Canned Meat Market Growth & Trends
The global canned meat market size is anticipated to reach USD 16.24 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.2% from 2021 to 2028. The growing popularity of processed food and increasing per capita spending along with rapid urbanization are expected to fuel the product demand across the world. The poultry segment accounted for the largest meat-type segment in the global market in 2020. The growing consumption of poultry meat across the world is expected to fuel the segment growth. Global poultry meat consumption in 2019 accounted for 128.7 million tons and reached 131.2 million tons in 2020. Canning has become a well-known technique for preserving meat that enables superior dispersion of meat supply throughout the year.
The supermarket & hypermarket distribution channel segment accounted for the maximum revenue share in 2020. With the young and metropolitan populace growing significantly across the world, product distribution through supermarkets and hypermarkets is expected to increase. The growing product distribution through online retailing channels is also expected to fuel the market growth. North America emerged as the largest regional market in 2020. The regional market is driven by the dynamic and fast-paced lifestyle of consumers, credited to rapid urbanization. In addition, advancements in food processing and increasing consumption of ready-to-eat (RTE) food in the region are expected to drive the product demand.
Canned Meat Market Report Highlights
- The poultry meat segment accounted for the maximum revenue share of the global market in 2020 on account of the increased poultry meat production across the world
- In terms of distribution channel, the supermarket & hypermarket segment accounted for the highest revenue share in 2020
- On the other hand, the online distribution channel segment is estimated to register the fastest CAGR from 2021 to 2028
- North America held the largest revenue share of over 32% in 2020 due to significant developments in the region pertaining to the food processing sector
- The market is largely fragmented with both domestic and international players sharing the space
- Product innovations, new launches, investments, and expansion emerged as the key strategies deployed by the majority of the market players to stay abreast of the competition