(Entertainment-NewsWire.com, May 06, 2024 ) According to the latest analysis by Virtue Market Research, the 2023, the Global Middle East and Africa Canned Food Market was valued at $6.03 Billion, and is projected to reach a market size of $7.86 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 3.86 %.
The Global Middle East and Africa Canned Food Market has witnessed significant growth over the years, driven by various factors. One of the long-term market drivers for canned food in this region is the increasing urbanization and changing lifestyles. As more people move to urban areas and lead busy lives, there is a growing demand for convenient and ready-to-eat food options, which canned food provides. Additionally, the COVID-19 pandemic has further boosted the market, as consumers turned to canned food products due to their longer shelf life and convenience during lockdowns and restrictions.
In the short term, one of the market drivers for canned food in the Middle East and Africa is the rising disposable income among consumers. With more disposable income, consumers are willing to spend on convenient food options such as canned food. This presents an opportunity for manufacturers to innovate and introduce new products to cater to this growing demand.
One of the key trends observed in the canned food industry is the growing popularity of healthier and organic options. Consumers are becoming more health-conscious and are looking for canned food products that are free from preservatives and artificial ingredients. This trend has led to the introduction of a variety of organic and natural canned food products in the market, catering to this segment of consumers.
Segmentation Analysis: The global Middle East and Africa Canned Food Market segmentation includes:
By Product: Canned Meat, Canned Seafood, Canned Fruits, Canned Vegetables, Canned Ready Meals, Canned Desserts, Canned Soup, Canned pasta/noodles, Canned Cooking Sauce. In the Middle East and Africa canned food market, the largest segment by product is canned vegetables, driven by their versatility, long shelf life, and widespread use in various cuisines. On the other hand, the fastest-growing segment is canned seafood in Africa, fueled by its affordability compared to red meat and the increasing urbanization in South Africa, which has led to a higher demand for convenient and cost-effective food options.
By Type: Organic, Conventional. In terms of type, conventional canned food currently holds the largest market share. However, the COVID-19 pandemic has prompted a shift in consumer preferences towards organic canned food, which is perceived as healthier due to its reduced artificial flavors and preservatives. As a result, the organic canned food segment is expected to witness the fastest growth during the forecast period, driven by health-conscious consumers seeking safer and more natural food options.
By Distribution Channels: Hypermarkets/Supermarkets, Online Retail Stores, Convenience Stores, Others. Regarding distribution channels, hypermarkets and supermarkets are expected to experience the highest growth rate. This trend is driven by increasing consumer preference for in-store shopping, attracted by the wide product range and convenience offered by premium hypermarkets. Additionally, the introduction of innovative technologies, such as artificial intelligence-powered food delivery robots in stores like LuLu Hypermarket in the Emirates of Sharjah, is expected to further boost the growth of the canned food market by enhancing the overall shopping experience.
Regional Analysis: In terms of regions, Saudi Arabia and Qatar are expected to have the highest growth rates in the Middle East canned food market. This growth is attributed to rising incomes and an increased consumption of exotic canned food products in these regions. Furthermore, countries like the UAE, Saudi Arabia, and Qatar have well-established and mature canned food industries, which are expected to contribute significantly to the growth of the overall canned food market in the Middle East and Africa.
Latest Industry Developments: 1. Product Innovation: Companies in the Middle East and Africa canned food market are focusing on product innovation to enhance their market share. This includes introducing new flavors, packaging designs, and healthier options to cater to changing consumer preferences. Recent developments in packaging technology, such as easy-open lids and environmentally friendly materials, are also being adopted to attract more customers.
2. Expansion of Distribution Channels: To reach a wider customer base, companies are expanding their distribution channels. This includes partnering with online retailers to offer their products through e-commerce platforms, as well as increasing their presence in convenience stores and supermarkets. Collaborations with hypermarkets, such as the introduction of AI-powered food delivery robots in stores like LuLu Hypermarket, are also part of this trend to enhance market penetration and accessibility.
3. Marketing and Branding Strategies: Companies are investing in marketing and branding strategies to differentiate their products and build brand loyalty. This includes targeted advertising campaigns, social media marketing, and sponsorships of events or influencers. Collaborations with popular chefs or food bloggers to create recipes using canned food products are also being utilized to increase consumer engagement and brand awareness.
About Us: Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.
