Changing Lifestyles Prompt Growth of APAC and LATAM Canned Preserved Food Market

The developing nations of Asia Pacific are showing heightened demand for canned preserved foods, along with several nations from Latin America. The influence of Western culture, coupled with increasingly sedentary lifestyles and increasingly lenient international trading policies, is driving the APAC and LATAM canned preserved food market.

The APAC and LATAM canned preserved food market is calculated to be progressing at a CAGR of 6.40% in the forecast period between 2015 and 2021. Prior to this period, the market was valued at US$24.2 bn in 2014 and is expected to reach US$38.1 bn by 2021. In terms of volume, the APAC and LATAM canned preserved food market is exhibiting a 4.40% CAGR in the same forecast period, growing from a 2014 volume of 6.28 bn kg.

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The key players operating in the APAC and LATAM canned Preserved food market are Pinnacle Foods Inc., ConAgra Foods Inc., MTR Foods Pvt. Ltd., H.J. Heinz Company, and DelMonte Pacific Ltd.

APAC and LATAM Canned Preserved Food Market Fueled by Convenience-oriented Lifestyles

The primary growth driver for the APAC and LATAM canned preserved food market is the growing appeal of consumerist convenience. As a growing number of citizens in emergent economies are changing their lifestyles – through a mixture of growing workloads, Western influence, and falling prices – and becoming more accommodating of canned preserved foods, consumers are also preferring preserved foods due to their longer shelf lives and ease of storing. Most foods presented in canned and/or preserved formats do not require to be cooked or even heated at times, thus appealing to a growing consumer base that is looking to save time on food preparation.

Health Issues and Low Penetration Restrain APAC and LATAM Canned Preserved Food Market

The APAC and LATAM canned preserved food market is, however, restrained by multiple factors, the primary restraining factor being the risk of botulism. A bacterial disease that can cause severe illness and even prove to be fatal, botulism is an illness that can be caused by eating raw or undercooked foods. The same reason is also responsible for multiple other bacterial infections that may even be life-threatening. Most illnesses caused by canned and preserved foods are caused by the migration of foreign components into food, such as the layer of bisphenol A that might migrate from the inner wall of the can to the food. Bisphenol A is a well-known endocrine disruptor and carcinogen.

Another restraint on the APAC and LATAM canned preserved food market is the relatively low penetration of players in emerging markets. While the current potential of growth of the APAC and LATAM canned preserved food market is mostly generated by changing lifestyles and growing disposable incomes, companies are yet to make full use of the opportunity due to manufacturing and shipping issues. In time, however, the APAC and LATAM canned preserved food market will grow at a rapid pace, fueled primarily by consumer demand.

With canned fish taking up 35.0% and canned meat taking up 29.0% of the APAC and LATAM canned preserved food market, it is evident that these two segments are set to be the fastest-growing segments in the coming years as well, as consumer demand steadily increases.

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This release was published on openPR.