Metal packaging market to reach $178bn by 2032
The metal packaging market is witnessing significant growth across various sectors, including food and beverage, personal care, healthcare, domestic & consumer, and industrial.
This growth is primarily fuelled by the increasing demand for sustainable and recyclable packaging options.
A major contributing factor to this trend is the global focus on long-term environmental preservation and sustainability, which can be achieved through the use of metal packaging. Metals offer the advantage of indefinite recyclability, reducing resource waste and promoting environmental responsibility.
In 2021, the market demand for metal packaging reached a value of US$121 billion, and it is projected to further grow to US$178 billion by 2032, with a compound annual growth rate (CAGR) of 3.6%, according to Future Market Insights.
Metals, particularly aluminium, prove to be well-suited for packaging due to their ease of sterilisation, high tensile strength, and excellent barrier protection. Among various types of metal packaging, metal cans have gained widespread adoption due to their availability and user-friendly nature.
The demand for compact and multi-pack packaging formats is expected to rise, driving the need for metal cans. Mini-cans, especially in China, India, and Japan, have experienced a surge in demand, offering convenience and affordability that beverage companies in these regions find appealing.
The recyclability of metal packaging is a significant driver for the global market. Steel and aluminium, in particular, have well-established recycling infrastructure, making them highly recyclable materials for packaging.
This recyclability plays a crucial role in waste reduction and promotes a circular economy, aligning with the growing environmental consciousness among consumers and industries
Key Takeaways from Metal Packaging Market
- Aluminium is the most used material segment for manufacturing metal packaging segment, and it holds a market share of almost 53% of the metal packaging market.
- Cans packaging segment will witness growth at a CAGR of 2.8% in the forecast period.
- The food and beverages segment is projected to foresee a remarkable CAGR 2.9% over the forecast period. Food and beverages market continues to grow rapidly, surpassing US$ 60.7 Bn in 2032.
- North America accounts for a substantial portion of the metal packaging market over the forecast period on the back of strict government rules and requirements.