Canned Vegetables Market Opportunities and Strategies to 2034

This report describes and explains the canned vegetables market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global canned vegetables market reached a value of nearly $35.46 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.73% since 2019. The market is expected to grow from $35.46 billion in 2024 to $49.2 billion in 2029 at a rate of 6.77%. The market is then expected to grow at a CAGR of 6.23% from 2029 and reach $66.85 billion in 2034.

Growth in the historic period resulted from the rise in consumption of various packaged food products, rising health consciousness and government food safety regulations and standards. Factors that negatively affected growth in the historic period was raw material price volatility.

Going forward, growth of e-commerce, rising food service industry demand, growing popularity of plant-based diets and demand for eco-friendly packaging will drive the growth. Factor that could hinder the growth of the canned vegetables market in the future include stringent food safety regulations and rising cost of packaging.

Western Europe was the largest region in the canned vegetables market, accounting for 31.50% or $11.17 billion of the total in 2024. It was followed by Asia-Pacific, North America and then the other regions. Going forward, the fastest-growing regions in the canned vegetables market will be Middle East and Africa where growth will be at CAGRs of 17.53% and 12.81% respectively. These will be followed by South America and Eastern Europe where the markets are expected to grow at CAGRs of 12.41% and 6.93% respectively.

The global canned vegetables market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 18.30% of the total market in 2023. Del Monte Foods Inc. was the largest competitor with a 2.91% share of the market, followed by The Kraft Heinz Company with 2.67%, General Mills Inc. with 2.50%, Hanover Foods Corp. with 2.18%, Bonduelle S.A. with 2.04%, Goya Foods Inc. with 1.51%, Whole Foods Market Inc. with 1.49%, Conagra Brands Inc. with 1.33%, Nestlé S.A with 0.88% and Seneca Foods Corporation with 0.80%.

The canned vegetables market is segmented by type into sliced, peeled and other types. The sliced market was the largest segment of the canned vegetables market segmented by type, accounting for 42.56% or $15.09 billion of the total in 2024. Going forward, it is expected to be the fastest growing segment in the canned vegetables market segmented by type, at a CAGR of 7.17% during 2024-2029.

The canned vegetables market is segmented by distribution channel into store-based and non-store-based. The store-based market was the largest segment of the canned vegetables market segmented by distribution channel, accounting for 68.85% or $24.41 billion of the total in 2024. Going forward, the non-store-based segment is expected to be the fastest growing segment in the canned vegetables market segmented by distribution channel, at a CAGR of 9.57% during 2024-2029.

The canned vegetables market is segmented by application into culinary, salads and soups, toppings and dressings and other applications. The culinary market was the largest segment of the canned vegetables market segmented by application, accounting for 49.96% or $17.71 billion of the total in 2024. Going forward, the salads and soups segment is expected to be the fastest growing segment in the canned vegetables market segmented by application, at a CAGR of 7.59% during 2024-2029.

The top opportunities in the canned vegetables market segmented by type will arise in the sliced segment, which will gain $6.24 billion of global annual sales by 2029. The top opportunities in the canned vegetables market segmented by distribution channel will arise in the store-based segment, which will gain $7.34 billion of global annual sales by 2029. The top opportunities in the canned vegetables market segmented by application will arise in the culinary segment, which will gain $6.45 billion of global annual sales by 2029. The canned vegetables market size will gain the most in the USA at $1.54 billion.

Market-trend-based strategies for the canned vegetables market include strategic investments in self-sustained canneries for supply chain resilience, growth strategies focused on brand and distribution expansion, meeting consumer demand for convenient, high-protein meal solutions.

Player-adopted strategies in the canned vegetables market include focus on expanding its business capabilities through partnership and innovative product launch.

To take advantage of the opportunities, the analyst recommends the canned vegetables focus on brand expansion to capture evolving consumer preferences, focus on convenience and health-conscious offerings, focus on the sliced market segment, expand in emerging markets, focus on enhancing supply chain resilience through strategic investments, focus on tiered pricing to align with market segments and drive volume, focus on building awareness through channel-specific campaigns, focus on leveraging influencers and community-based promotion, focus on the non-store-based distribution channel, focus on the salads and soups application segment.

Major Market Trends

• Strategic Investments in Self-Sustained Canneries for Supply Chain Resilience
• Growth Strategies Focused on Brand and Distribution Expansion
• Meeting Consumer Demand for Convenient, High-Protein Meal Solutions

Key Mergers and Acquisitions

• Platinum Equity Acquired F.lli Polli SpA
• Newlat Food S.p.A Acquired Princes Limited
• Seneca Foods Corporation Acquired Green Giant