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The global beverage cans market size was USD 25.31 billion in 2019 and is projected to reach USD 36.59 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period.
Beverage cans are metal containers designed to hold fixed amounts of liquid beverages such as alcoholic drinks, carbonated beverages, tea, fruit juices, energy drinks, and others. The cans are either manufactured using aluminum or steel and are highly recyclable. The cans are witnessing increasing demand from beverage manufacturers owing to their sustainability and recyclability without degradation in the quality. Changing lifestyle choices and rise in disposable income are other factors driving the demand. Furthermore, increasing acceptance of alcoholic beverages in the conservative and orthodox countries will further boost the growth of this market.
COVID-19 Had Mixed Effect on the Market
The COVID-19 has a substantial effect on the performance of the beverage cans market. The restriction on bauxite mining, transportation of raw materials, and recycling activities of aluminum disrupted the supply chain. Beverage manufacturers faced a shortage in the supply of cans. However, the corona outbreak was a blessing in disguise for the beverage can manufacturers. Consumers prefer to buy multiple packs of beverages for at-home consumption due to lockdown, which, in turn, fueled beverage demand during the pandemic. The unexpected boost in demand for beverages has propelled the business of the global market.
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High Demand for Ready-to-Drink Beverages to Positively Affect the Market
Exponential population growth, increasing spending capacity, and evolving lifestyle have resulted in shifting consumer behavior. Due to hectic schedules and long working hours, consumers are opting for ready-to-drink beverages. Drinks such as tea, coffee, wine, and water in cans are witnessing high demand from consumers due to their small portion and portable nature. Additionally, the incorporation of attractive and interactive printings on metal cans is gaining momentum for brand enhancement.
Growth of Beverage Industry Globally To Fuel the Market Growth
Factors such as urbanization activities and growing population are responsible for the high demand for beverages around the world. The rise in disposable income in developing countries has led to increased consumer spending on beverages. Brand preference has played a vital role in surging the demand for beverages in developing countries, therefore driving the market. For example, brands such as Coca-Cola and Pepsi have a significant influence on the consumers living in emerging countries. Besides, consumers choose beverages with sustainable and recyclable packaging, thus boosting the demand for metal cans. Furthermore, changing lifestyle choices and increasing consciousness towards health has raised the need for healthy and nutritious drinks, thereby driving this market.
Increasing Preference Towards PET Bottles to Hamper the Growth
The increasing preference of manufacturers towards PET and glass bottles is acting as a market restraint. The demand for PET bottles is rising from beverage manufacturers owing to similar properties exhibited by the metal cans, such as reusability, durability, lightweight, and oxygen gas barrier properties. PET bottles serve as a low-cost packaging alternative to the beverage manufacturers when compared with metal cans. Additionally, PET bottles' manufacturing consumes substantially less energy than the energy required to manufacture beverage cans. The above-mentioned factors will restrain the market growth.
Aluminum to be the Fastest Growing Segment in the Global Market
Based on the product, the market is segmented into aluminum and steel. The aluminum segment is expected to grow at the highest CAGR during the forecast period owing to its properties, which are ideal for beverage packaging. Aluminum offers a sustainable packaging solution and can be recycled multiple times without compromising on the quality. Aluminum cans are the most recycled packaging container, with an average can containing 70% of the recycled metal.
The steel segment is projected to grow at a significant rate during the forecast period. Steel cans have the strength to safeguard the quality of the contained product during filling, transportation, and storage. Steel cans are highly durable and eliminate the need for secondary packaging.
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Carbonated Soft Drinks Segment to Hold a Dominating Position in the Global Market
The global market is segmented into carbonated soft drinks, alcoholic beverages, fruit and vegetable juices, and others based on application and region. The carbonated soft drinks segment holds a dominating position in the global market owing to the increase in demand for soft drinks globally. The introduction of new flavors with fruit combinations attracting the younger generation of consumers is boosting the demand for carbonated soft drinks.
Increasing disposable income and changing lifestyle choices are the prominent factors responsible for the high demand for alcoholic beverages. Moreover, the surge in the youth population and increasing acceptance of alcoholic beverages further support the growth of the market.
North America Beverage Cans Market Size, 2019 (USD Billion)
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The market size in North America stood at USD 8.97 billion in 2019. North America holds the largest share in the market. The dominance is attributed to the increasing consumption of processed and packaged beverages in the region. Increasing health consciousness in North America has led to increasing consumption of healthy and nutritious drinks, thereby increasing the cans' demand.
In Asia Pacific, rising population and urbanization activities have resulted in high demand for beverages, therefore propelling the beverage cans market growth. Furthermore, increasing consumers' spending capacity and changing lifestyle choices is anticipated to positively affect market growth.
Rise in awareness regarding environmental pollution has resulted in beverage manufacturers opting for sustainable packaging solutions in Europe. The high recyclability of the metal cans makes it an ideal sustainable packaging option. In addition, the European Union's initiative to achieve the goal of a circular economy will further drive the demand for metal cans.
Key Players are Implementing Various Growth Strategies to Maintain Dominance in the Market
Product innovation is an important aspect for a company to cater to the growing demand for metal cans. The companies are focusing on developing cans with innovative designs that have the ability to interact with customers at the point of sale to increase their presence in the market. Partnerships with beverage manufacturers and capacity expansions are the strategies used by the market players to increase global presence and maintain their mark in the competition. Ball Corporation has been successful in growing its company in the market by partnering with brands such as Coca-Cola, and Dr. Pepper.
An Infographic Representation of Beverage Cans Market
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The beverage cans market report provides a detailed industry analysis and focuses on crucial aspects such as leading companies, end-use, disposable types, and distribution channels. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth over recent years.
Value (USD Billion) and Volume (Billion Units)
Product; Application; and Geography
Fortune Business Insights says that the global market size was USD 25.31 billion in 2019 and is projected to reach USD 36.59 billion by 2027.
In 2019, the market value stood at USD 25.31 billion.
Growing at a CAGR of 4.7%, the market will exhibit steady growth during the forecast period (2020-2027).
The carbonated soft drinks are expected to be the leading segment under the end-use segment in this market during the forecast period.
The growing beverage industry is expected to drive the market growth.
Ball Corporation, Crown Holdings Inc., and CANPACK S.A. are few of the leading players in the global market.
North America dominated the global market in 2019.
High recyclability and durability of the cans will drive the adoption.
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