PORTLAND, Oregon, Dec. 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Beverage Packaging Market by Packaging Material (Glass, Metal, Plastic and Paperboard), Beverage Type (Alcoholic Beverages and Non-Alcoholic Beverages), and Packaging Type (Bottle, Can, Cartons and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global beverage packaging industry was pegged at $86.1 billion in 2018 and is projected to reach $133.3 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.
Chief reasons for market fluctuations
Rise in demand for convenience packaging, surge in consumption of bottled water, and increase in adoption of automation in beverage packaging have boosted the growth of the global beverage packaging market. However, implementation of plain packaging for alcoholic and sugary drinks impedes the growth to certain extent. On the contrary, use of recycled plastic for beverage packaging and introduction of bio-plastics for beverage packaging are expected to create lucrative opportunities in the near future.
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The non-alcoholic segment to rule the roost through 2026
Based on beverage type, the non-alcoholic segment held the largest share in 2018, accounting for more than half of the global beverage packaging market. Furthermore, the segment is expected to maintain its dominance throughout the study period. Moreover, the segment is expected to portray the fastest CAGR of 6.1% during the forecast period. This is due to change in consumer preferences toward healthy beverages and constant developments of new beverages.
The bottle segment dominated the market
Based on packaging type, the bottle segment held the lion's share in 2018, contributing to more than half of the global beverage packaging market. The segment is expected to dominate the market throughout the forecast period. The ease of manufacturing and handling of the bottles drive the growth of the segment. However, the cartons segment is expected to manifest the fastest CAGR of 6.7% during the forecast period. This is due to the ability to recycle the cartons.
Asia-Pacific held the largest share in 2018, followed by North America
The global Beverage packaging market across Asia-Pacific dominated in 2018, contributing to nearly two-fifths of the market. Moreover, the region is expected to register the fastest CAGR of 6.2% during the study period. This is due to availability of beverage product differentiations and improvements in lifestyles of population. On the other hand, North America is expected to register a CAGR of 5.6% from 2019–2026.
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Major market players
- Ball Corporation
- Crown Holdings, Inc
- Mondi plc
- Reynolds Group Holdings Limited
- SIG Combibloc Group AG
- Smurfit Kappa Group plc
- Tetra Laval International S.A
- Stora Enso Oyj
- Amcor plc
- Orora Limited
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