The global canned fruits market was valued around $75 billion in 2015 and is expected to surpass $88 billion by 2020, says Technavio.
Technavio has announced its latest market research report on canned fruits to its food portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global canned fruits market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include CHB Group, Del Monte Foods, Dole Food Company, Kraft Heinz, Rhodes Food, and Seneca Foods.
In the geographical segmentation, the US will be the fastest-growing region in the global market for canned foods, and is expected to reach revenues of around $2 billion by 2020. The rapid surge in population and the continuing popularity of convenient, single-serve, affordable food items are the main factors contributing to the market growth in the US.
“The major factor driving growth in the canned fruits market is the rising demand for organic canned fruits. The numerous benefits of organic canned food, which are non-polluting and environment-friendly, have made them the most preferred choice among the consumers. Vendors in the market are highly concentrating on organic canned fruits owing to the growing demand from health consciousness consumers. For instance, Edward and Sons offers organic peaches, organic pineapple slices, and organic mango chunk ,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing desire for convenience
Owing to the growing instances of urbanization and economic development, the purchasing power of an individual has increased considerably, leading to a substantial change in the consumer lifestyles. The consumers have become more conscious and are ready to spend more on convenience foods. Canned fruits are the most convenient way to consume fruits as they can be stored longer and are easy to handle. Canned fruits are popular in developed countries such as the US, Germany, Ireland, and the UK. In the Americas, around 54% consumers use convenience products 3 to 6 times a week. The demand for canned fruits is also increasing due to the rise in social gatherings and a surge in the number of single people. Further, demand for single-serving containers of canned fruits is also anticipated to stimulate the sales of canned fruits. The better storage and transportation qualities of canned fruits have led to the expansion of the overall canned fruits market.
Increasing demand from urban population
With better economic conditions, after the recession, the developing countries have posted faster economic growth than the developed countries, leading to an increase in disposable income of the middle-class population of these countries. India and China are the two countries in APAC that have improved in terms of disposable income, and the average per capita in the region is likely to grow by around 33% during the forecast period. Other countries to witness substantial growth are Brazil in Central America and South America, Poland in Europe. The increase in disposable income with growing urbanization will fuel further growth in the market for canned fruits.
Extensive scope through organized retailing
Hypermarkets and supermarkets offer a wide array of products and brands to consumers and provides convenience in making the right choice before buying the final product. The convenience of buying has encouraged consumers across the globe to shop more from retail stores leading the canned fruit vendors to compete for shelf space in these huge stores. The growth and expansion of the retail sector in developing economies have propelled growth in the global canned fruits market. The rise in the retail stores had instilled confidence among vendors to come up with innovative products, unlike recently when many international vendors refrained from selling for fear of spoilage and lack of infrastructure. The growing infrastructure has empowered the vendors to not only sell and stock products but also promote them on a broader scale, by personal interaction with the consumers. These vendors have dedicated sales staff to assist the consumers regarding various information related to products such as nutritional benefits and other benefits of canned fruits. Such developments also open a way for effective feedback and suggestions from the consumers. With the rising popularity of the organized retail, the global canned fruits market will witness positive growth in the coming years.
Other prominent vendors in the market include AYAM, Delicia Foods, La Doria, Langeberg and Ashton Foods, Shanghai Maling Aquarius, and Zanlakol.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Canned Fruits Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
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