Market Size of Latin America Canned Food Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Canned Food Packaging Market Analysis
The Latin America Canned Food Packaging Market will register a CAGR of 4.8% during the forecast period. Because of an expansion in the disposable income and change in food inclinations, numerous consumers are leaning toward canned nourishments, which will play a role in expanding their interest, thus enlarging canned food market development, along with Increasing consumption of pre-packaged food is expected to drive the growth of the market.
- As one of the Major reasons which are leading to the surge in popularity of canned food is the rising trend of a busy, eventful life, especially among the millennium population, which has prompted the market to a significant level. Increasing workload and time constraints have led to the adoption of ready-to-eat packed and canned food consumption to save time and energy.
- Packaging for canned food shields the product from the elements and outside stimuli like heat and pollution, preventing spoilage. This packaging provides greater security and a longer product shelf life. Perishable food items can be inexpensive and preserved with slight flavor alteration via canning. Consequently, the expanding horticultural and seafood processing industries significantly demand this packaging.
- Food products in cans are also simple to travel and consume. Additionally, the market for canned food packaging has grown during observation due to the simple accessibility and rising supply of canned items.
- There was a shift in consumption patterns in the past decade, such as from a carbohydrate-rich diet to a protein-rich diet for better strength and stamina. Surging awareness regarding health & fitness and the availability of cheap fitness alternatives such as Zumba, Aerobics, and Yoga requires a balanced diet rich in nutrients like fibers, proteins, vitamins, minerals, and others. Canned food can store and provide these nutrients to consumers, making their meals healthier and safe.
- The COVID-19 pandemic has had a two-sided impact on the canned food market. While the nationwide lockdown resulted in stock-piling by retail households, the shutdown of the HoReCa industry decreased the market demand. The disturbed supply chain will likely hamper productivity and income suffrage across the region. It is probably expected to act as a restraint on the growth of the market studied.
