Metal packaging market to grow by 2.9% per year
According to a report from Smithers, The Future of Metal Packaging and Coatings to 2027, strong uptake of food cans and continued growth of beverage cans has offset the metal packaging sectors strongly impacted by the pandemic.
The global metal packaging market was valued at $123.1 billion in 2021. After almost two years of the Covid-19 pandemic, sales had increased by over 14% since 2017 when it was estimated to have had a value of $107.6 billion, representing an average annual value growth rate of 3.4%.
Metal packaging increased in value by $6.5 billion in 2020 and is estimated to increase $4.2 billion in 2022, according to new data from Smithers.
Metal packaging is further estimated to have a value of $127.3 billion in 2022 and $143.1 billion by 2027 with constant 2020 prices and exchange rates. This represents an annual growth rate of 3.4% for 2017-22 and an annual growth rate of 2.9% for 2022-27.