Global beverage can market to grow to $32.32bn in 2023
The global beverage can market is expected to grow from $30.58 billion in 2022 to $32.32 billion in 2023, at a compound annual growth rate (CAGR) of 5.7%, according to a new report.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term.
The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe.
The beverage can market is expected to reach $39.61 billion in 2027 at a CAGR of 5.2%.
The beverage can market consists of sales of recyclable, stackable, light-proof, wide-mouth, and resealable lid cans.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A beverage can refers to a metal container manufactured to store a single serving of a beverage that protects beverages against oxygen and light. Beverage cans keep oxygen out and carbonation in, extending the freshness of beverages.
North America was the largest region in the beverage can market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the beverage can market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The materials of beverage cans are steel, aluminium, and others.Steel refers to a powerful metal made of iron and carbon that is used to create objects with strong structures, such as automobiles and buildings.
The structures involved are two pieces can and three pieces can which consists of epoxy, polyester, vinyl, and other can coatings and are used for non-alcoholic beverages, alcoholic beverages, sports and energy drinks, fruit-based drinks, carbonated soft drinks, and other applications.
Increasing consumption of beverages is expected to propel the growth of the beverage can market going forward. Beverage refers to any drinkable liquid, especially one that is not water.
Aluminium cans are used as a packaging solution for storing and distributing beer. Aluminium beverage containers are recyclable and lightweight, stackable, and incredibly efficient to freight and store.
Hence, the increasing consumption of beverages will result in a rise in demand for beverage cans which will boost the growth of the market.For Instance, according to Soda Consumption by Country 2023 report published by World Population Review, a US-based agency that turns complex demographic information into easy-to-understand articles on the population of countries and cities, Argentina has the most soda consumption in the world where the average person consumes about 155 litres in a year.
Further, the United States is in second place with some of the highest soda consumption rates worldwide where each US resident drinks 154 litres annually.
Furthermore, according to the 2022 Beer Handbook published by Beverage Dynamics, a US-based national magazine dedicated to the needs of the off-premise beverage alcohol retailers, the U.S. beer industry achieved a volume consumption growth of 0.7% in 2021 to 2.85 billion 2.25-gallon cases. Therefore, the increasing consumption of beverages is driving the growth of the beverage can market.
Product innovation is a key trend gaining popularity in the beverage can market.Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market.
For instance, in January 2023, Ardagh Metal Packaging (AMP), a Luxembourg-based supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners, launched a 19.2oz beverage can which is designed for beverage brand customers.
The new can gives consumers the option to select a size between the more conventional sizes of 16 oz and 24 oz to meet the rising demand in the single-serve channel. The packaging will allow firms to diversify into new product categories like water, hard seltzer, beer, and cider.
In November 2021, Showa Aluminum Can Corp., a Japan-based manufacturer of packaging containers, acquired a 20% stake in Universal Can Corporation from Hokkan Holdings Limited for an undisclosed amount. With this acquisition, Showa Aluminum Can Corp is looking to expand its business in Southeast Asia, where demand for canned beverages and other products is growing. Universal Can Corporation is a Japan-based company that produces aluminium cans and lids in large bulk quantities for food and beverage companies.
The countries covered in the beverage can market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organisations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The beverage can market research report is one of a series of new reports that provides beverage can market statistics, including beverage can industry global market size, regional shares, competitors with beverage can market share, detailed beverage can market segments, market trends, and opportunities, and any further data you may need to thrive in the beverage can industry. This beverage can market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.