May 12, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD

LONDON, May 12, 2022 (GLOBE NEWSWIRE) -- Tin canning for the preservation and storage of food, and subsequently beverages, has been used for more than 125 years. While ‘preservation’ is less of the driving force from many consumers in today’s society, convenience is a key factor. Consumers want the convenience of store cupboard staples with long shelf lives, they want on-the-go drinking and eating, and they also want the ease of e-commerce. At the same time, food manufacturers and retailers want the ability to transport, store and display vast quantities of food and beverages to and in their outlets. These and other factors drive the market for metal cans which offer advantages including better sealant capabilities, greater mechanical strength and thus fewer breakages. Innovation in metal canning, especially aluminium, offers additional benefits such as recyclability and the ability for lighter weight packaging.

At times of economic uncertainty, or concerns over food security, consumers also look to canned foods as traditionally they offer better value for money. Witness the call outs for canned foods from the growing numbers of food banks in developed economies and, more generally, with the onset of COVID-19, when people reverted to stocking up store cupboards with tinned foodstuffs. At the other end of the economic spectrum, super slick, expensive aluminum packaging can also be used to enhance a more exclusive food or beverage product, allowing higher price points.

In TBRC’s Food Cans Global Market Report 2022 the food cans market comprises the sales of companies that manufacture cans or containers for the distribution and/or storage of a wide variety of food and beverages. The food/beverage is processed and then sealed in airtight tin containers with lids. The can market is separated into that of two-piece and three-piece cans:

Between 2016 to 2019 as data in the Global Market Model shows, the global market for tin cans showed 3.6% CAGR reflecting the maturity and steady nature of the industry. The onset of COVID-19 did cause an upswing as the uncertainty of the pandemic led to consumers and retailers alike looking for longer shelf-life options and essential food provision; between 2019—2020 CAGR increased to 6.2%. In 2020, the global industry was worth $58.60 billion, a 3.6% increase from its $55.16 billion value in 2019, and by 2021 the market was worth $60.26 billion.

The market is expected to revert to its more historic growth rates. In 2022, the market is forecast to reach $61.99 billion (up 2.9% from 2021) reaching $80.95 billion by 2031. Future economic uncertainty however, resulting from the fall out of the Ukraine-Russia crisis as well as any potential new spikes/variants in COVID-19, could accelerate growth if recession takes hold or concerns over food supplies gain traction.

This is not to say there are no barriers to the use of tin cans. While aluminium is lightweight, compared with steel plastic packaging is widely available and generally offers lower weight thus reducing transportation and shipping costs.

As the Global Market Model shows, Western Europe is the largest regional market worth $19.11 billion in 2021 accounting for 31.7% of the overall market, followed by North America $16.39 billion (27.2% share) and Asia Pacific $16.3 billion (27.1% share). Eastern Europe at $3 billion (5%), Middle East $2.3 billion (3.8%), and South America $1.87 (3.1%) then follow. The market in Africa is worth $1.29 billion in 2021, some 2.1% of the market.

Between 2016 and 2019, Western Europe showed the greatest growth (4.8% CAGR) with North America exhibiting 3.5% CAGR. By 2031 the same three regions will dominate the market with Western Europe accounting for 31.4% market share ($25.38 billion), Asia Pacific 28.1% ($22.75 billion) and North America 26.3% ($21.31 billion).

The segment accounting for the greatest share of the market is that of the two-piece can, not least driven by the growing demand for both soft (carbonated and non, seltzers and waters and fruit drinks) and alcoholic drinks. The strength and weight benefits of tin cans over glass bottles make them more popular with consumers. In 2021, the two-piece can segment accounts for the greatest share (80.3%) of the total market, worth $48.41 billion, with the three-piece can segment accounting for the remaining 19.7% (worth $11.86 billion). Between 2019-2020, it was this latter segment that showed a slightly greater growth rate of 7.0% CAGR compared with 6.0% for two-piece due to increased demand for tinned food stuffs with the onset of COVID-19.

From 2021 to 2026, both can types will show comparable growth, 2.8% CAGR for two-piece cans and 3.2% for three-piece cans. By 2026, the market for two-piece cans will reach a value of $55.62 billion and three-piece cans, $13.90 billion by 2026. By 2031, the two-piece cans segment will still account for the largest 79.5% share, worth $64.35 billion, compared with the 20.5% share for three-piece cans with a value of $156.61 billion.

The Food Cans Global Market Report 2022 is one of a series of reports from The Business Research Company that provides market overviews, analyzes and forecasts multiple industry market sizes, shares, key market players, market segments and geographies, the leading competitors’ revenues, profiles as well their market shares.

Here are some related reports:

Food Containers Global Market Report 2022

Aseptic Packaging Global Market Report 2022

Eco-friendly Food Packaging Global Market Report 2022

Frozen, Canned and Dried Food Global Market Report 2022

Canned and-Ambient Food Global Market Report 2022

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

Interested In Knowing More About The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology. The Global Market Model is The Business Research Company’s flagship product.

Get a quick glimpse of our services here: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