Beverage cans market expected to reach $53.22bn by 2028
The global beverage cans market size is expected to reach $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 aluminium 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 aluminium’s properties, such as low weight and excellent moulding 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 industrialisation, and increasing penetration of organised 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.
Aluminium 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 flavours of the fruit and vegetable juices is further expected to augment the segment growth.