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Albany, New York, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Europe is showing a progressive adoption of processed food pertaining to changing lifestyle of the populace. As a result of this adoption the global food cans market is anticipated to witness a robust growth in coming years. According to a recent report by Transparency Market Research, the global food cans market will rise to the value of US$ 33.7 bn during the forecast period of 2019 to 2027. The report states that the factors propelling the growth are convenient manufacturing for the cans and easy availability of the raw materials required for production of the food cans.
Moreover, the technological developments like automated machines, and new techniques for manufacturing food cans are some more factors that are fueling the growth of the global food can market during the forecast period of 2019 to 2027.
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Mergers and Partnerships to Elevate the Production to Boost the Market with 4% CAGR
Currently, the global food cans market is projected to witness a tough competition between established and new players. Being fragmented in nature, the market has numerous players influencing its dynamics. On top of it luring opportunities are attracting new players to the market. As a result of this the competition is going to get even tougher in the global food cans market.
However, the competition shall bring positive results for the market growth. According to the report, the global food cans market is projected to witness a 4% CAGR during the forecast period of 2019 to 2027. With this growth rate the market shall exhibit new potential for the players grow substantially during the projected time frame says the report.
Though there are lucrative opportunities, the players of global food cans market are opting various strategies that can provide a concrete stronghold to them. They are relying on strategies such as mergers, and partnerships that can help them to accumulate sufficient resource for a sustainable future in global food cans market. Moreover, these strategies will allow the players to boost their production capacity which will further help them to capture a major share of global food cans market.
Tinplate to Maximum Revenue
Based on the rising demand and trend of recyclability of food cans, the tinplate segment under materials category will draw maximum revenue during the forecast period of 2019 to 2027. The segment is anticipated to gain major traction on the basis of its cost-efficiency and ease to use. These parameters will upkeep the status quo of the segment and keep the segment at the top of the list as material of choice amongst consumers. Though, the plastic can are also attracting consumers, but this segments still has to run an extra mile to be called as major revenue generating segment. Until, the plastic cans capture the market of previously mentioned segment, the key revenue generating segment of the global food cans market will be tinplate segment for the rest of the years of the forecast period of 2019 to 2027.
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Europe Emerges as Most Potent Region
As mentioned earlier, Europe is the major market that is offering most lucrative opportunities to the players of global food cans market. Countries like Germany, Austria, Switzerland, and Wales, where the demand for processed food has boomed in recent years are major areas propelling the dominance of region during the forecast period of 2019 to 2027.
Moreover, Asia Pacific, based on the adoption of canned food as a result of growing number of millennial, will follow Europe in terms of revenue and volume. Cumulatively, adoption of food cans in Asia Pacific, North America, Middle East and Africa, and Europe, generate revenue sufficient enough to portray a substantial growth of global food cans market during the forecast period of 2019 to 2027.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Food Cans Market (Capacity: Less than 100 gm, 100 gm - 300 gm, 300 gm - 500 gm, More than 500 gm; Material: Metal (Stainless Steel, Aluminum), Tinplate, Paperboard, Plastic; Product: 2-piece Cans, 3-piece Cans; End Use: Meat, Poultry & Seafood, Pet Food, Bakery & Confectionary, Sauces, Jams & Pickles, Fruits & Vegetables, Tea & Coffee, Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027.”
The global food cans market is segmented on the basis of:
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