Global metal cans industry to exhibit 3.3% CAGR to 2030
The global metal cans industry size stood at $61.7 billion in 2021 and will observe strong growth on the back of bullish demand for lightweight, high barrier and low-cost options, according to the “Metal Cans Industry Data Book, 2023 – 2030,” published by Grand View Research.
Can-makers are poised to gain ground from the rising footfall of aluminium and beverage products.
Heightened demand to contain foods, beverages, medicines, paints and aerosol products has expedited the footprint of metal cans.
With millennials and the Gen Z population exhibiting traction for packaged food & beverages, forward-looking companies are poised to unlock growth avenues in food packaging.
Lately, aluminium cans have witnessed an unprecedented demand against the backdrop of expanding footprint of environmentally friendly beverage packaging.
Metal has amassed popularity as a sustainable material of choice, with more recycling content and a higher recycling rate compared to other packaging items. According to the Aluminum Association, aluminium cans have 12-fold and 3-fold recycled content than plastic and glass, respectively.
The global aluminium cans market size was valued at USD 45.6 billion in 2021 and will exhibit a healthy CAGR of 6.4% from 2022 to 2030. The growth outlook is partly due to an exponential demand and consumption of packaged beverages, such as water, soda, energy drinks, wine and beer.
Canned food brands expect compelling growth opportunities with exponential demand for ready-to-eat and convenience foods. In essence, peel-off-end aluminium cans have gained ground among Gen Z consumers due to sustainability (lightweight), aesthetic look and easier & safer to open options.
Besides, the use of advanced technologies, including gas filling and vacuum filing and bespoke solutions, such as blockchain for traceability, will augur growth. The food cans market size garnered USD 16.09 billion in 2021 and will exhibit a 3.3% CAGR through 2030, mainly attributed to the trend for canned food among people with busy lifestyles.