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Canned Fruit & Vegetable Processing in the US - Industry Market Research Report

United States canned fruit processing market: $35.9 billion industry by 2018


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2014-04-23 03:02:03 - Canned Fruit & Vegetable Processing in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com

The United States Canned Fruit processing market and Vegetable Processing industry suffered from declines in demand for canned fruit and vegetables during the five years to 2013.

As the price of vegetables increased, industry operators passed costs on to consumers by raising their product prices to maintain profitability. Consumers responded by purchasing fewer products.

Although household disposable income increased slightly during the five years to 2013, consumers increased purchases of fresh produce instead of demand for canned fruits and vegetables because canned goods are perceived as less healthful. Also, improvements in transportation and storage technologies made fresh produce more readily available, which increased competition from fresh produce. As a result, revenue is estimated to decrease at an average annual rate of 2.2%

 

 

to $37.0 billion in the five years to 2013, including a 2.5% decline in 2013.

Because produce suppliers benefit more from selling to the fresh produce market, they allocate fewer fruits and vegetables to industry processors.

Therefore, prices for inputs to canned products are rising, causing companies to look abroad for lower-priced inputs. As competition from importing countries increases, demand for industry products will decrease. Therefore, to attract more consumers, industry operators introduced products with reduced sugar and sodium contents. This caused an increase in demand for fruit and vegetable juices, enabling industry profit to expand from 8.5% of revenue in 2008 to 8.8% in 2013.

In the five years to 2018, increases in the prices of fruits and vegetables, and household disposable income will push consumers to purchase more fresh produce rather than processed produce, contributing to the industry´s slow decline. Competition from imports is projected to increase as low-cost operators sell products at cheaper prices and as the dollar appreciates slightly, making foreign goods less expensive. As the industry experiences hampered profit margins, the number of enterprises is anticipated to fall at an annual average rate of 2.5% to 594 companies in the five years to 2018. Overall, revenue is forecast to decline at an annualized rate of 0.6% to $35.9 billion during the period. Because the industry´s products are staples of the American diet, this decline will be gradual.

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