The canned preserved food market has been flourishing at a magnificent rate, especially in Asia Pacific and Latin America, due to several reasons. A recent news analysis shows that the packaged food industry in India was expected to reach about $20 bn by the end of 2014. This remarkable market size can be attributed to the influx of several multinational food packaging companies in the industry, increasing retail trade, technological advancements in packaging, and dramatic changes in the urban lifestyle. The inflation in food prices is also encouraging consumers to buy packaged food. These trends are also seen in other countries in Asia Pacific and Latin America and have been thoroughly researched in the report.
The canned and preserved food market in Asia Pacific and Latin America has been studied using a SWOT analysis and Porter’s five forces analysis. The microscopic scrutiny of the market helps in identifying the strengths, weaknesses, opportunities, and threats of the market, along with pinpointing the threat of new entrants, the threat of substitute products or services, the bargaining power of customers (buyers), the bargaining power of suppliers, and the intensity of competitive rivalry.
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Countries in Latin America and Asia Pacific are witnessing a surge in the demand for canned preserved food. The longer shelf-life of these food items, growing urbanization, and the convenience of ready-to-eat items are propelling the demand for canned preserved food in these regions. Furthermore, the busy lifestyles of consumers in urban areas are also making consumers opt for these kinds of food items. Improving per capita incomes are also one of the reasons for the positive growth trend in the canned preserved food market in Asia Pacific and Latin America.
According to the research report, the canned preserved food market in Asia Pacific and Latin America was worth US$24.4 bn in 2014 and is expected to reach US$38.1 bn by 2021, registering a whopping CAGR of 6.40% from 2015 to 2021. In terms of volume, the canned preserved food market was worth at 6.28 bn kg in 2014 and is expected to rise to 8.55 bn kg by 2021, moving forward at a CAGR 4.40% over the forecast period.
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The canned preserved food market in Asia Pacific and Latin America has been segmented on the basis of product and region. The types of products sold in the Asia Pacific market are canned meat, canned fish, canned fruits, canned vegetables, and others. The countries scrutinized within the regional segment of Asia Pacific are India, China, and Rest of Asia Pacific, while the Latin American markets examined in the report are Chile, Argentina, Brazil, and Rest of Latin America.
Companies Mentioned in the Canned Preserved Food Market to Asia Pacific and Latin America are:
Some of the important players profiled in the canned preserved food market are Pinnacle Foods Inc, DelMonte Pacific Ltd., MTR Foods Pvt Ltd., H.J. Heinz Company, and ConAgra Foods Inc.