Beverage Cans Market Growth - Developments & Future Scope To 2027
According to Market Research Future (MRFR), the global beverage cans market size is projected to rise at a CAGR of 3.8% from 2017 to 2023 (forecast period). The report provides a thorough and in-depth review of the effect of the COVID-19 pandemic on the global beverage cans market growth.
A beverage can is a metal container designed to accommodate a fixed amount of liquid, like alcoholic beverages, fruit juices, carbonated soft drinks, teas, herbal teas, and energy drinks. Beverage cans are made of aluminum or tin-plated steel. In addition, these cans are entirely and infinitely recyclable without any quality loss.
Rising disposable income in developing countries and the need for mental and physical stimulation through the consumption of energy drinks are driving the purchase of energy and juice drinks. Many vendors sell their beverage items, like beer, soft drinks, ready-to-drink tea and coffee, and juice packaged in metal cans, because metal cans provide several advantages throughout the supply chain. Metal cans are airtight since they have better hermetic seals to minimize gas flow. They can be used in different temperatures or fast-processing conditions as they remain unchanged when exposed to heat or higher temperatures. The benefits of metal cans are expected to fuel the market growth during the forecast period.
The global beverage cans market has been segmented based on materials and applications.
Based on material, the global beverage cans market has been segmented into aluminum and steel. Aluminum material leads the material segment of the industry and is expected to be the fastest-growing material segment in the market. Aluminum has many benefits over steel cans, as it is lightweight and has high recycling rates with easy fabrication processing. It also helps food & beverage manufacturers minimize the weight of cans by more than 30%, with a high recycling rate. Steel is also expected to make a substantial contribution during the forecast period.
Based on application, the global beverage cans market has been segmented into carbonated soft drinks, alcoholic beverages, fruit & vegetable juices, and others. Alcoholic beverages dominate the application segment of the market. Increased demand for alcoholic beverages, such as beer and cider, is driving market growth in both developed and developing countries. The fruit & vegetable juices segment is projected to have the highest CAGR in the forecast period. Increasing concerns about personal health among consumers drive the market for beverage cans. The carbonated soft drinks segment is predicted to make a major contribution during the forecast period.
Based on regions, the global beverage cans market trends has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
The North American region dominates the global market for beverage cans. Increased demand for metal cans in the area is the primary driver of market development. Moreover, increasing concerns about the use and consumption of sustainable packaging materials are expected to drive demand growth in the industry. The U.S. has had the highest market share in North America. Higher consumption of processed & packaged food & beverage items in this area is driving the growth of the market.
Europe is also another massive market for beverage cans. Germany, the United Kingdom, and France are the key markets in the region. Increased recycling activities undertaken by regulatory bodies, including the European Commission and national governments of France, Germany, and the United Kingdom, are driving market growth in the region. Moreover, Europe is the center of major non-alcohol and alcoholic beverage manufacturers. This also has a positive impact on the growth of the market.
Asia Pacific is expected to rise at the highest CAGR in the forecast period. China, Japan, India, Australia, and Indonesia are the main markets in the Asia Pacific region. The increase in purchasing power in the area is driving the growth of the market. In addition, the availability of raw materials and low labor costs together have a positive effect on the industry's growth. The young population, with substantial disposable income, will also be fueling demand for beverage cans in the coming years. China holds the largest market share of beverage cans in the Asia Pacific region. Latin America and the Middle East and Africa are also expected to see positive growth during the assessment period due to the increasing consumption of alcoholic beverages in Brazil, South Africa, and the Middle East region.
Notable players in the global beverage cans market include BWAY Corporation (U.S.), Kian Joo Can Factory Berhad (Malaysia), Toyo Seikan Group Holdings, Ltd. (Japan), CPMC Holdings Ltd. (China), Orora Packaging Australia Pty Ltd (Australia), HUBER Packaging Group GmbH (Germany), Crown Holdings Incorporated (U.S.), Ball Corporation (U.S.), Ardagh Group (Luxembourg), Silgan Holdings Inc. (U.S.), and Can-Pack SA, (Poland).
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