Worldwide, people, especially in developing and developed nations, are inclined toward canned beverage drinks. Most of them are made of aluminum due to their properties, such as being strong, environmentally friendly, and cost-effective. This metal can be recycled easily. These properties are driving its demand which is propelling the growth of the Beverage Cans Market.
People across the world are more inclined toward purchasing and consuming energy drinks. Manufacturers highly prefer aluminum cans for packaging to prevent mixing with the dangerous chemicals that other materials like plastic containers.
Growth factors contributing to the market’s growth are the rise in popularity and huge demand for packaging beverages and food items. The technologies in manufacturing beverages are made sophisticated and advanced, encouraging the manufacturers toward more creative innovation in design and packaging.
The Beverage Cans Market will acquire a CAGR of 3.8 % and a value of USD 32.93 billion from 2028 to 2030 in the future forecast period. The market obtained USD 26.35 billion in 2020 in the historic forecast period.
The Beverage Cans Market is fragmented into materials and applications.
The material segment is categorized into aluminum and steel. The aluminum segments capture the largest market share. The segment is also noticing a rapid growth rate. Aluminum is highly utilized compared to steel due to its lightweight. It can also be recycled and used further.
The application segment of the Beverage Cans Market is categorized into Carbonated soft drinks, Alcoholic drinks, Fruit and vegetable juices, and Others.
Alcoholic drinks hold the largest beverage cans market share. The developed nations are inclined towards using canned beer and alcoholic cider drinks.
Fruits and vegetable juices hold the highest growth rate in the forecast period. As people become health-conscious, the demand for canned fruit and vegetable juices is rising. Fizzy soft drinks will obtain a good CAGR in the forecast period.
According to the geographical growth, the Beverage Cans Market covers the prominent regions worldwide, such as the North American countries, the European Union, the Asia-Pacific region, and other regions.
The North American region occupies the maximum market share. The growth of this region is expected to continue its significant growth rate. The Americans highly utilize sustainable packaging for drinks and food items.
The European Union will also acquire a significant market share. The countries Germany, the United Kingdom, and France recycles the cans. The top manufacturers are located in these regions.
The Asia-Pacific region will obtain a high CAGR in the forecast period. Prominent countries like China, Japan, India, Australia, and Indonesia are the top populous countries. The rise in purchasing power followed by disposable incomes is driving the market in this region.
The other regions will also show stronger growth in the future days. The people here are consuming more canned alcoholic beverages, driving the market.
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Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
In January 2021, Crown Holdings Inc. launched a new beverage can in Kentucky. The new facility will support the rise in demand for beverage cans in North American regions for craft beer, sparkling water, energy drinks, and cocktails, among others.