Can seaming market to rise by 4.7% (CAGR)
The global can seamers market size is anticipated to reach USD 716.8 million by 2028, according to a new report by Grand View Research, Inc.
The market is expected to expand at a CAGR of 4.7% from 2020 to 2028. Increasing demand for sustainable packaging solutions especially in the food and beverage industry is expected to drive the demand for can seamers over the forecast period.
Key Insights & Findings:
- The automatic product segment is expected to witness a CAGR of 5.2% over the forecast period owing to the ability to seam a large number of cans per minute as compared to a semi-automatic seaming machine
- The demand for can seamers in the beverage industry is expected to witness a CAGR of 5.0% over the forecast period owing to its increasing penetration for seaming numerous carbonated soft drinks, beer, health drinks, and sucralose juices
- Asia Pacific led the market and accounted for a revenue share of 37.8% in 2020 owing to the presence of rapidly developing economies and flourishing food and beverage industries in the region
- Major players in the market have extensively invested in research and development operations in recent years, which has led to the invention of several advanced products that can be utilized across the market
The increasing consciousness regarding the drawbacks of using single-use plastics along with government initiatives to ban single-use plastic packaging that affects the environment has led the manufacturers to switch to metal packaging. Increasing demand for metal packaging is projected to boost market growth over the forecast period.
The consumption of canned food is rising rapidly, thereby augmenting the demand for food can seamers, owing to its increased adoption in sealing canned food products. The demand for automatic food can seamers is expected to increase rapidly as compared to semi-automatic as they help improve the production efficiency and save on operating expenses.
The market exhibits the dominance of well-established players, which mostly operate through Europe, North America, and Asia Pacific with their dedicated distribution and manufacturing locations present across the globe. Established players in the industry exhibit a higher sales and broader distribution network along with a wider product line.