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The global beverage packaging market size is predicted to reach USD 177.04 billion by 2026. The rising innovation in packaging designs and solutions will augment healthy growth of the market during the forecast period, mentioned in a report, titled “Beverage Packaging Market Size, Share & Industry Analysis, By Material (Plastic, Glass, Metal, and Others), By Product (Can, Bottle & jars, Pouch, Carton, and Others), By Application (Alcoholic and Non-alcoholic) and Regional Forecast, 2019-2026” the market size stood at USD 123.39 billion in 2018 and is predicted to exhibit a CAGR of 4.5% between 2019 to 2026.
Acquisition of Signode by Crown Holdings to Propel Market
Crown Holdings, an American leader in metal beverage and food cans, aerosol metal containers, metal closures, and specialty packing, announced that it completed the acquisition of Signode Industrial Group Holdings (Bermuda) Ltd, a leader in packaging system and solutions. The strategic agreement between the company can boost the beverage packaging market sales during the forecast period due to the strong and enhanced portfolio of the company, which will further broaden and diversify the customer base.
Moreover, increasing acquisitions and partnerships among key players will subsequently uplift the beverage packaging market trend in the forthcoming years. For instance, Berry Global Group, Inc., a global manufacturer and marketer of plastic packaging products, announced the completion of its acquisition of RPC Group Plc (RPC), one of Europe's largest suppliers of plastic packaging. The agreement involved a transaction of $6.5 billion, which includes approximately $4.3 billion of cash paid for the equity interest in RPC and $2.2 of net debt and estimated transaction-related costs, subject to closing adjustments. In addition, the strategic development is predicted to offer protective solutions to the plastic packaging industry, which in turn will augur well for the market.
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Focus towards Innovative Packaging Solutions to Accelerate Business
Packaging design plays an important role in attracting consumers. Key players in the market are focused on developing new innovative designs and solutions to better cater to the demand of the consumers. Attractive & personalized packaging, which will not only evoke customers but also preserve the contents of the product. For instance, in 2019, Johnnie Walker, a well-known scotch whiskey brand introduced “Game of Thrones” (GoT) edition ‘White Walker Scotch Whisky’ to attract massive GoT fan base to purchase its product. Moreover, the implementation of various marketing strategies and innovative solutions by key players will boost the beverage packaging market revenue during the forecast period.
Adoption of Marketing Strategies by key Players to Consolidate Market
The key players in the market are adopting marketing strategies such as strategic partnerships, new product launch & development, mergers & acquisitions, and agreements to strengthen product portfolio and enhance competition. For instance, in January 2020, Ball Corporation, a manufacturer of a wide range packaging solution, introduced an “infinitely recyclable" aluminum bottle line to support its customers amidst regulatory changes on the use of plastic and create a circular economy. In addition, the emphasis on packaging design and solution will facilitate the market in the forthcoming years.
The Report Lists the Key Companies in the Global Beverage Packaging Market:
Further Report Findings:
The Beverage Packaging Market is Segmented into:
Value (USD Billion)