Aluminium can market revenue to reach $76bn by 2030
The aluminium can market was at $53.3 billion in 2021 and is growing to approximately $76 billion by 2030, with a CAGR growth of 4.5% between 2022 and 2030, according to a new report.
The increased consumption of different types of beverages is expected to be one of the major reasons to help the market’s growth during the forecast period.
Aluminium cans are offered in different types of capacities, and due to this, the market is expected to grow well in the coming years. Aluminium cans are also used for food packaging and are expected to gain more popularity in the coming years.
Through the introduction of aluminium cans that are BPA free which happens to be packaging that is chemical free, the demand for these aluminium cans is expected to grow in the coming years and provide major opportunities for the growth of the market during the forecast period.
The demand for different types of canned foods is expected to grow, especially in developed nations worldwide, due to the introduction of the chemical-free option.
The pricing of the product depends upon the product’s manufacturing, and the changes in the cost of the raw material will change the price of the product, which will hamper the growth of the market in the coming years.
As consumers seek cheaper options than expensive ones, manufacturers are constantly engaged in using cost-effective products to reduce the final product’s price.
The increasing demand for sustainable packaging options that can maintain the authenticity of the products is helping the market for aluminium cans to show a tremendous boost over the years. Aluminium cans have provided the cheapest option for packaging food and beverages.
The healthcare sector has used this packaging option as it does not change the chemical composition of the inside products.
Aluminium cans are very easy to be recycled and reused, which makes them a suitable option as far as the environment is concerned. Scrap collectors emerged as a major collection source where aluminium cans are gathered and then sent for the process of recycling.
Aluminium cans can be recycled multiple times, making them suitable for protecting the world from rapid climate change.
These multiple reasons have emerged as the driving forces for the growth of the aluminium cans market during the forecast period.