Market Overview
Global COVID-19 Impact on Canned Vegetables Market is thriving, mainly due to the growing numbers of working populaces worldwide. Due to their hectic lifestyle, working populations are increasingly inclining to convenience foods. Also, consumers prefer canned vegetables more for its convenient packaging and longer shelf life. Besides, the availability of a wide range of vegetables throughout the year is a significant factor driving the consumer preference for canned vegetables. So, rising consumer preference is a key growth driver for the market. Moreover, the growing trend of organic canned vegetables is escalating the market growth to furthered height, providing growth opportunities for players operating in the canned vegetables industry. According to Market Research Future (MRFR), the global canned vegetables market is poised to create a valuation of approximately USD 13.2 BN by 2024, growing at 3.7% CAGR during the forecast period (2020–2024).
Rising global economy is a major driving force behind the market increase. The advent of the coronavirus had led people to stock canned veggies. During the lockdown period, more and more people are starting to enjoy the benefits of cooking at home, and canned vegetables are providing a practical option for healthy vegetables. In addition to the strong performance, canned vegetables continued to have higher shelf-stable gains during the epidemic. Also, canned vegetables have upward pressure on prices since the onset of coronavirus. The increase in sales of canned veggies is boosting the market growth, states the MRFR expert while talking on his COVID-19 Analysis of canned veggies market.
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Competitive Landscape
Highly competitive, the canned vegetables market appears fragmented due to the presence of many large and small-scale players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Players compete based on quality, variety, price, reputation, and distribution.
Continually changing consumer demands and preferences further encourage players to widen their market penetration by including plant-based preservatives to their product portfolio. Industry players have increased their production to meet the rising demand during the COVID crisis.
Players leading the Global COVID-19 Impact on Canned Vegetables Market include Del Monte Foods, Inc (US), Aditi Foods Pvt. Ltd (India), Princes Limited (UK), Delicia Foods India Pvt. Ltd. (India), Bonduelle Group (France), Seneca Foods Corporation (US), Nestlé S.A. (Switzerland), La Doria S.p.A. (Italy), Hirzel Canning Co. & Farms (US), Lam Soon Group (Thailand), B&G Foods, Inc. (US), Acroyali Jade Food Co., Ltd (China), Seprod Limited (Jamaica), McCall Farms (US), and Talia Foods (Turkey), among others.
Industry/Innovation/Related News
June 08, 2020 – The US Department of Agriculture (USDA) launched the 2020 Feds Feed Families Food Drive. The annual Feds Feed Families campaign encourages employees from all departments and agencies to contribute to food, services, and time to food banks and pantries.
According to USFDA, this year’s FFF Drive focuses on healthy and nutritious food, such as non-perishables and fresh foods, specifically including high protein such as beans, grains, canned vegetables, dried fruit, hot & cold cereal, and canned fruit, among others. During the beginning of the 11th annual Feds Feed Families campaign, the USDA said that this campaign would focus on online donations and virtual food drives due to the COVID-19 pandemic.
Market Segment
The report is segmented into four dynamics: –
By Type : Tomatoes, Carrot, Peas, Corn, Spinach, Vegetable Blend, and others.
By Category: Organic and Conventional.
By Distribution Channel: Store-Based, Supermarkets & Hypermarkets, Convenience Stores, Non-Store-Based, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Geographical Analysis
Europe dominates the Global COVID-19 Impact on Canned Vegetables Market. The largest market share attributes to changing consumer preferences and the unavailability of fresh produces during the harsh winter. Besides, the high inclination of the working population towards canned vegetables for convenience of food preparation is driving the regional market. Moreover, the growing importance of health & wellness among demographics and rapidly growing markets in Germany, the UK, and Russia, support the market growth in the region. Furthermore, the rising economic growth in the region allows the market to flourish, increasing per capita disposable income. The European canned vegetables market to retain its leading position in the global market throughout the forecast period.
North America stands second in the global COVID-19 Impact on Canned Vegetables Market. The market is majorly driven by the changing food consumption pattern and high consumption of convenience food due to busy schedules. Moreover, the presence of many production bases and consumers drive the market growth, influencing the production volume in the region. The US is a major growth contributor to the development of the regional market. The North American canned vegetables market is projected to create a substantial revenue pocket during the review period.
The Asia Pacific canned vegetables market is growing rapidly. Factors such as the expansion of global players in developing countries of the region and improving economic conditions boost the growth of the market. Moreover, the high production of fresh vegetables in countries like Australia, New Zealand, China, and India contributes to the growth of the market. The APAC canned vegetables market is anticipated to post the highest CAGR during the assessment period.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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