Beverage can market size to grow by $5,715.4m from 2022 – 2027
The global beverage can market size is estimated to grow by $5,715.4 million from 2022 to 2027, according to Technavio.
The market is estimated to grow at a CAGR of 3.1% during the forecast period. APAC is estimated to account for 45% of the global market growth.
Another region that offers significant growth opportunities to vendors is North America. The demand for the packaging of processed and ready-to-eat (RTE) food products, fruit juices, aerated drinks, and energy drinks is mounting in the region. It is further expected to boost the market in the forecast period.
Furthermore, due to the budding environmental concerns, consumers are becoming more aware of limiting the usage of plastics, which, in turn, is urging the need for cans in North America.
The market share growth by the non-alcoholic beverages segment will be significant for the market growth during the forecast period.
Beverage cans are used to pack different non-alcoholic beverages, such as juices which are continuously gaining popularity. Metal cans are popular in the segment owing to their hermetic seal and barrier against oxygen and sunlight.
Moreover, the growing demand for rehydration drinks and caffeine-based drinks is also expected to create new opportunities for market development in the projected period. Hence, such factors drive the market growth in the segment during the forecast period.