According to Future Market Insights research, during the projected period, the global metal food cans market is set to enjoy a market valuation of US$ 22.9 Bn in 2022, and register a CAGR of 4.2% to reach US$ 34.5 Bn by 2032. The metal food cans market revenues are estimated to propel with the top 3 countries projected to hold 25-30% of the global metal food cans market by the end of 2022.
The aluminum food cans segment by the material is projected to hold the major portion of the global metal food cans market due to its benefits such as easy recyclability and availability. The target segment is projected to account for 60% of the global metal food cans market by the end of 2022.
The global metal food cans market forms around 82% of the global food cans market worth US$ 27 Bn in 2021.
According to the FMI analysis, the metal food cans market revenue totaled US$ 22.0 Bn in 2021. With the propelling demand from the various end-users, the global metal food cans market is projected to reach US$ 34.5 Bn by 2032, accelerating at a CAGR of 4.2% during the forecast period along with the top 5 companies holding 20-25% of the global metal food cans market.
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The metal food cans market is estimated to experience a positive growth outlook during the forecast period. A new forecast by FMI anticipates that the metal food cans market sales will rise during 2022-2032 and is projected to create an absolute incremental growth opportunity of US$ 12.6 Bn.
The significantly changing food industry amid the pandemic has increased the demand for the metal food cans market. The metal food cans market is anticipated to expand 1.6 times the current market value during the forecast period.
Historic Market Outlook for Metal Food Cans Market
The global metal food cans market witnessed a CAGR of 3.6% during 2015-2021 and reached US$ 22.0 Bn in 2021 from US$ 17.8 Bn in 2015
The hectic lifestyles of consumers have increased the need for convenient or canned food. In developing countries, canned foods are a significant component of the diet and require less preparation time. It is popular in the global market because of its convenient use.
During the canning process, food items are packed in airtight metal containers. It increases the shelf life, typically ranging from one to five years. Moreover, secondary packaging can be eliminated by the use of food cans, which results in cost reduction. Canned food products can also be transported without any leakage or breakage. Metal food cans are facing growing competition from flexible pouches, cartons, and other formats.
This substitution is fueled by improved barrier properties and consumer convenience. However, metal food cans manufacturers are combating this by adding superior barrier coatings, convenience features such as easy-opening can end, and using innovative shapes and other decorations to achieve product differentiation.
The need for easily accessible nutrient-rich foods is fuelling the demand for metal food cans in the global market. The urban millennial population tends to opt for canned foods as they can be consumed by quick heating or can be used as semi-processed ingredients, which significantly reduces cooking time.
Canned food has a significantly higher shelf life than other packaging formats, which aids in reducing food waste occurring across the supply chain. Moreover, metal food cans protect the food from spoilage and also decrease the amount of food wastage. Thus, the metal food cans market is estimated to boost during the forecast period.
How does the Need for Eliminating Secondary Packaging in the Food Industry Augment the Sales of Metal Food Cans?
Use of food cans aid in eliminating the need for secondary packaging solutions, as metal food cans are robust and can be used for transit & storage on their own. Unlike fragile jars or containers, metal food cans can be transported without secondary packaging formats without leaking or breaking.
Furthermore, metal food cans offer a superior barrier against light, oxidation as well as contamination which pouches & bags often fail to provide. Metal food cans provide 100% protection against water and light. Moreover, consumers tend to perceive canned food as tamper-proof and hence prefer them over other packaging formats. Most of the secondary packaging solutions are disposed of in landfills or water bodies once they arrive at the final destination, the end user.
Manufacturers and consumers are equally worried about lowering their proportion of the waste generated in light of the escalating demonstrations against packaging waste damaging the environment. The sturdy nature of metal food cans makes it unnecessary to add secondary packaging to the product. This adds up to the sustainability factor that metal food cans provide. Also, metal food cans can be recycled multiple times without losing strength or quality.
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How is the Adoption of Smart Packaging by the Metal Food Cans Manufacturers Create a Growth Opportunity for the Market?
Metal food cans manufacturers are adopting the trend of smart packaging to gain customer satisfaction. The development of innovative packaging solutions has brought new trends to the metal food cans market. The leading player in the metal food cans market named Crown Holdings has come up with Crownsecure. This is a code scanning system that is printed on the cans. All the cans will have a unique identity with a QUICK RESPONSE (QR) code. These help the food brand to let their consumer be informed with each and every small piece of information about the product and the brand. Consumers can also check quality through this unique code system. Thus, the adoption of smart packaging by metal food cans manufacturers creates a growth opportunity for the metal food cans market.
Competitive Landscape
The key players in the metal food cans markets are currently focusing on environment-friendly raw materials which is aluminum. These market players are transferring their focus to new technologies through which the manufacturing process can be made easier. Companies have made some acquisitions or expansions to enhance their market share. New products are also being launched by the big players to capture the attention of the customers. Some of the key development are as under:
- In June 2022, Ardagh Group S.A. announced the expansion of its production capacity at La Ciotat which will help the company respond to the increased demand for cans in Southwestern Europe and Middle East Africa (MEA).
- In June 2022, the company named Ball Corporation announced the opening of a new manufacturing plant for aluminum cans in the city of Chilca which will help the company expand its capacity for aluminum cans.
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Metal Food Cans Market by Category
By Material, the Metal Food Cans Market is Segmented as:
- Steel Food Cans
- Tin Food Cans
- Aluminum Food Cans
By Product Type, the Metal Food Cans Market is Segmented as:
- 2-Piece Can
- 3-Piece Can
By Capacity, the Metal Food Cans Market is Segmented as:
- Up to 5oz
- 6oz – 10oz
- 11oz – 15oz
- Above 15oz
By Application, the Metal Food Cans Market is segmented as:
- Meat, Poultry & Seafood
- Pet Food
- Bakery & Confectionary
- Sauces, Jams & Pickles
- Fruits & Vegetables
- Tea & Coffee
- Others (Oils, etc.)
By Region, the Metal Food Cans Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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