Market Trends of Metal Cans Industry
The Food Segment is Expected to Hold a Significant Share in the Market
- Changing lifestyles at a global level resulted in consumers opting for easy-to-cook food. The younger and individually living populations are consuming more canned food. These users have less time and are budget-restrained, thus opting for products with lower costs and higher convenience.
- Many regular consumers of canned foods choose the products due to the convenience offered and lower cost. Canned foods are more convenient and require less energy and cooking time. Most canned foods take 40% less time to prepare than regular meals.
- Aluminum cans help to preserve the quality of food for a long time. Aluminum cans are completely impervious to oxygen, light, moisture, and other pollutants. They don't rust, are corrosion-resistant, and have one of any package's most extended shelf life. The safety record of aluminum-based food canning is unrivaled.
- Consumers may rest certain that their items have been safely prepared and delivered as they are tamper-resistant and have tamper-evident packaging. Aside from food and beverages, aluminum is used for packaging various products, including aerosols, paint, and other consumer goods. According to the Jamaica Agricultural Commodities Regulatory Authority (JACRA), the import volume of aluminum cans to Japan in 2023 was around 60 million empty aluminum cans and 430 million actual aluminum cans.
- According to reports from the FCC and Statistics Canada, 2024 is poised to witness intense rivalry, particularly in private-label canned and frozen goods. Moreover, a confluence of factors, ranging from rising raw material and packaging expenses to escalating wages, is projected to outpace nominal sales growth, thereby constraining margin enhancements for the year.
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North America is Expected to Hold a Significant Share in the Market
- North America is anticipated to positively influence the demand for metal cans during the forecast period due to the increasing demand for healthy beverages, carbonated soft drinks, health drinks, and sucralose juices. Additionally, several significant players impact the business's development through extensive promotional efforts and new research.
- The food and retail industries are the primary factors influencing product demand in the United States. The country has more grocery shops and superstores than ever before, and the expansion of the country's food and retail industries is primarily due to the rise in the number of smaller homes. Consequently, it is driving the demand for smaller packing units.
- In June 2023, Novelis Inc., a leading sustainable aluminum solutions provider, announced it had signed a new long-term contract with Coca-Cola Bottlers' Sales & Services Company, the contracting agent for The Coca-Cola Company's authorized North American bottlers. Novelis is expected to supply Coca-Cola's authorized North American bottlers with aluminum can sheets for The Coca-Cola Company's family of brands. This includes supply from Novelis' plant in Bay Minette, which is currently under construction and expected to begin commissioning in 2025.
- Also, because of the way of life in the United States, there is a greater need for metal cans. Individuals choose wholesome food that is ready to eat and can make it quickly since they have hectic schedules that leave them with little time for cooking. By offering easy packaging and foods that are ready to use, canned food accomplishes this goal. Metal cans are expected to boost the market's growth because they can keep food fresh and high-quality for an extended period.
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