Asia and Africa Food Cans Market Size

Asia & Africa Food Cans Market Analysis

The Asia and Africa Food Cans Market size is estimated at USD 6.97 billion in 2024, and is expected to reach USD 9.58 billion by 2029, growing at a CAGR of 6.57% during the forecast period (2024-2029).

COVID-19 has brought a slew of changes to food consumption. Food and grocery purchase patterns highlighted the changing consumer preferences; shelf-stable foods and canned goods were positioned on top of the grocery shopping list. Moreover, newer products were aligned to have immune system boosting ingredients and nutritional aspects. Frozen foods, among Asian consumers amid the COVID-19 pandemic, garnered growth during lockdowns and tightening economics.

• The excellent preservative properties and structural integrity of the metal cans, offering higher shelf life, have resulted in the high usage of metal cans in the food packaging industry across Asia and Africa. Packaged and convenience foods have become a staple diet for many consumers, owing to their hectic lifestyles and work schedules. For instance, according to the Population Reference Bureau, in 2019, the degree of urbanization (percentage of the urban population in total population) across the world was around 54%.
• According to IIED, across the Asian counterparts, the percentage of the world's urban population living in the region was estimated at 53.9% in 2020. Also, Africa is projected to have the fastest urban growth rate in the world, i.e., by 2050, African cities may be home to an additional 950 million people.
• Metal industries in the respective regions demonstrate a net flourishing trend. In Africa, between ZAR 100 million and ZAR 200 million per year is expected to flow into the scrap metals and recycling industry due to the conversion from tin-plated steel cans to aluminum cans. Also, the industry may provide an additional 2,000-3,000 people a source of income from collecting and selling used cans, as per a reputed beverage can manufacturer, Nampak Bevcan.
• Asian trends are mixed with Southeast Asia's growth. Multiple manufacturers from China and Japan have expanded their footprint in the region. For instance, via its Project 2020+, Showa Aluminum Can Corporation has focused on the growth acceleration of its business in the medium-term by targeting Southeast Asia.
• Then, as of October 2020, multiple large steel projects located in Southeast Asia were underpinned by Chinese investment. At the same time, Southeast Asia reportedly gained attention as more food companies shifted away from plastic containers for more recyclable cans. UACJ Corporation, a Tokyo-based company, is expected to boost the output capacity of aluminum sheets at its Southeast Asian plants by 2021.