Global canned food market growing

The global canned canned food market was valued at $573.89 million in 2020 and will grow at a CAGR of 8.9% from 2020 to 2027, according to a recent report that seeks to analyze the impact Covid has had on the global canned food market. This impact, as they determine, varies. While the Asian and Latin American markets were already experiencing steady growth due to a growing trend of canned food purchases, the immediate impact of the pandemic has not been equal across all sectors.

The pandemic immediately brought about changes in consumption habits: short-term stocking and stocking the pantry with staples such as rice, pasta, noodles and canned or preserved foods, which, according to various reports, has led to an increase in sales in the retail sector. But, not so for those industries that depend on the hotel and catering sector. One example is the non-homogeneous impact of the pandemic on the entire fish and seafood canning and processing industry. While companies that mainly market their products in retail have generally maintained and/or increased their sales, those operators more linked to the extra-domestic sphere have suffered to a greater extent, experiencing a decrease in their turnover and even resorting to Ertes.

For example, ANFACO-CECOPESCA, the National Association of Canned Fish Manufacturers, recently pointed out, in 2020, Spain’s canned fish and seafood sector increased its production by 2% in volume and 4.8% in value, compared to 2019, reaching 359,081 tonnes, valued at 1,755 million. These are very positive figures in a year dominated by the pandemic.