Pune, India, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global canned meat market size was valued at USD 29.84 billion in 2022 and is projected to grow from USD 31.13 billion in 2023 to USD 42.61 billion by 2030, exhibiting a CAGR of 4.59% 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, 2023-2030.”
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Leading Players Featured in the Canned Meat Market Research 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)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.59% |
| 2030 Value Projection | USD 42.61 Billion |
| Canned Meat Market Size in 2023 | USD 31.13 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 136 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Canned Meat Market Drivers | Rising Demand for Convenient Food Products to Stimulate the Market Growth |
| Rising Demand for Animal Proteins to Drive Market Growth |
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https://www.fortunebusinessinsights.com/canned-meat-market-106372
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.
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.
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COVID-19 Impact:
The COVID-19 Pandemic Hindered Market Growth Due to Stringent Regulations
During the COVID-19 pandemic, stringent restrictions were imposed by government authorities globally to mitigate the spread of the COVID-19 virus. Due to the lockdown, the hypermarkets/supermarkets and departmental stores were shut down during the starting phase of the pandemic. But, the pandemic has impacted the market negatively owing to the delay in transportation and strict regulation on people’s movement.
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.
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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.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Market Overview of Global Processed Meat Market
- Overview of Global Meat Production and Consumption
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Supply Chain Landscape
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges Amidst Pandemic
- Potential Opportunities due to COVID-19
- Global Canned Meat Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Luncheon Meat
- Ham
- Sausage
- Bacon
- Corned Beef
- Others
- By Distribution Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retail
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type
- North America Canned Meat Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Luncheon Meat
- Ham
- Sausage
- Bacon
- Corned Beef
- Others
- By Distribution Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retail
- Others
- By Country (Value)
- U.S.
- Canada
- Mexico
- By Product Type
- Europe Canned Meat Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Luncheon Meat
- Ham
- Sausage
- Bacon
- Corned Beef
- Others
- By Distribution Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retail
- Others
- By Country (Value)
- France
- Spain
- U.K.
- Italy
- Germany
- Rest of Europe
- By Product Type
TOC Continued...!
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Key Industry Development:
- 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.
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