LONDON, Nov. 23, 2015 /PRNewswire/ -- Canned preserved food market has significant growth potential in Asia Pacific and Latin America especially in countries like India China, Brazil, Argentina and various others. The demand for canned preserved food is primarily fuelled by the rapid increase in the purchasing power of the consumers along with the change in the lifestyle pattern of the consumers. The market penetration rate of canned preserved food in Asia Pacific and Latin America is currently low compared to the other regions such as North America and Europe but the growth potential in these regions is significantly high.
Influence of the western culture in terms of feeding habits has greatly affected the consumers in the developing regions. Increasing busy lifestyle of the consumers have led them towards the consumption of canned preserved food which is ready-to-eat, hence being time efficient. Owing to the increasing working population among both the genders in Asia Pacific and Latin America, the consumption of canned preserved food has been widely adopted among the consumers in these regions. In addition, growing urbanization is also driving the demand for canned preserved food market in Asia Pacific and Latin America
The market penetration for canned preserved food in Asia Pacific and Latin America is currently low therefore there is significant potential for growth. The growth potential is attributed to the shift in the dietary habits of the consumers residing in Asia Pacific and Latin America and the increasing disposable income of the consumers. Due to these factors, the major players operating in the canned preserved food market are looking to penetrate these regions for expansion opportunities.
Canned fish dominated the Asia Pacific and Latin America canned preserved food market acquiring for over 35.0% of the total market. Canned meat held the second largest market share covering more than 29.0% of the total market. Asia Pacific dominated the canned preserved food market in Asia Pacific and Latin America covering more than 60% of the total market. China is the major contributor for canned preserved food followed by India. The market share of the Latin American countries is comparatively low, but the growth potential seems optimistic in this region.
The canned preserved market in Asia Pacific and Latin America is marked with aggressive competition by some major players. Expansions, mergers and acquisitions, partnerships are some of the main strategies adopted by the players to strengthen their market presence.