Canned Meat Global Market Report 2023
Major players in the canned meat market are Xiamen Gulong Canned Food Co. Ltd., Tyson Foods Inc., Wild Planet Foods Inc., Radiant Farms Inc., Survival Cave Food, JBS S.A., Key Food Stores Co-op Inc., Crown PrInc.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Canned Meat Global Market Report 2023" - https://www.reportlinker.com/p06290045/?utm_source=GNW
, Bar Harbor Foods, Zishan Group, Libby’s Brand Holding, Radiant Farms, Dalian Lixiang Food, Hormel Foods Corporation, American Tuna Inc., Bumble Bee Seafoods, Maruha Nichiro Corporation, and Vion Food Group.
The global canned meat market grew from $15.47 billion in 2022 to $16.42 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The canned meat market is expected to grow to $20.14 billion in 2027 at a CAGR of 5.2%.
The canned meat market consists of sales of whole muscles, meat stews, luncheon meat, sausages, sauces with meat pieces, and paste products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The canned meat refers to the fresh and ready- to eat meat preserved in cold storage.Canned meat contains proteins, omega-3 fatty acids, fibers, and other nutrients that are essential for a balanced diet.
People choose canned meat because it can be stored for longer and is easier to preserve.
North America was the largest region in the canned meat market in 2022.Asia-pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the canned meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in canned meat are seafood meats, poultry meats, red meat, and other products.Poultry meat refers to canned meat of chicken, goose, duck, turkey, game birds, and rabbit that involves freezing the meat in time at specific temperatures.
It is distributed through supermarkets and hypermarkets, specialty stores, online, and other distribution channels and is employed in several applications such as private use, commercial and industrial use.
The increasing demand for canned seafood is expected to propel the growth of the canned meat market going forward.Seafood refers to any type of sea life considered edible by humans, most notably fish and shellfish.
People prefer canned food because it is preserved at precise temperatures and is regarded as a high-protein, convenient food, as a result, the increasing demand for canned seafood increases the demand for the canned meat market.For instance, in March 2021, according to Centre for the Promotion of Imports from developing countries, the ministry of foreign affairs in Europe, Canned tuna, the most popular canned fish in 2019, and the most important canned fish in Europe, saw an almost 12% increase in demand from January to May 2020 when compared to the same period in 2019.
Therefore, the increase in demand for canned seafood drives the growth of the canned meat market.
Strategic partnerships have emerged as a key trend gaining popularity in the canned meat market.Major companies operating in the canned meat sector are focused on partnerships to strengthen their position.
For instance, in October 2021, Hormel Foods Corporation, a US-based manufacturer of canned meat, partnered with The Better Meat Co, a US-based food processing company. Through this partnership, the two companies will work together to develop the next generation of great-tasting, wholesome, and sustainable alternative protein products with The Better Meat Co.’s innovative Rhiza mycoprotein ingredient. Further, in May 2021, Dada Group, a China-based on-demand delivery, and retail platform, partnered with Tyson Foods, a US-based processor and marketer of canned meat. Through this partnership, Data Group will lead the trend of the fresh meat category in the field of on-demand retail in China.
In August 2021, Bolton Group, an Italian manufacturer of consumer products, acquired Wild Planet Foods for an undisclosed amount.This acquisition strengthens Bolton Group by increasing its presence in the US tuna market, and both the companies will work together to develop a responsible supply chain of excellence.
Wild Planet Foods is a US-based manufacturer of canned meat.
The countries covered in the canned meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The canned meat market research report is one of a series of new reports that provides canned meat market statistics, including canned meat industry global market size, regional shares, competitors with a canned meat market share, detailed canned meat market segments, market trends and opportunities, and any further data you may need to thrive in the canned meat industry. This canned meat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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