SAN FRANCISCO, Nov. 22, 2021 /PRNewswire/ -- The global beverage cans market size is expected to reach USD 53.22 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% over the forecast period. The market is expected to witness growth owing to the rising demand for sustainable products coupled with demand for a convenient packaging solution for beverages.
Key Insights & Findings:
The aluminum material segment accounted for the largest revenue share in 2020 and will expand further at the fastest CAGR over the forecast period
This growth is due to the increasing adoption of packaging solutions that offer sustainability and high recyclability coupled with aluminum's properties, such as low weight and excellent molding abilities compared to its counterparts
North America accounted for the maximum revenue share in 2020 owing to the strong foothold of key manufacturers, high consumer disposable income
The alcoholic beverages segment led the global market in 2020 due to innovative on-the-go alcoholic beverages offered by key manufacturers and the significant rise in product consumption
Asia Pacific market is expected to register the fastest CAGR of 6.5% over the forecast period owing to rising middle-class population, rapid industrialization, and increasing penetration of organized retail, which has led to the increased consumption of beverages mainly across economies, such as India and China
The market is highly competitive and fragmented due to the presence of a number of global companies
Key players undertake various marketing strategies such as offering products at competitive prices, advancements in technologies, and investments in the development of innovative packaging solutions
Metal recycling has garnered support from government agencies, such as the European Commission and the U.S. government who mandated the exchange of used cans. In addition, the market is expected to benefit from the availability of raw material through municipal recycling programs initiated in countries, such as the U.S., Italy, and Brazil.
Aluminum material lies on the higher side of the price scale as compared to steel. However, it held a considerable volume share of the market in 2020 owing to its ductility that prevents cans from shattering/cracking during their transit along with its corrosion-resistant property and more recyclability than steel material.
The product application for fruit and vegetable juices is expected to witness the fastest growth as these juices are increasingly becoming the beverage of choice in developed as well as developing countries for health-conscious consumers that abstain from consuming carbonated drinks. An increasing number of product launches in terms of different flavors of the fruit and vegetable juices is further expected to augment the segment growth.
Grand View Research has segmented the global beverage cans market on the basis of material, application, and region:
Beverage Cans Material Outlook (Volume, Million Cans; Revenue, USD Million, 2017 - 2028)
Beverage Cans Application Outlook (Volume, Million Cans; Revenue, USD Million, 2017 - 2028)
Carbonated Soft Drinks
Fruit & Vegetable Juices
Beverage Cans Regional Outlook (Volume, Million Cans; Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Beverage Cans Market
Orora Packaging Australia Pty Ltd.
The Olayan Group
Crown Holdings, Inc.
CPMC Holdings Ltd.
Bangkok Can Manufacturing
Mahmood Saeed Beverage Cans & Ends Industry Company Ltd.
Kian Joo Can Factory Berhad
SWAN Industries (Thailand) Company Ltd.
GZ Industries Ltd.
Toyo Seikan Co., Ltd.
Check out more studies related to metal cans, conducted by Grand View Research:
Metal Cans Market – The global metal cans market size was estimated at USD 46.98 billion in 2015, growing at a CAGR of 2.4% from 2016 to 2020. Factors such as their environmental benefits, increasing surge for canned products, and fast recycle rate are expected to show a positive influence on metal cans industry over the forecast period.
India Aluminum Beverage Can Market – The India aluminum beverage can market size was estimated at USD 202.7 million in 2017. Factors such as increasing demand and consumption of energy and sports drinks, growing efforts to innovate design, and large advertising budgets for various non-alcoholic drinks in the country are expected to drive product demand over the forecast period.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.