The Beverage Can Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Beverage Can Global Market Report 2024, The beverage can market size has grown strongly in recent years. It will grow from $32.32 billion in 2023 to $34.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to shift from glass to cans, increased consumer preferences for convenience, increased sustainability and recycling initiatives, increased brand differentiation and marketing, cost efficiency in production.
The beverage can market size is expected to see strong growth in the next few years. It will grow to $41.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising health and wellness trends, e-commerce expansion, emergence of non-alcoholic beverages, innovations in material and manufacturing, global economic growth. Major trends in the forecast period include sustainability and eco-friendly packaging, innovative can designs, functional packaging, lightweighting and material innovations, digital printing and labeling, supply chain resilience.
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. Aluminum cans are used as a packaging solution for storing and distributing beer. Aluminum 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 liters 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 liters annually. Therefore, the increasing consumption of beverages is driving the growth of the beverage can market.
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The beverage can market covered in this report is segmented –
1) By Material: Steel, Aluminum, Other Materials
2) By Structure: Two Piece Can, Three Piece Can
3) By Can Coating: Epoxy, Polyester, Vinyl, Other Can coatings
4) By Application: Non-Alcoholic Beverage, Alcoholic Beverage, Sports And Energy Drinks, Fruit Based Drinks, Carbonated Soft Drinks, Other Applications
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.
The beverage can market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Crown Holdings Inc.
- Ardagh Group S.A.
- CPMC Holdings Limited
- Toyo Seikan Group Holdings Ltd.
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