Large-scale Urbanization in Asia Pacific and Latin America Drives Demand for Canned Preserved Food

Canned preserved food is an invaluable commodity for modern urban consumers, as it doesn’t spoil quickly and doesn’t need much prep time. The hectic pace of the urban lifestyle is thus beneficial for the global canned preserved food market. The efforts taken by major manufacturers to increase the nutritive content of canned preserved food have also paid off, as a growing part of the urban demographic is health-conscious and considers the health quotient of packaged food an important metric in purchases. The growing urban population in Asia Pacific and Latin America is thus a lucrative target for canned preserved food vendors.

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According to Transparency Market Research, the Asia Pacific and Latin America canned preserved food market is likely to exhibit a sturdy 6.40% CAGR from 2015 to 2021. The market’s value was calculated as US$24.4. bn in 2014, and is estimated to rise to US$38.1 bn by the end of the forecast period. By volume, the canned preserved food market totaled 6.3 bn kg in 2014. Exhibiting a strong 4.40% CAGR from 2015 to 2021, the market’s total volume is expected to rise to 8.5 bn kg by the end of 2021.

How important is the urbanization in these two regions for the canned preserved food market?

Asia Pacific and Latin America are among the two fastest growing regions in the world at present, with the post-2008 depression still making its presence felt across North America and the recent political and economic wrangles within the EU leading to a drop in activity in Europe. Latin America is the most urbanized developing region in the world and has 80% of its population living in cities or towns. The 10 largest cities in Latin America account for 30% of the region’s GDP, a figure comparable to North America and Europe and larger than any Asia Pacific country.

According to the World Bank, in Asia Pacific, 200 million people made the switch from the country to towns between 2000 and 2010; for comparison, this figure is higher than the population of all but the five most populous countries in the world. The massive opportunity for urban facilities generated by this migration is dwarfed by the number of people still living in rural conditions in the region. The urbanization potential in Asia Pacific is the reason why many producers of canned preserved food are choosing to focus on the region in the coming years.

With urbanization comes the need for solutions that make life less hectic. This is why canned preserved food is an important commodity for urban consumers and is set to witness robust growth in both these regions. The Latin America market for canned preserved food is thriving due to the rapid economic development of the Southern Cone (Argentina, Chile, and Uruguay) and Brazil, while the brunt of the demand for canned preserved food in Asia Pacific is borne by dynamic economies such as China, India, Japan, and South Korea. The promising development prospects in these countries in the coming years bode well for the canned preserved food market.

What are the key restraints on the APAC and LATAM canned preserved food market?

The leading factor restricting the demand for canned preserved food in Asia Pacific and Latin America is the high amounts of sugar and salt used to preserve the food. High sugar content leads to a high calorie intake, which is avoided by many health-conscious urban consumers, while high salt intake has been linked to several cardiovascular conditions. However, many players have acknowledged this factor and are trying to come up with canned food with a favorable nutrition profile.

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