Global beverage can market to grow by $5.24bn

The global beverage can market size is estimated to grow by $5.24 billion from 2024-2028, according to Technavio. 

The market is estimated to grow at a CAGR of over 2.79%  during the forecast period. 

The RTD coffee and tea market has experienced significant growth due to increasing health consciousness and rising disposable incomes. Millennials, in particular, are driving demand for these instant energy drinks. Metal cans are a popular packaging choice for RTD coffee and tea brands like Starbucks and Stumptown Coffee Roasters. This trend is anticipated to boost the global beverage can market during the forecast period. 

The beverage can market is experiencing significant growth, with coffee, energy drinks, and bottled water leading the trend. Consumers prefer convenient and portable packaging, making cans an ideal choice. Coffee and energy drinks continue to gain popularity due to their on-the-go convenience. Bottled water is another major player in the market, driven by health-conscious consumers.

The organic and natural category is also growing, with many brands offering plant-based and zero-sugar options. Producers are focusing on sustainability, with some using recycled materials for their cans. The market is expected to grow further, driven by these trends and consumer preferences. 

Market Challenges

  • The beverage can market may face challenges due to the anticipated increase in steel prices. China’s decision to reduce steel production will likely result in a supply shortage, leading to higher costs for can manufacturers. This could potentially lead to price increases for consumers, causing them to reconsider their purchasing decisions.
  • The global steel market has been distorted by China’s low-cost production for over a decade, but decreasing production and slowing economic growth in China are expected to shift the balance towards demand, driving up prices.
  • The beverage can market faces several challenges. Environmental concerns, such as disposal and recycling, are a significant issue. The use of aluminium cans contributes to a high recycling rate, but the industry must continue to innovate and find more sustainable solutions. Another challenge is competition from other packaging formats, like plastic bottles and glass bottles. Pricing pressure from retailers and consumers also poses a threat.
  • Additionally, the market is becoming increasingly globalised, requiring companies to adapt to different regulations and consumer preferences. Lastly, the rise of e-commerce and direct-to-consumer sales is disrupting traditional distribution channels. Companies must navigate these challenges to remain competitive in the beverage can market.

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