Metal cans market to grow by $7.59bn
The metal cans market is predicted to grow by $7.59billion between 2022 and 2026, according to a new report by Technavio.
The report predicts the market will witness an accelerating growth momentum at a CAGR of 2.64%.
The analysts at Technavio have categorised the global metal cans market as a part of the global metal and glass containers market.
Their report provides extensive information on the value chain analysis for the metal cans market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report identifies the increasing consumption of functional beverages as one of the major factors driving the growth of the market.
Vendors are focusing on increasing product launches. For instance, in May 2021, PepsiCo Inc. launched a functional sparkling water drink Soulboost, which is made with real juice and functional ingredients.
The increased consumption of functional beverages is being driven by an increase in the number of fitness enthusiasts and a growing consumer preference for a healthy lifestyle. In addition, manufacturers in the metal cans industry are currently focusing on adopting creative ways of printing labels and graphics on metal cans to attract customer attention and increase product sales.
Metal can manufacturers use thermochromic ink, photochromic ink, noon inks, and matte finish to create distinctive and special finishes for their products. This will further propel the market’s growth during the forecast period.
However, The rising demand for substitute packaging materials is one of the factors impeding the metal cans market growth.
The sheer benefits of flexibility, durability, and lightweight are influencing consumers to switch from rigid to flexible plastic packaging.
Flexible plastic packaging can be used to provide moisture and aroma protection as well as barriers that are comparable to glass. Flexible plastic packaging materials are 80% less in weight and cost less to manufacture than stiff plastic packaging materials, in turn, is expected to limit the market’s growth during the forecast period.