Latin America Food Cans Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.20 Billion |
| Market Size (2029) | USD 2.61 Billion |
| CAGR (2024 - 2028) | 3.48 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Food Cans Market Analysis
The Latin America Food Cans Market size is estimated at USD 2.20 billion in 2024, and is expected to reach USD 2.61 billion by 2029, growing at a CAGR of 3.48% during the forecast period (2024-2029).
Food cans are widely used as they are corrosion-resistant and have an extended shelf life. Its benefits include stiffness, stability, and strong barrier qualities.
- The rising trend of a busy life, especially among the younger population, has increased the market significantly. Increasing workload and time restrictions have led to adopting ready-to-eat packed and canned food to save time and energy.
- Packaging for canned food made of steel or aluminum shields the product from elements like heat and pollution, preventing spoilage. This packaging provides more security and a longer product shelf life. Perishable food items can be inexpensively preserved with slight flavor alteration via canning. Consequently, the expanding horticultural and seafood processing industries significantly demand this packaging.
- The Latin American Steel Association (Alacero) forecasts the sector's growth outlook in Latin America for late 2022 and early 2023 to be moderate, given the backdrop of global inflation and contractionary monetary policy. However, according to data presented by the Latin American Steel Association (Alacero) during the two-day summit in Brazil in 2023, the consumption of rolled steel was expected to increase by 2.4% compared to the previous year.
- In July 2023, Sacmi Imola S.C. participated in the LatamCan 2023 exhibition to give a presentation on its next-generation AI-based vision system for the can-making industry. The company launched the AI tool in the metal packaging industry. This tool's technical interface is user-friendly and is mainly used to inspect metal packaging defects. Such technological innovations in the market are expected to help companies manufacture defectless food cans.
- Latin America imports metals from other countries, such as China, and imports continue to threaten Latin American trade. Products continue to enter the region at prices below the market from countries with non-market economies subsidizing steel production. Therefore, fluctuations in metal costs due to trade scenarios or economic conditions may impact the market studied.
Latin America Food Cans Market Trends
Aluminum is Widely Considered for Packaging
- Aluminum is used in food cans for various benefits. It provides an ideal barrier to protect food against light and air and preserve food quality; it can be recycled, designed according to customer requirements, and produced in different sizes and shapes. In addition, aluminum is a lightweight material, so it positively affects production costs.
- The rising demand for aluminum cans in the food packaging industry, owing to their durable and lightweight properties, is driving the market for aluminum cans in Latin America. The increasing preference for premium packaged food products with good quality is expected to push the demand for aluminum cans in the region. Moreover, the growing demand for canned meat products is anticipated to expand due to their longer shelf life and increased nutritional value.
- In 2023, the government extended its anti-inflationary policy to reduce the high inflation in Mexico. It promulgated a presidential decree to exempt products related to essential family consumption from paying import duties and administrative facilities. The Ministry of Economy published that the import tariffs for steel sheet food packaging have been removed. Such initiatives benefit the companies importing the metal.
- According to the Food and Agriculture Organization of the United Nations (FAO), Latin America's fish and seafood consumption is predicted to increase considerably in the coming years. Latin Americans' lack of time, caused by busy lifestyles, leads them to reach for convenient, quick meals, with processed seafood offering the perfect solution.
- Further, according to UN Comtrade, the import value of frozen fish to Argentina was USD 0.74 million in 2020 and reached USD 7.45 million in 2023. Moreover, as people become more aware that fish and seafood are healthy alternatives to meat and rich in good fats, especially omega-3 fatty acids, the demand for seafood grows. Therefore, increased seafood consumption is expected to push the market for aluminum cans for packaging.
Brazil to Witness Growth in the Industry
- Brazil was one of the prominent countries in aluminum can recycling and the world's third-largest market by volume, as per the Aluminium Stewardship Initiative, as of September 2022. Changing consumer lifestyles has notably driven market growth. According to the Brazilian Institute of Geography and Statistics, the production of steel, non-ferrous metals, and their alloys was valued at USD 294.59 million in 2020, reaching USD 312.64 million in 2023. An increase in steel production can encourage metal manufacturers to develop cans for the food industry.
- The demand for frozen and processed foods has escalated, and they provide a fast and straightforward solution needing nominal composition. In Brazil, consumers can detect broad frozen food commodities involving fruits, vegetables, meat, and ready meals, offering alternatives for speedy and hassle-free meals.
- According to Abralatas, the Brazilian Aluminum Can Manufacturing Association, the Brazilian aluminum industry recycles approximately 400,000 tonnes of cans annually. Newly produced cans from recycled sources reach points of sale within around 60 days, considering all the cycles: production, distribution, consumption, recycling, and manufacture.
- According to a survey by Urbanet, the seven significant cities in Brazil will become even bigger until 2030. Opportunities indicate that the number of residents of Brazil's capital, Brasilia, will grow by about one million within the next decade. São Paulo will encounter the highest growth rate with 200,000 residents annually until 2030. Urbanization would leverage the demand for packaged food, driving the food cans market.
