Canned Beans Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2031)

Canned Beans Market Dynamics - (DRO) :

Key Drivers :

Increasing health benefits associated with beans

Canned beans are a type of beans which are preserved in cans after being cooked partially to eliminate the presence of microorganisms. These beans are an important protein source and a good substitute for meat. Such beans are highly nutritious in nature and consist of ingredients such as dietary fiber and plant protein. These ingredients play a crucial role in managing digestive health of the human body as they take more time to digest and help to reduce weight. Such effects decrease the possibility of chronic diseases such as cardiovascular diseases, hypertension, obesity, diabetes, and gastrointestinal disorders. Analysis of market trends concludes that the overall health benefits and nutrient content associated with beans have surged the canned beans market demand. For instance, according to the article published by the American Health Association in October 2023, beans are rich source of plant-based proteins, minerals, and dietary fiber. Thus, beans are highly recommended by the American Health Association in day-to-day diet for healthy eating pattern.

Growing preference for convenient food meals

Beans sold in canned packaging are precooked and consume less time as compared to dry beans. Convenient food meals are a popular trend occurring in the market and highly preferred by working women who have busy schedules and more responsibilities. They can be eaten regularly as they increase the nutrient ingredients and the quality of the diet. Furthermore, the growing preference for convenience food is experiencing a significant increase in their consumption. Analysis of market trends concludes that increasing rate of working women across the globe is another prominent factor propelling the market proliferation. For instance, according to the report published by the Ministry of Labour and Employment, the Periodic Labour Force Survey (2021-2022) has observed an increase in Female Labour Force Participation Rate (LFPR) in India. Approximately 32.8% females of working age (15 years and above) were in labour force in 2021-22 which was just 23.3% in 2017-18. Thus, the aforementioned factors are driving a substantiate growth in the canned beans market.

Key Restraints :

Growing preference for dried beans among consumers

Canned beans are a processed food, and the process requires various preservatives to increase its shelf-life. However, the shift in consumer preference towards preservative-free products is a major factor limiting the market proliferation. Further, dried beans represent an excellent alternative for them. Dried beans are highly popular in middle class households, owing to its low prices comparative to canned alternatives. For instance, according to a study conducted by Northarvest Bean Growers Association in 2023, Dry beans cost less than canned alternatives per serving. For instance, a one-pound bag of dry pinto beans costs USD 1.79 and prepare serving of 12.5 cup, whereas a can of pinto beans costs USD 1.69, and provides 3.5 cup servings. This means that a serving of dry bag of pinto beans costs just USD 0.15 while a serving of canned pinto beans costs USD 0.48. Hence, as a result, the families having constrained budgets prefer using dried beans and it is expected to reduce the consumption for canned alterantive by the consumers. Analysis of market trends concludes that the increasing competition from dried beans segment owing to their low cost and higher benefits, dried beans present a significant threat to the growth of the canned beans market.

Future Opportunities :

Rising investment activities for developing plant-based protein alternatives to replace meat

Meat is considered as an excellent source of protein and is heavily consumed by protein demanding population.

Canned beans, being a rich source of protein and mineral, are favored by the previously mentioned population. Increasing consumer preference for healthy products, sustainable choices and reduced intake of protein calories is expected to create enormous opportunities in the global canned beans market.

The growing requirement for plant-based protein alternatives is anticipated to expand the product offerings in the canned beans market. Analysis of market trends concludes that the phenomenal increased investment in the production of plant-based protein alternatives is expected to fuel the demand for canned food alternatives across the world. For instance, according to the article published by the Good Food Institute (GFI) in 2023, the alternative protein industry raised investment of USD 2.9 billion in 2022. This investment accounted for 21% of all-time investments made in the industry, summarizing overall investments to USD 14.6 billion in the past decade. Thus, the evident increase in investments occurred in alternative plant-based protein industry is emerging as one of many canned beans market opportunities that will drive market expansion over the forecast period.

Top Key Players & Market Share Insights:

The canned beans market is highly competitive, with several large players and numerous small and medium-sized enterprises. The major companies operating in the canned beans industry have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. Analysis of market trends concludes that market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-