Beverage cans market to surpass $59.6bn by 2030
The global beverage cans market size is expected to surpass $59.6 billion by 2030, according to a new report by Grand View Research, Inc.
The market is expected to expand at a CAGR of 5.3% from 2023 to 2030. The demand for highly portable and superior beverage packaging for protection from the external environment is primarily contributing to market growth.
The rising demand for aluminium cans on account of superior properties such as lightweight and growing aluminium recycling is further driving the market.
Key Industry Insights & Findings from the report:
- In terms of revenue, the steel segment is projected to ascend at a CAGR of 2.3% over the forecast period. As steel has ambient nature, cans made from it need not be cooled during the packaging and shipping process, thereby simplifying logistics and enabling cost-saving storage. Steel cans are easily separated in recycling facilities from other waste using magnetic equipment, also can be recycled repeatedly without losing the quality of steel. Thus the material is experiencing growth in the global market.
- The aluminium segment accounted for the maximum volume share of 95.2% in 2022. The increasing focus on the recycling of discarded metal products is projected to support the growth of the aluminium can market over the forecast timeframe is projected to support the market growth. According to National Packaging Waste Database, the recycling rate of aluminium rose to 56% in 2019, increasing year on year by 4% from 52% in 2018 and 41% from 2010.
- Companies in the industry for beverage cans have been continuously improving the aesthetics, product strength, and shelf life of the packaged beverage. In July 2021, Ball Corporation announced its plans to build new aluminium beverage packaging plants in the UK With significant growth of sustainable cans in categories, including wines, waters, hard seltzers, and ready-to-drink cocktails, the company also plans to open new cutting-edge facilities for facilitating increased revenue and increase its market share in the country.