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Canada Canned Food Market - Forecasts from 2022 to 2027

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    Report

  • 84 Pages
  • December 2022
  • Region: Canada
  • Knowledge Sourcing Intelligence LLP
  • ID: 5716694
Canada canned food market was valued at US$1,614.523 million in 2020 and is expected to grow at a CAGR of 3.21% over the forecast period to reach a market size of US$2,014.839 million in 2027.

Canned Foods are a type of food item that has been processed and sealed in an airtight container for preservation to extend the shelf life of the product. As canned foods of good quality are available now, the demand for canned food is also increasing which will bolster the market. Canned foods are preferred more due to the fact that they are conveniently available in the market and are an important part of the diet of many people. In the region of Canada, as the consumption of such foods is increasing the demand is also growing which will play a role in boosting the market growth of canned foods. Further, investments coupled with new product launches by some key players will also boost the market growth in the coming years.

Further, shifting demographics in the country, precipitated by aging baby boomers, the growing purchasing power of the general population, especially, the millennials, and increased ethnic diversity, have been contributing to changing food preferences. These factors have been influencing trends toward food products with enhanced nutrition, ethical food choices, environmentally sustainable diets, as well as new taste profiles and flavor combinations. According to AAFC (Agriculture and Agri-Food Canada), consumers are starting to prefer foods that are quick to cook or ready for immediate consumption, which is expected to boost the canned foods market in the country. There is also an increased desire for information about food, including the production practices used as well as the nutritious contents in the food. Apart from the nutritional composition, consumers want to know how foods will enhance their performance or improve their health. Thus, this growing health awareness among consumers is expected to drive the market further.

Drivers

One of the key factors driving the growth of the canned food market in Canada is the increasingly growing population of millennials in the country. According to data from the 2021 Census in the country, millennials were found to be the fastest-growing generation in Canada with a CAGR of 8.6% between 2016 and 2021 as compared to 5.2% for the overall population. This growing population of millennials is thus expected to broaden the customer demographic for the market as the generation mainly consists of fairly young working professionals with hectic schedules, with no substantial time to prepare whole meals. This factor is thus projected to boost the demand for canned foods in Canada.

Further, the rapidly rising disposable income in the country is another factor that is expected to drive the market substantially. As per World Bank, Canada is a high-income country that is only growing on an annual basis with the increasing household disposable income of the population. According to statistics by the Canadian Government, the total disposable income of households in the country went from CAD 1.39 million in 2020 to CAD 1.43 million in 2021. Thus, this constantly increasing spending power of the general population is expected to drive the market further as a larger amount of people would be able to spend money on canned foods as a part of their diet.

Online channel of sales to grow substantially through the analyzed period

Canned in Canada is sold online by a number of major players like Amazon, Walmart, Bulkmart and so on. The segment is expected to witness considerable growth in the nation, which in turn is projected to boost the growth of the market. According to Statistics Canada, the value of retail e-commerce sales in the country grew from CAD 28.2 billion in 2019 to CAD 52.4 billion in 2020. This rising penetration of e-commerce in the country is thus expected to drive the online segment of sales for canned foods as well. Further, the extremely high internet penetration in the country is further expected to drive the online segment for sales for the canned food market, According to data by DataReportal, in 2021, approximately 94% of the population in Canada had an access to the internet, which helps in widening the customer demographic thus, projecting to boost sales.

COVID-19 Insights

The outbreak of the COVID-19 pandemic caused a positive impact on the consumption of canned foods in Canada as more people turned to home cooking and retail purchases. Retail is one of the main points of sale for canned food, for which the demand saw an increase, during the initial phases of COVID-19 and the period of lockdown. The sales of canned products increased during the lockdown in the country due to their long shelf life, which attracted consumers who were subjected to home quarantines, owing to regulatory measures restricting ease of movement by the government of the nation.

Market Segmentation:

  • By Type
  • Canned Fish/Seafood
  • Canned Meat Products
  • Canned Fruits
  • Canned Vegetables
  • Other Canned Foods
  • By Distribution Channel
  • Online
  • Offline
  • Supermarket/Hypermarket
  • Convenience Stores
  • Others
Frequently Asked Questions about the Canadian Canned Food Market

What is the estimated value of the Canadian Canned Food Market?

The Canadian Canned Food Market was estimated to be valued at $1614.52 million in 2020.

What is the growth rate of the Canadian Canned Food Market?

The growth rate of the Canadian Canned Food Market is 3.2%, with an estimated value of $2014.84 million by 2027.

What is the forecasted size of the Canadian Canned Food Market?

The Canadian Canned Food Market is estimated to be worth $2014.84 million by 2027.

Who are the key companies in the Canadian Canned Food Market?

Key companies in the Canadian Canned Food Market include Campbell soup company, Clover Leaf Seafoods Family, Kraft Heinz Company, Bush Brothers and Company and Del Monte Foods Holdings Limited.

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. CANADA CANNED FOOD MARKET, BY TYPE
5.1. Introduction
5.2. Canned Fish/Seafood
5.3. Canned Meat Products
5.4. Canned Fruits
5.5. Canned Vegetables
5.6. Other Canned Foods

6. CANADA CANNED FOOD MARKET, BY DISTRIBUTION CHANNEL
6.1. Introduction
6.2. Online
6.3. Offline
6.3.1. Supermarket/Hypermarket
6.3.2. Convenience Stores
6.3.3. Others

7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix

8. COMPANY PROFILES
8.1. Campbell soup company
8.2. Clover Leaf Seafoods Family
8.3. Kraft Heinz Company
8.4. Bush Brothers and Company
8.5. Chef Boyardee
8.6. Del Monte Foods Holdings Limited
*List is not exhaustive

Companies Mentioned

  • Campbell soup company
  • Clover Leaf Seafoods Family
  • Kraft Heinz Company
  • Bush Brothers and Company
  • Chef Boyardee
  • Del Monte Foods Holdings Limited