because of the R&D in the production methodology, and as a result of this food cans offer excellent barrier properties for the food. The lifestyle of the consumers and the dependency on packaged food such as meat and powdered products has led to the increase in preference for canned foodstuffs in the developed as well as developing nations. For the forecasted years, the global food market is expected to grow at high CAGR.

Market Dynamics:

The advancements in the technology and innovative production techniques have increased the production efficiency of the food can manufacturers. The investments in the R&D is also driving the growth of the market for the manufacturers. Due to this, there has been a significant reduction in the raw material required for the production and this has led to the rise in profit margins for the manufacturing companies. The other driving factors for the market of food cans are urbanization and more disposable income and purchasing power, extended life of the products, availability in various sizes, eco-friendliness and reusability, branding and marketing strategies, rise in e-commerce businesses and so on. However, the global food can market has fierce competition from the other medium of packaging. The food can market entirely thrives on the preference of the customers. As soon as there are changes in the preferences of the consumers, it directly affects the food can market. Due to increasing awareness of health and fitness, consumers now prefer foods that are fresh. This has led to the decrease in the consumption of canned foodstuffs. This poses a potential challenge for the food can market.

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Market Segmentation:

By material, the food can market can be classified as follows:

• Aluminum

• Steel

• Composite

By application, the food can market can be classified as follows:

• Powdered Foods

• Fruits

• Vegetables

• Meat

• Instant Food

• Pet Food

• Others

By opening, the food can market can be classified as follows:

• Easy Open End

• Peelable End

• Lid End

The global food can market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). North America and Europe lead the global market of food cans. These regions have been ahead from the other regions for quite a long time now because of the ever increasing demand for canned foods. Since there has been rise in the disposable income of the consumers from the developing regions, the global food can market has started to witness a boost due to this factor. The markets in the regions of APEJ, Latin America and Middle East are rising steadily because of the increased demand for canned foods from these regions. The developing nations have a lot of potentials as far as the growth of the food can market is concerned.

Key Players:

The Key players in the Food Can Market are as follows:

• Sonoco Products

• Irwin Packaging Pty Ltd

• Amcor

• Ball

• Ardagh Group

• Crown Holdings, Inc.

• CPMC Holdings

• Independent Can

• Allstate Can Corporation

• Huber Packaging Group

• Can Pack S.A

• Toyo Seikan Group Holdings Ltd

• Lucky Star Ltd.

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