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Food Cans Market Overview, Outlook, Size, Share, Demand 2024-2033
Food Cans Market Overview
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According to The Business Research Company's, The food cans market size has grown steadily in recent years. It will grow from $63.56 billion in 2023 to $65.45 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to the increased demand for organic foods, food security initiatives, low-interest rates and increased pet ownership by gen z and gen y adults..
The food cans market size is expected to see steady growth in the next few years. It will grow to $73.85 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to increasing millennial population, continued technology development, growing awareness about nutritional benefits of canned food and rising penetration of organized retail. Major trends in the forecast period include using aluminum cans to protect the environment, focusing on bpa free cans as they eliminate risks associated with bpa products, investing in high pressure pasteurization equipment and invest in innovative products to provide better and enhanced products..
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Market Drivers and Trends:
The increasing penetration of organized retail is expected to be a major driver of the food cans market. Increasing disposable incomes, changing consumer tastes and preferences, changing demographic profiles, and increasing investments are enhancing growth in the organized retail market. In addition, the growing internet penetration and more international retailers initiating operations in different countries and regions are also benefiting the organized retail sector, increasing the reach of various canned food products to consumers across the world. Additionally, in December 2021, according to the Indian Brand Equity Foundation, e-commerce turnover in India reached $50 billion in 2020 and evolved as the eighth-largest market for e-commerce across the globe, and it is predicted to reach $350 billion by 2030. The rising penetration of organized retail drives the market for food cans.
Recyclable aluminum cans are shaping the food cans market. The companies operating in the food cans sector are increasingly focusing on recyclable aluminum cans to strengthen their position. For instance, in September 2022, Suntory Holdings Limited, a Japan-based brewing and distilling company, launched a 100% recycled aluminum can. This product helps reduce greenhouse gas emissions and environmental pollution. The body of this innovative design has unique requirements to preserve the wine's quality throughout filling, transit, and storage.
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Major Key Players of the Market:
Schneider Electric SE, Veolia Environment S.A., Engie SA, Enel S.p.A, Siemens AG,Honeywell International Inc., EDF, Bernhard Energy Solutions, AltaGas Ltd, Johnson Controls International PLC, China Shenhua Energy Company, Envision Energy, Mingyang, Gamesa, Shanghai Electric, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, G3 Holdings and NTPC Limited, Centrica, E. ON UK., Npower, ScottishPower, Gazprom, Rosneft, Surgutneftegas, Novatek, CEZ, Contemporary Energy Solutions, Duke Energy, Edison International, General Electric Company, NextEra Energy, Green Mountain Energy, TPI Composites, Renewable Energy Group, Inc, Clearway Energy, First Solar Inc, PlanEt, Tesla, IOGEN Corporation, Bio-EnPower Inc, Ag-west Bio, Nulife Green Tech, Innergex/Alterra Power, Bullfrog Power, 3G Energy, KEPCO Energy Service Company, CFE, Pemex, Shell, Baker hughes, Tenaries, Moka Power, SOLARVIEW, FLEXIMETAL BRASIL, RVT Energia, Wiseful, GreenStudio Energy Efficiency, DS-Engenharia-Solar, Oika Tecnologia & Inovação, Yellow Door Energy, Enova, Alfanar Energy, Solar Africa, Rensource Distributed Energy Ltd, powergen renewable energy, Powerhive, Daystar Power, Juabar
Food Cans Market 2024 Key Insights:
• The food cans market size is expected to see steady growth in the next few years. It will grow to $73.85 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Increasing Organized Retail Penetration Fuels Growth In The Food Cans Market
• Recyclable Aluminum Cans Take Center Stage In Shaping The Food Cans Market
• North America was the largest region in the food cans market in 2023
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