Beverage Cans Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Beverage Cans Market Information Report by Material (Aluminum and Steel), by Application (Carbonated Soft Drinks, Alcoholic Beverages, Fruit & Vegetable Juices and others) and By Region – Global Forecast To 2030”, the market is projected to be worth USD 57.28 billion by 2030, registering a CAGR of 5.75% during the forecast period (2022 – 2030)., The market was valued at USD 38.71 billion in 2021.
List of the companies profiled in the global Beverage Cans Market research report are –
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Highly competitive, the beverage cans market appears fragmented due to the presence of many large and small-scale players. Industry players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share.
For instance, recently, on Nov.19, 2021, Ardagh Metal Packaging (AMP) announced its plans to build a new beverage can plant in Northern Ireland with a US$200 MN investment. The initiative is a part of AMP’s multibillion-dollar investment program, involving the construction of new, recyclable metal packaging capacities in Europe, North America, and Brazil.
The plant will serve the needs of AMP’s beverage customers in Ireland, the UK and Europe, supplying high-quality beverage cans. On Dec. 14, 2021, AMP announced a grant to Rivers Recycling in Kilgore, Texas, a single-stream material recovery facility (MRF), to sort aluminum used beverage cans (UBCs) with an eddy current rather than by hand. The installation of the eddy current separator would accelerate the recovery of 4 MNmore UBCs annually.
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Rising Sustainable, Circular Economy Drives Boost the Market Size
The global beverage cans market is witnessing rapid revenue growth. The increasing demands for plastic packaging alternatives and governmental pressure to enhance the circular economy are key driving forces. Besides, the rising consumption of various exotic beverages worldwide drives market growth. Convenient packaging solutions and the longer shelf life benefits these beverage cans offer positively impact the market shares.
With a wide variety of metal cans available in the market and consumer preference for canned beverages, the market is estimated to perceive significant traction in the next few years. In this regard, Market Research Future (MRFR) asserts that the global beverage cans market is projected to expand at a 5.75?GR during the forecast period (2022-2030). Shared responsibility is important in sustainable, circular economy initiatives.
The increasing demand for aluminum and steel cans as plastic packaging alternatives and rising government initiatives for the journey towards sustainability provide vast growth opportunities for market players. The rising global economy escalates the market value to further heights. In addition to the strong performance, beverage cans continued to have higher shelf-stable gains during the epidemic.
Industry players have increased their production capacities to meet the rising demand during the COVID crisis. Continually changing consumer demands and preferences further encourage players to widen their market penetration by including BPA-free lining in their cans. Also, beverage cans have had upward pressure on prices since the onset of coronavirus. The increase in canned beverages sales boosts the market growth.
COVID-19 Impacts on the Market
Onset of the COVID-19 waves hit the beverage cans industry hard, through the demand for beverages was significantly robust. Beverage manufacturers, re-packers, and retail stores faced huge revenue losses. The lockdown mandates halted the production of several key raw materials required to manufacture beverage cans.
This, as a result, spiked product prices and lowered the market demand. However, the market is rapidly returning to normalcy, witnessing a steadily increasing demand. Moreover, the rising consumption of cans is estimated to offer robust market opportunities during 2021 and beyond.
The beverage cans market is segmented into materials, applications, and regions. The material segment is bifurcated into aluminum and steel. Of these, the aluminum segment holds the largest market share due to its advantages, such as lightweight designs, high recyclability, and easy fabrication processing. The steel segment is also expected to hold sizable market shares.
The application segment is bifurcated into carbonated soft drinks, alcoholic beverages, fruit & vegetable juices and others. Among these, alcoholic beverages account for the largest application segment, witnessing the increased consumption of alcoholic beverages in developed and developing countries. The fruit & vegetable juices segment is expected to hold sizable market shares.
The carbonated soft drinks segment is projected to grow at the highest CAGR during the forecast period. Rising concerns regarding personal health among consumers are expected to contribute to the demand for beverage cans significantly. The region segment is bifurcated into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
North America leads the global beverage cans market. Factors such as the vast popularity of metal cans for beverages, changing consumption patterns, and high consumption of beverages substantiate the market demand. Moreover, the presence of many production bases and consumers impacts the market growth positively, influencing the production volume in the region.
Growing concerns over the impacts of plastic packaging materials on the environment and pressure to increase the consumption of sustainable packaging materials create substantial market demand. The US is a major growth contributor to the development of the regional market. Besides, large advances in metal recycling processes boost the region’s market shares.
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Segmentation of Market covered in the research:
Beverage Cans Market Information Report by Material (Aluminum and Steel), by Application (Carbonated Soft Drinks, Alcoholic Beverages, Fruit & Vegetable Juices and others) and By Region – Global Forecast To 2030
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