Beverage Cans Market size is estimated to reach $17.24bn by 2025, growing at a CAGR of 4.9% during the forecast period 2020-2025. Beverage cans are the metal containers that are used to store liquid drinks like alcoholic beverages, carbonated soft drinks, fruit and vegetable juices, energy or sports drinks and others. These cans are usually made of aluminum and steel. The increased demand for the alcohol beverage which is to be stored at low temperatures is driving the usage of this beverage cans as they help in storing the drinks at low temperatures which helps to hold the taste and properties of drinks. The rise in health concerns among the people to avoid plastic containers as they are harmful and non-bio-degradable is driving the usage of beverage cans market during the forecast period 2020-2025.
By Material Type – Segment Analysis
The global Beverage Cans Market based on Material type has Aluminum and Steel. The Aluminum segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased usage of aluminum in making beverages cans. Overs 70% of beverage cans are made of aluminum globally. Aluminum cans are easily recycled with properties like lightweight and easy to manufacture, transport and are economical. Having many advantages over other materials is driving the market of aluminum beverage cans during the forecast period 2020-2025. The steel beverage cans are having below-average growth as they are heavy and is set to react with beverages in those cans, however, cans made with a composition of steel and other material are being introduced into the market to decrease the cost of beverage cans.
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By Application – Segment Analysis
The Application segment of Beverage Cans Market has Alcoholic beverages, carbonated soft drinks, Fruit & vegetable juices, Sports or Energy drinks and others. The Alcoholic beverage segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased consumption of alcohol beverages globally. The carbonated soft drinks segment is also set to have growth owing to the increased consumption and availability of new flavors of drinks by different manufacturers. Change in consumer mind to use eco-friendly cans than to use plastic, which is harmful, is boosting the growth of beverage cans. The fruits and vegetable juices segment is having a slow growth as there are less number of fruit and vegetable juices manufacturers.
By Geography – Segment Analysis
Based on Geography the global Beverage Cans Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America had a dominant share in terms of revenue in 2019 and it holds the largest market share during the forecast period 2020-2025, owing to the availability of the high number of consumers of aluminum can stored beverages. The Asia-Pacific region is also set to have healthy growth during the forecast period 2020-2025, owing to the availability of a large population and increased consumption of beverages. The availability of large raw materials like aluminum and steel are also factors that are supporting the growth of the market in the Asia-Pacific region.
Drivers – Beverage Cans Market
Increased consumption of beverages
The increase in the consumption of beverages globally is driving the demand for beverage cans. Increased promotional activities by different manufacturers of beverages to increase demand for drinks are driving the usage of beverage cans owing to increased sales of beverages. Beverage cans being eco-friendly, recyclable and lightweight are driving the market growth during the forecast period 2020-2025.
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Challenges – Beverage Cans Market
Fluctuation in the cost of raw materials
The fluctuations in the cost of raw material are challenging the production of the beverage cans. The defects in three-piece type cans, such as leaks, inability to withstand high pressures and temperatures are challenging the market during the forecast period 2020-2025.
Beverage Cans Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Beverage Cans Market. Key companies of this market are Ball Corporation, Crown Holdings Inc., Ardagh group, CANPACK S.A, CPMC Holding Ltd., Amcor Limited, Kian Joo Can Factory Berhad, Showa Denko KK, Nampak Bevcan Limited, Toyo Seikan Group and others.
In March 2020, Ball Corporation acquired Tubex Industria E Comercio de Embalagens Ltd., an aluminum aerosol packaging business with a plant near Sao Paolo, Brazil, for $ 80 million. The acquisitions will broaden the geographic reach and as the demand of sustainable aluminum can packaging increases the acquisitions will help to reach the market globally.
In October 2019, Showa Aluminum Can Corporation has developed an ink-jet printing technology for beverage cans suitable for the production of cans with multiple designs in smaller lots.
Geographically, North America’s Beverage Cans Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025, owing to the high usage of metal cans for different beverages in countries like the U.S.
The increase in consumption of beverages and using material like aluminum, which can be recycled is boosting the usage of beverage cans globally.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Beverage Cans Market report.
Increased health concern among people and introduction of new flavors into the market by beverage manufacturing companies, beverage cans having good properties to store beverages for a long time without losing taste and ingredients, are driving the market growth.
Related Reports :
A. Food and Beverage Metal Cans Market
B. Beverage Packaging Market
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