What is the Addressable Market Opportunity for “Canned Fruits”?
The global market for Canned Fruits is projected to reach US$10.1 billion by 2025, driven by myriad factors among which the growing trade in fruits stands out as worthy of special note.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Canned Fruits market. Report segmentation includes Product (Canned Peaches, Canned Mixed Fruit, Canned Pineapples, Canned Citrus Fruits, Canned Pears, and Other Products); and Distribution Channel (Supermarkets/Hypermarkets, Independent Retailers, and Convenience Stores) ).
24 June 1:15 A.M., California/Marketwire/ - According to the new market research report, the global market for Canned Fruits is projected to reach US$10.1 billion by 2025, driven by myriad factors among which the growing trade in fruits stands out as worthy of special note. International trade in fruits has been witnessing sequential growth over the last few years supported by the globalization of fruit industry. Fruits are today one of the most globalized products with consumers having easy access to all types and kinds of exotic fruit varieties. Developments in refrigeration and transportation technologies have made it increasingly possible to ship perishable and lower shelf life products across continents with ease. More efficient cooling and refrigeration systems; larger and high speed cargo ships; bigger cargo aircraft; developments in rail connectivity and road networks; higher yields and increase in fruit production; and growing production of hybrid varieties of fruits engineered for naturally longer ability to retain appearance and flavor. An example of a hybrid strain of fruit is the Cavendish bananas as opposed to heirloom bananas.
Growing awareness of healthy eating and its beneficial effect on wellbeing and longevity is also resulting in increased consumption of fruits in consumer diets across the world. Against this backdrop, canned fruits are becoming the preferred format for global shipping and trade. Canning fruits help produce a more "ship friendly" product as compared to fresh fruits. Canning is defined as a high-heat process that sterilizes and blanches fruits before being added to sugar syrup. This results in a more feasible shelf life. Unopened canned fruits have 1 to 2 years shelf life. With most fruits being seasonal in nature, canning is one of the best and easiest ways to eat them all through the year. Europe and the US are top importers of exotic tropical fruits. Fruits imported by the U.S include bananas, mangos, avocados, pineapples, apples, honeydew melons, lemons, lychees, durian, rambutan, guavas, passion fruit, sapodilla, mamey sapote and jackfruit. The diverse palate of the average American coupled with the wide variety of ethnic groups making up the population are driving demand for unique and native foods.
Consumer acceptance of canned foods is increasing supported by studies which support the fact that canned fruits are more healthier and nutrient rich than fresh fruits given their ability to preserve nutrients for longer. Levels of minerals, fiber and vitamins A and E in canned fruits are the same as in fresh fruits. Interestingly, fresh fruits tend to lose these nutrients too quickly as they are exposed to air. A growing number of studies are linking consumption of canned fruits and vegetables to better nutritional health when compared to diets without these foods. Adults and children consuming canned fruits receive higher vitamin A, calcium, and magnesium. Additionally, the fresh fruit supply chain is increasingly facing challenges posed by weather variability caused by climate change and global warming. Increased risk of rotting while in transit is the single most important cause of concern. High ambient temperatures tend to increase respiration and accelerate metabolic and transpiration rates, resulting in faster ripening and deterioration. Canned fruits, against this backdrop, represent a more commercially feasible and enumerative option for fruit processing, transport and consumption.
A key trend in the market is the growing preference for canned fruits soaked in their own natural fruit juices as compared to sugar syrup. The trend is supported by rising health consciousness and increased demand for low calorie foods. Canned foods being mass produced with longer shelf-life are additionally lower priced than fresh fruits and are more affordable by households across all income groups. The United States, China and Europe represent large markets worldwide with a combined share of 66.4% of the market. China also ranks as the fastest growing market with a CAGR of 4.4% over the analysis period supported by the clear shift in consumer preference for imported fruits such as Philippine bananas, Thai durians, Vietnamese dragon fruit, Thai mangosteens, Chilean cherries and Mexican avocados.
Key Competitors Covered in the Report
CLOUET & CO (KL) SDN. BHD
Del Monte Food, Inc.
Delicia Foods India Pvt. Ltd.
Dole Packaged Foods LLC
Rhodes Food Group Holdings Ltd
Seneca Foods Corporation
Tiger Brands Limited
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 1012. Among this pool, 182 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 42 unique participations, a total of 19 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
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