India: Canned Food Market 2024

Canned Food Market Size in India

In 2021, the Indian canned food market decreased by -1.8% to $X for the first time since 2011, thus ending a nine-year rising trend. Overall, consumption, however, showed a strong expansion. Over the period under review, the market hit record highs at $X in 2020, and then dropped modestly in the following year.

Canned Food Production in India

In value terms, canned food production reduced to $X in 2021 estimated in export price. Overall, production, however, showed a prominent increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 19% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then dropped in the following year.

Canned Food Exports

Exports from India

Canned food exports from India was estimated at X tons in 2021, leveling off at 2020. In general, exports, however, showed a slight decrease. The growth pace was the most rapid in 2020 when exports increased by 18%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, canned food exports fell slightly to $X in 2021. The total export value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 18% against the previous year. As a result, the exports attained the peak of $X, and then dropped slightly in the following year.

Exports by Country

The United States (X tons) was the main destination for canned food exports from India, accounting for a 33% share of total exports. Moreover, canned food exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), threefold. Germany (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2020, the average annual rate of growth in terms of volume to the United States stood at +4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+5.1% per year) and Germany (+15.1% per year).

In value terms, the United States ($X) remains the key foreign market for canned food exports from India, comprising 30% of total exports. The second position in the ranking was taken by the UK ($X), with a 9.4% share of total exports. It was followed by Bangladesh, with a 9.3% share.

From 2012 to 2020, the average annual rate of growth in terms of value to the United States stood at +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+3.3% per year) and Bangladesh (+41.0% per year).

Export Prices by Country

The average canned food export price stood at $X per ton in 2020, therefore, remained relatively stable against the previous year. Overall, export price indicated prominent growth from 2012 to 2020: its price increased at an average annual rate of +6.9% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, canned food export price increased by +70.1% against 2012 indices. The growth pace was the most rapid in 2013 an increase of 13%. The export price peaked in 2020 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Food Imports

Imports into India

In 2021, purchases abroad of canned food increased by 21% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 89%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, canned food imports dropped slightly to $X in 2021. In general, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2018 with an increase of 70% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2020, Thailand (X tons) was the main canned food supplier to India, with a 138% share of total imports. Moreover, canned food imports from Thailand exceeded the figures recorded by the second-largest supplier, Spain (X tons), sevenfold. The third position in this ranking was held by Singapore (X tons), with an 11% share.

From 2012 to 2020, the average annual growth rate of volume from Thailand amounted to +21.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+2.8% per year) and Singapore (+22.0% per year).

In value terms, the largest canned food suppliers to India were Thailand ($X), Singapore ($X) and Spain ($X), together accounting for 82% of total imports.

Among the main suppliers, Singapore, with a CAGR of +40.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average canned food import price amounted to $X per ton, with an increase of 41% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2020: its price increased at an average annual rate of +2.2% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, canned food import price increased by +84.0% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Singapore ($X per ton), while the price for Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Singapore (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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