Global drinks cans market to be worth $119bn by 2033
The global drink cans market is expected to be worth $56,891.1 million in 2023, with sales increasing at a 7.7% CAGR during the forecast period. By 2033, the market is anticipated to be worth $119,208.6 million, according to a new report by Future Market Insights.
The global drink cans industry is witnessing a steady growth trajectory, driven by the growing demand for convenient and eco-friendly packaging solutions for beverages.
The increasing consumer preference for canned drinks, the rising popularity of energy and sports drinks, and the growing demand for sustainable packaging materials are some of the key drivers of the market.
One of the key drivers of the drink cans market is the convenience and portability that it can offer. With consumers leading increasingly busy lives, on-the-go beverage consumption has become increasingly popular.
Cans are lightweight and easy to carry, making them ideal for consumers who need to stay hydrated on the go. In addition, the use of cans helps to minimise the risk of spills or breakage, which makes them especially popular for outdoor activities and events.
Another factor driving the growth of the drink cans industry is the increasing demand for sustainable packaging. Consumers are becoming more environmentally conscious and are seeking out packaging solutions that are eco-friendly and can be recycled.
Aluminum cans are 100% recyclable, making them a popular choice for brands looking to reduce their carbon footprint. Additionally, the use of cans helps to reduce food waste and extends the shelf life of the products they contain.
Despite the growth opportunities in the drink cans industry, manufacturers face some challenges in terms of production costs and supply chain logistics. The cost of aluminium, which is the primary material used in the production of drink cans, can be volatile and subject to fluctuations in the global commodity markets.
In addition, the production process for cans requires a significant amount of energy, which can contribute to high manufacturing costs.
Overall, the drink cans industry is poised for strong growth in the coming years. The convenience, portability, and sustainability benefits of cans, combined with the growing popularity of energy and sports drinks, will continue to drive demand for this packaging solution.
While manufacturers face some challenges in terms of production costs and supply chain logistics, innovations in materials and manufacturing processes are helping to make the production of drink cans more efficient and cost-effective.