Canned Meat Market Report Probes the USD Billion Size, Share, Growth Report and Future Analysis by 2033

Key Insights

The Canned Meat Market size was valued at USD 29.84 USD Billion in 2023 and is projected to reach USD 40.85 USD Billion by 2032, exhibiting a CAGR of 4.59 % during the forecast period. Canned meat describes meats that have been processed and subjected to canning, these are receptacles that have airtight lids most commonly made of tin or aluminum. These include chicken, beef, pork, and seafood products that may be pre-cooked and processed as is the case of soups which usually have meat bits. Some of the benefits include long shelf life, ease of use, as well as nutrient preservation of the packaged foodstuffs. Some of the uses of this type of food include; emergency food needs and packaging for military meals, and occasions such as camping, and hiking among others. For canned meat, the key advantages are that it does not need to be refrigerated before being opened, and post-opening, it is considered to be ideal in areas where fresh meat is scarce or unavailable and during situations when it becomes necessary to provide non-perishable food. 

Canned Meat Trends

• Consumers are increasingly opting for canned meat due to its convenience, affordability, and long shelf life.
• Canned meat is being used in a wider variety of dishes, from soups and stews to sandwiches and salads.
• Canned meat is gaining popularity in emerging markets as a source of affordable protein.

Driving Forces: What's Propelling the Canned Meat Market

• Convenience: Canned meat is a convenient option for consumers who are short on time or do not have access to fresh meat.
• Affordability: Canned meat is a relatively affordable source of protein, which makes it a popular choice for budget-conscious consumers.
• Long shelf life: Canned meat has a long shelf life, which makes it a good option for stocking up on food during emergencies or for use in camping and hiking.
• Growing demand in emerging markets: Canned meat is becoming increasingly popular in emerging markets as a source of affordable protein.

Challenges and Restraints in Canned Meat Market

• Health concerns: Canned meat has a higher sodium content than fresh meat, which can be a concern for consumers who are concerned about their health.
• Competition from fresh meat: Canned meat faces competition from fresh meat, which is often perceived as being healthier and tastier.
• Environmental concerns: The production of canned meat can hurt the environment, which is a concern for some consumers.

Emerging Trends in Canned Meat

• Premiumization: Consumers are increasingly willing to pay for premium canned meat products that are made with high-quality ingredients and have a more sophisticated flavor profile.
• Transparency: Consumers are demanding more transparency from food manufacturers, including information about the source of the meat and the manufacturing process.
• Sustainability: Consumers are increasingly interested in purchasing canned meat products that are produced sustainably.

Growth Catalysts in Canned Meat Industry

• Product Innovation: Manufacturers are continuously developing and introducing new and innovative canned meat products to meet the evolving tastes and preferences of consumers. These innovations can include the introduction of organic, low-calorie, or gluten-free options.
• Expansion into New Markets: Canned meat companies are strategically expanding into both unexplored geographical regions and untapped product categories. This approach allows them to capture new customer segments and diversify their revenue streams.
• Strategic Partnerships: To enhance their capabilities and reach, canned meat companies are forming strategic partnerships with other businesses. These partnerships can focus on developing innovative products, optimizing distribution channels, or accessing new markets.

Market Segmentation: Canned Meat Analysis

Product Type:

• Luncheon Meat
• Ham
• Sausage
• Bacon
• Corned Beef
• Others

Distribution Channel:

• Hypermarkets/Supermarkets
• Specialty Stores
• Online Retail
• Others

Leading Players in the Canned Meat Market

• 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.)

Significant developments in Canned Meat Sector

November 2022: Smithfield Europe agreed to acquire Goodies Meat Production SRL, a manufacturer of private-label packaged meat products, for the retail channel. 

October 2021: Hormel Foods Corporation partnered with U.S.-based food processing company 'The Better Meat Company.' 

August 2021: Italian consumer goods Bolton Group acquired Wild Planet Foods for an undisclosed amount. 

January 2021: Minerva SA launched the B2B online sales platform "Miu Minerva," which provides various processed meats. 

November 2020: F&G Food Pte Ltd launched new products to cater to the increasing demand in the market.

Regional Insight

The Asia-Pacific region is the largest market for canned meat, followed by North America and Europe. Emerging markets in Asia-Pacific and Africa are expected to drive the growth of the canned meat market in the coming years.

Consumer Side Analysis

Consumers are increasingly looking for canned meat products that are convenient, affordable, and healthy. They are also interested in products that are produced sustainably.

DROCs

• Drivers: Convenience, affordability, long shelf life, growing demand in emerging markets.
• Restraints: Health concerns, competition from fresh meat, environmental concerns.
• Opportunities: Premiumization, transparency, sustainability.
• Challenges: Product innovation, expansion into new markets, strategic partnerships.

Swot Analysis

Strengths:

• Convenience
• Affordability
• Long shelf life

Weaknesses:

• Health concerns
• Competition from fresh meat
• Environmental concerns

Opportunities:

• Premiumization
• Transparency
• Sustainability

Threats:

• Product innovation
• Expansion into new markets
• Strategic partnerships