Metal Cans Industry Size and Share Grows with Innovation in Beverage Packaging - Grand View Research, Inc.
SAN FRANCISCO, May 18, 2023 /PRNewswire/ -- The global metal cans industry size stood at USD 61.7 billion in 2021 and will observe strong growth on the back of bullish demand for lightweight, high barrier and low-cost options, according to the "Metal Cans Industry Data Book, 2023 – 2030," published by Grand View Research. Can-makers are poised to gain ground from the rising footfall of aluminum and beverage products. Heightened demand to contain foods, beverages, medicines, paints and aerosol products has expedited the footprint of metal cans. With millennials and the Gen Z population exhibiting traction for packaged food & beverages, forward-looking companies are poised to unlock growth avenues in food packaging.
Lately, aluminum cans have witnessed an unprecedented demand against the backdrop of expanding footprint of environmentally friendly beverage packaging. Metal has amassed popularity as a sustainable material of choice, with more recycling content and a higher recycling rate compared to other packaging items. According to the Aluminum Association, aluminum cans have 12-fold and 3-fold recycled content than plastic and glass, respectively.
The global aluminum cans market size was valued at USD 45.6 billion in 2021 and will exhibit a healthy CAGR of 6.4% from 2022 to 2030. The growth outlook is partly due to an exponential demand and consumption of packaged beverages, such as water, soda, energy drinks, wine and beer.
Canned food brands expect compelling growth opportunities with exponential demand for ready-to-eat and convenience foods. In essence, peel-off-end aluminum cans have gained ground among Gen Z consumers due to sustainability (lightweight), aesthetic look and easier & safer to open options. Besides, the use of advanced technologies, including gas filling and vacuum filing and bespoke solutions, such as blockchain for traceability, will augur growth. The food cans market size garnered USD 16.09 billion in 2021 and will exhibit a 3.3% CAGR through 2030, mainly attributed to the trend for canned food among people with busy lifestyles.
Order your copy of the Free Sample of "Metal Cans Industry Data Book - Aluminum Cans, Beverage Cans, Food Cans, 2- Piece Cans Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
Potential opportunities and trends that are slated to drive RoI and underpin brand position are elucidated below:
- Beverage cans will be sought on the back of soaring consumption of non-alcoholic beverages. Robust demand for carbonated soft drinks will encourage metal can brands to maximize the opportunity.
- Industry players expect 2-piece cans to underscore the industry growth with bullish penetration of DRD and DWI cans. Some attributes, such as lightweight and stackable, will bode well for market growth.
- The Asia Pacific market will witness investment abound against the backdrop of easy availability of raw materials and a strong packaging industry.
Incumbent players anticipate North America to spearhead the growth outlook with investments in sustainable packaging solutions. In July 2021, Ball Corporation announced 2030 sustainability goals to achieve a fully circular aluminum beverage packaging ecosystem. In doing so, the company contemplates purchasing all aluminum from certified sustainable sources and converting 80% of its beverage can volumes to lightweight designs. Besides, consumer preference for convenience, personalization, affordability and health will reinforce the position of the U.S. and Canada in the global landscape. Forward-looking companies could zero in on the flourishing industry of bottled water and the promising opportunities recycling aluminum cans hold in the region. To illustrate, in May 2023, Ardagh Metal Packaging joined forces with Crown Holdings to bolster the installation of additional aluminum can capture equipment in material recovery facilities.
The competitive scenario alludes to an increased emphasis on organic and inorganic strategies, including technological advancements, innovations, R&D activities, product offerings, geographical expansion and mergers & acquisitions. In March 2023, Novelis underpinned its footprint in the Latin America market with the launch of the Customer Solution Center (CSC) to propel aluminum beverage packaging in Brazil. Predominantly, in September 2022, Novelis announced the launch of black-laminated aluminum can end-sheet.
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