The U.S. canned foods market is expected to reach USD 22.23 billion by 2025, according to a new report by Grand View Research, Inc. owing to the rise in demand for convenience food products which in turn is expected to have a positive impact on industry growth.
The market is subjected to regulations on food quality and processing, for safe consumption. The regulations are spread over to processing, harvesting and canning of food products according to the regional presence. Large number of imports are noted for the U.S. from Asia Pacific region and thus the companies need to abide to the rules mentioned by the U.S.
The industry in U.S. is subjected to regulations concerning the ingredients and their composition, safety, packaging, and labeling of canned foods by the U.S. FDA. The FDA regulations specifies the standards to maintain the quality of canned foods sold by various companies, and also prescribes the format of information displayed on the product labels.
The industry exhibits the presence of a significant number of substitutes in frozen and dried products category. The players are involved in drying of products that provide similar benefits of convenience and extended storage lifetimes. The price of substitutes is found to be in similar range as canned food and thus switching cost is less leading to a lower threat of substitutes.
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Further key findings from the report suggest:
Ready meals held the largest share in type segment of the U.S. canned foods industry and is expected to maintain its lead over the forecast period. The high share of the segment is attributed to its high shelf life.
The canned seafood segment is anticipated to progress at a CAGR of 2.7% over the next eight years. The steady growth of the segment is attributed to its nutritious values, easy availability and increased awareness in public.
Canned fruit products are being increasingly used in restaurants and households on account of their high shelf life and ease of use. The segment is thus anticipated to progress at the highest estimated CAGR of 5.6% over the forecast period.
The convenience in the use of canned vegetables and increasing awareness concerning the nutritional value of canned vegetables is anticipated to augment the growth of the segment over the next eight years.
Key players in the industry include LDH (La Doria) Ltd., Conagra Brands Inc., Wild Planet Inc., Thai Union Frozen Products, and American Tuna, Inc.
Grand View Research has segmented the U.S. Canned Foods Market on the basis of type:
Type Outlook (Volume, Kilotons, Revenue, USD Million; 2014 - 2025)
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