Future Market Insights
Today, packaging has become a necessity. Given the modern-day hectic lifestyle and today’s fast-paced life, consumers’ inclination towards convenience has increased. The demand for healthy products has increased as well in the last few years. This has also led to an increase in the demand for effective packaging solutions. Metal food cans are one of the most effective packaging solutions which provide all the features needed during transportation and storage. It is a type of packaging solution that is safe, hermetically sealed, tamper-evident and have sustainability credentials. These metal food cans maintain a product’s nutrition value, flavor and quality. In addition to this, these cans are made from corrosion resistant materials which protect a product against deterioration.
Metal Food Cans Market- Market Segmentation:
The global metal food cans market can be segmented on the basis of product type, packaging type, material type, and end use. On the basis of product type, the global metal food cans market can be segmented into 3-Piece cans and 2-Piece cans wherein the 2-Piece cans can be further segmented into DRD Cans (Draw & redraw cans), DWI Cans (Draw & wall ironing cans), and TULC Cans (Stretch draw ironing cans). On the basis of packaging type, the global metal food cans market can be segmented into round cans, bowl cans and shaped cans, wherein shaped cans are gaining huge traction among manufacturers as customers get attracted towards different colors and different variety of packaging. On the basis of material type, the global metal food cans market can be segmented into steel, aluminum and tin plate, wherein aluminum is expected to gain a large market volume share as it is light in weight and highly corrosion resistant. On the basis of end use, global metal food cans market can be segmented into fruits & vegetables, dairy products, fish and seafood, ready meals, pet food, and others. Fish and seafood is expected to be the most attractive segment for end use as metal food cans remain the preferred package type.
Metal Food Cans Market- Market Dynamics:
One of the significant factors that has contributed to the growth of the global metal food cans market is the government initiatives being taken to increase healthy eating via fruits & vegetables. This has boosted the sale of fruits and vegetables that come packed in metal food cans. Moreover, another important factor that will contribute to the growth of global metal food cans market in future is the growing awareness amongst consumers about healthy products. This has led to an increase in healthy eating trends which, in turn, have increased the demand for fish and seafood. Metal food cans remain the most preferred choice for preservation. Metal food cans are an asset in terms of packaging for manufacturers as they make a low-cost packaging solution that provides strong basic functionality which creates value for the manufacturer and fuel growth in the global metal food cans market. Furthermore, world’s growing population and rising GDP along with improved living standards and growing demand for ready-to-eat meals in emerging economies are expected to drive growth in the global metal food cans market. These metal food cans have the highest recycling rate among all available food packaging solutions. This particular factor will not only save energy and reduce landfills but will also contribute to the growth of the global metal food cans market. However, the inclination of consumers as well as manufacturers towards newer pack types such as pouches and thin plastic containers for packaging which offer additional functionality, features and value are expected to hinder the growth of global metal food cans market. Moreover, the consumers want features such as convenience, packaging that can be used in microwaves (microwavable package or boil in package), easy opening and re-sealable patterns. The metal food cans have struggled in these departments and this may be considered as important restraining factors towards the growth of global metal food cans market.
Metal Food Cans Market- Regional Outlook:
Geographically, the metal food cans market can be segmented into North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The growth of the global metal food cans market is expected to witness a steady CAGR over the forecast period of 2016-2024. North America is expected to witness a slow growth of metal food cans market as North Americans are inclined towards convenience. However, the region has potential for growth in terms of the pet food market. Moreover, the emerging economies such as China and India is expected to heavily contribute to the growth of global metal food cans market. Therefore, the Asia-Pacific region is expected to gain highest market value share in the global metal food cans market.
Metal Food Cans Market- Major Players:
Some of the major players identified across the globe in the metal food cans market are Silgan Containers LLC, Crown Holdings, Inc., BALL CORPORATION, Allstate Can Corporation, Visy Industries, Jamestrong Packaging, Avon Crowncaps & Containers (Nig.) Plc, Perennial Packaging Group Pty Ltd, Kian Joo Can Factory Bhd, and TinPak (Pvt) Ltd.
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