Beverage Cans Market Size, Dynamics, Growth Rate and Forecast
by Mit K. SEOThe global beverage
cans market is estimated at nearly USD 23.7 Billion in 2021 and is
projected to reach nearly USD 31.2 Billion by 2026, growing at a CAGR of 5.6%.
The key drivers of the market are the recyclable and reusable properties of
cans which makes them eco-friendly. Cans are tamper-proof and keep the contents
within them intact and stable for a longer period. This has further supported
the growth of beverage cans market.
On the basis of material type, the market is segmented into
aluminum, steel, and PET. Aluminum is a very ductile material. Its reduced
weight, impermeability, and high flexibility make it a perfect packaging
material. Aluminum has vast applications in the beverage industry. It cuts down
the transport cost and works as an excellent barrier against air, light, and
microorganism. It can be molded in an infinite number of shapes. Aluminum is
100% recyclable and contains 35% of recycled content. It can tolerate
temperatures ranging from 40 degrees Celsius to 350 degrees Celsius. Aluminum
cans have a better carbon footprint than other packaging materials used in the
food & beverage industry. This has resulted the aluminum to hold the
largest market share in the beverage cans market.
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Based on beverage type, the beverage cans in market is
divided into water, alcoholic beverages, and non-alcoholic beverages. The
non-alcoholic beverages category is expected to hold a larger market share and
is also expected to grow at a higher growth rate. Earlier, carbonated soft
drinks were packaged in glass bottles sealed with crown cork, which often
deteriorated the taste and texture of drinks. The two major deteriorative
changes that occur in carbonated drinks are loss of carbonation and
rancidification of essential flavoring agents. These deteriorative changes can
be reduced by providing effective packaging. In recent years, due to a rise in
the consumption of carbonated beverages, the can packaging industry has seen
tremendous growth. These are a few primary reasons that has boosted the market
for non-alcoholic beverages segment in beverage cans.
The global beverage cans market, on the basis of structure
has been segmented into 2-piece and three piece. 2-piece cans are suitable for
the packaging of carbonated and non-carbonated beverages, such as beer, wine,
sports drinks, and fruit juices. 2-piece cans have several advantages over
3-piece cans, one of which is that its body has no side seam between the body
and bottom end. Therefore, the can is tightly sealed with less consumption of
raw materials. The process of manufacturing a 2-piece can is easy and efficient
than 3-piece cans. All these factors have contributed the 2-piece segment to
hold the largest market share.
The beverage cans market in North America is projected to
hold a significant market share in the beverage cans market. The region is
mainly dominated by many consumers for canned beverages across the globe. North
America is the biggest consumer of aluminum cans, accounting for more than
one-third of the total global consumption. Since the region is developed, the
consumption of beverages is mostly high in the region compared to developing
regions, such as Asia Pacific and South America. Moreover, the major key
players of metal packaging, such as Crown Holdings, Inc. (US) and Ball
Corporation (US), have a significant market share in the US, which has further
contributed to the steady growth of cans. This has helped the market for
beverage cans to grow in North America region.
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Created on May 20th 2021 06:43. Viewed 172 times.