Global beverage cans market to reach $70bn by 2031
The global beverage cans market is anticipated to expand at a CAGR of 5% across the 2021-2031 forecast period, according to Fact.MR’s recently published report.
A valuation of $70billion is projected for the market. Manufacturers are capitalising on the surging popularity of aluminium cans to garner heightened revenue shares.
Historically, from 2016 to 2020, sales of beverage cans expanded at over 4% CAGR, closing in at over $45billion by the end of the said period. Demand has especially surged since the outbreak of COVID-19, as consumers inclined towards consumption of ready-to-drink carbonated, energy and alcoholic beverages across key regions.
A beverage can is a container that is particularly made for carrying liquids such as fruit and vegetable juices, carbonated drinks, beer, flavoured drinks, and ready-to-drink coffee and tea. These cans can be constructed of plastic, metal, or aluminium, among other materials.
Manufacturers are focusing on advanced technologies and smart augmented reality packaging innovations.
Delivering a wide range of content and stories through a unique AR code printed on aluminium cans is becoming a prevalent trend in recent years. The industry is constantly adapting and innovating changes to keep the cans colourful, attractive, and easy to use by inventing temperature-sensitive inks.
Key Takeaways from the Market Study
- By material, aluminium beverage cans to account for 70% of global demand through 2031
- 2 piece beverage cans to sell like hot cakes, accounting for over 3 out of 5 sales
- Carbonated soft drinks to be most widely marketed beverages, accounting for 2/5th of overall demand
- U.S to emerge as a promising market, expected to grow at a CAGR of 5% until 2031
- Asia to represent substantial growth prospects, yielding 60% of total demand, primarily spurred by India and China