Beverage Cans Market worth $31.2 billion by 2026

The beverage cans market size is estimated to account for a value of USD 23.7 billion in 2021 and is projected to grow at a CAGR 5.6% from 2021, to reach a value of USD 31.2 billion by 2026. Factors such as the increasing demand for recyclable packaging and lower cost of recycled cans than newly manufactured cans have supported the market growth of beverage cans. Moreover, there is an increase in the use of beverage cans for packaging of non-alcoholic beverages such as carbonated soft drinks, still water, and sparkling water. Moreover, cans help and improve the appearance of beverages as well as increase their shelf life and maintain the freshness of the product, thereby maintaining the quality of the food.

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COVID-19 had a huge impact on the food supply chain in all regions, including North America, Europe, Asia-Pacific, South America, and the rest of the world. Due to the spread of COVID-19, there has been a growing number of death cases and long-term health impacts. This has resulted in the government imposing severe lockdown regulations, impacting all aspects of the economy. Governments around the world have developed policies for responding to the various impacts caused by COVID-19 for avoiding supply chain disruptions, higher raw material prices, and severe economic fallout for employees. Europe and Asia Pacific are some of the major regions that are significantly impacted by the COVID-19 scenario. This is because of the huge number of cases recorded in the regions, especially in the countries such as Spain, Italy, France, Germany in Europe and Japan, China, and South Korea in Asia Pacific. Companies in different countries are coming up with innovative technologies that are friendly to the environment and protect the beverages from any kind of contamination with germs.

Energy drinks are widely promoted as products that increase energy and enhance mental alertness and physical performance. Next to multivitamins, energy drinks are the most popular dietary supplement consumed by American teens and young adults. One reason can be semantics. Many people interchange sports drinks with energy drinks, but they are markedly different, with the former being formulated specifically for enhanced performance during activity and the latter being designed to inject a burst of energy into the consumer. But semantics alone cannot explain why energy drinks are set to outsell coffee in the next decade. While coffee is still viewed as traditionally consumed by older individuals, energy drinks have a greater appeal among the younger generation, aligning themselves with their lifestyle.

The increase in consumption of carbonated soft drinks in emerging economies like India and China has supported the growth of non-alcoholic beverages segment. Beverage cans prevent deterioration of carbonated soft drinks, which is usually seen if these drinks are packed in glass bottles. Moreover, increasing health awareness has led to the growth in demand for energy and sports drinks. These drinks are commonly consumed on regular basis by young population. These factors are fueling the growth of non-alcoholic beverages segment in beverage cans market.

North America is a key manufacturer in the beverage industry. 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. However, the cans market for beverages is expected to witness a steady growth rate during the forecast period.

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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. The US dominated the market in North America, owing to the rise in demand for sparkling water, carbonated beverages, functional drinks, beer, and cocktails.

This report includes a study on the marketing and development strategies, along with a survey of the product portfolios of the leading companies operating in the beverage cans market. It includes the profiles of leading companies, such as Crown Holdings Inc. (Philadelphia, US), Ardagh Group S.A, (Luxemburg), CPMC Holdings Limited (China), Toyo Seikan Group Holdings Ltd. (Tokyo, Japan), Can-One Berhad (Malaysia), Can-Pack S.A (Poland), Ball Corporation (Colorado, US), Envases Universales (Spain), Universal Can Corporation (Tokyo, Japan), Interpack Group Inc. (China), GZ Industries (Nigeria), Showa Denko K.K (Tokyo, Japan), among others.

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Created on Jan 12th 2022 07:24. Viewed 213 times.

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