- According to the Food Export Association, the Brazilian retail sector is vital in the food distribution system, capturing about 80% of the food industry. The country has various neighborhood stores, supermarkets, hypermarkets, cash-and-carry, and e-commerce. With modern technologies and higher levels of investment to improve efficiency, the food retail sector has become a crucial segment with intensive competition. Such factors are expected to fuel the food sector's need for metal cans for packaging.
Latin America Food Cans Industry Overview
The market is semi-consolidated and consists of a few major players, such as Crown Holdings Inc., Canpack Group, Trivium Packaging, CCL Containers Mexico, and Sonoco Products Company. These companies are focused on innovating new solutions through investments, collaborations, mergers and acquisitions, etc., to expand their regional business.
- May 2024: Mauser Packaging Solutions, a global supplier of rigid packaging products and services, announced that its wholly-owned subsidiary, BWAY Corporation, completed its acquisition of Taenza SA de CV, based in Mexico. Taenza’s manufacturing capability and strong local presence in the Mexican markets will enable the company to succeed.
- August 2023: Sonoco Products Company and Ball Corporation signed a long-term agreement for Sonoco to provide all of Ball's requirements for easy-open, full-panel ends for food cans. Sonoco will provide the ends through its Sonoco Phoenix business unit. Further, the companies will jointly market and sell food cans with easy-open ends.
Latin America Food Cans Market Leaders
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Crown holdings, Inc.
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Canpack Group
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Trivium Packaging
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CCL Containers, Mexico
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Sonoco Products Company
*Disclaimer: Major Players sorted in no particular order
Latin America Food Cans Market News
- February 2024: Kemin Industries opened an innovation center and second spray-drying facility at its regional headquarters in Vargeão, Santa Catarina, Brazil. By volume capacity for producing dry and liquid palatants, the Kemin Nutrisurance location is Latin America's largest pet food manufacturing plant. Such expansions in the pet food industries are expected to drive the demand for metal cans in the region.
- September 2023: Sonoco Products Company, a diversified global packaging company, announced the completion of its acquisition of the remaining equity interest in RTS Packaging LLC from WestRock. With this acquisition, Sonoco added a network of 15 operations and 1,100 employees in Mexico, South America, and other countries.
Latin America Food Cans Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Demand for Functional Food and Sustainability are Driving the Market's Growth
5.1.2 Growth in E-commerce Industry is Expected to Drive the Market
5.2 Market Restraints
5.2.1 Increased Cost of Metals and Availbility of Other Packaging Solutions
6. MARKET SEGMENTATION
6.1 By Material Type
6.1.1 Aluminium Cans
6.1.2 Steel Cans
6.2 By Application
6.2.1 Ready Meals
6.2.2 Powder Products
6.2.3 Fish and Seafood
6.2.4 Fruits and Vegetables
6.2.5 Processed Food
6.2.6 Pet Food
6.2.7 Other Applications
6.3 By Country***
6.3.1 Brazil
6.3.2 Mexico
6.3.3 Argentina
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Crown Holdings Inc.
7.1.2 Canpack Group
7.1.3 Trivium Packaging
7.1.4 CCL Containers, Mexico
7.1.5 Sonoco Products Company
7.1.6 Mauser Packaging Solutions
7.1.7 Ball Corporation
7.1.8 Silgan Holdings Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Latin America Food Cans Industry Segmentation
Food cans are mainly used to store various types of food and are available in various sizes based on the requirement. The cans can be opened by cutting the end open, or a few cans can have removable covers.
The Latin American food cans market is segmented by material type (aluminum cans and steel cans), application (ready meals, powder products, fish and seafood, fruits and vegetables, processed food, pet food, and other applications), and country (Brazil, Mexico, Argentina, and Rest of Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Material Type | |
| Aluminium Cans | |
| Steel Cans |
| By Application | |
| Ready Meals | |
| Powder Products | |
| Fish and Seafood | |
| Fruits and Vegetables | |
| Processed Food | |
| Pet Food | |
| Other Applications |
| By Country*** | |
| Brazil | |
| Mexico | |
| Argentina |
Latin America Food Cans Market Research FAQs
How big is the Latin America Food Cans Market?
The Latin America Food Cans Market size is expected to reach USD 2.20 billion in 2024 and grow at a CAGR of 3.48% to reach USD 2.61 billion by 2029.
What is the current Latin America Food Cans Market size?
In 2024, the Latin America Food Cans Market size is expected to reach USD 2.20 billion.
Who are the key players in Latin America Food Cans Market?
Crown holdings, Inc., Canpack Group, Trivium Packaging, CCL Containers, Mexico and Sonoco Products Company are the major companies operating in the Latin America Food Cans Market.
What years does this Latin America Food Cans Market cover, and what was the market size in 2023?
In 2023, the Latin America Food Cans Market size was estimated at USD 2.12 billion. The report covers the Latin America Food Cans Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Food Cans Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Food Cans Industry Report
Statistics for the 2024 Latin America Food Cans market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Latin America Food Cans analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
