Beverage Packaging Market Trends - What will be the Short-term Impact of COVID-19?

The global beverage packaging market size is predicted to reach USD 177.04 billion by 2026, exhibiting a CAGR of 4.5% during the forecast period. The increasing focus towards biodegradable and environment-friendly packaging will spur demand for beverage packaging, which in turn will boost the beverage packaging market trends. Moreover, the rising adoption of compostable, recyclable, and biodegradable packaging material among manufacturers will subsequently create growth opportunities for the market in the forthcoming years. In addition, the growing importance of environment-friendly products will impel companies to offer eco-friendly packaging solutions, which in turn will bolster the healthy growth of the market in the foreseeable years.

Lists the Key Companies Profiled in the Beverage Packaging Market Report Includes;

o Amcor
o Ardagh Group
o Crown Holdings
o Mondi Group
o Saint Gobain
o Sonoco Products Company
o Tetra Laval
o Toyo Seikan

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As per the published report by Fortune Business Insights, 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 103.46 billion in 2018. The report is fixed at delivering a comprehensive description of the beverage packaging market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER's analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the ways and components convincing armored vehicle market expansion, growth patterns, restricting factors, and market strategies.

Competitive Landscape

Acquisition of Novio Packaging by Berlin Packaging to Boost Market Prospects

Berlin Packaging, a supplier of packaging services based in Chicago, Illinois, United States announced that it has signed an agreement with Novio Packaging, a manufacturer of PET and HDPE containers for its Netherlands based Novio Packaging Group B.V. The strategic acquisition of Berlin Packaging will strengthen its European plastic offering, enhance its expertise in personal care pharmaceutical, food, and sports nutrition verticals, and expands its northern European footprint.

The agreement between the companies can be determining factors in aiding the beverage packaging market growth due to their unique packaging supply for glass, plastic, and metal containers and closures. Moreover, Chairman and CEO of Berlin Packaging, Andrew Berlin, said in a statement, "Acquiring Novio fully solidifies our European positioning, giving us the ability to help customers of all sizes, including multi-national corporations, across all market segments, grow their bottom lines with our packaging products and services. He further added, "It provides tremendous cross-selling opportunities, a robust sales pipeline, and a perfect platform for continued European expansion"

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Market Restraint

Stringent Government Regulations to Dampen Packaging Production

The implementation of strict regulations on plastic use by the government will impede the growth of the market. For instance, the ban on single-use plastic in various nations around the world will simultaneously affect the beverage packaging market share. Moreover, the growing inclination towards the environment and conservation of natural habitat will distress the beverage packaging supply chain, which in turn will decelerate the beverage packaging market revenue during the forecast period.

Regional Analysis

Presence of Prominent Players to Augment Growth in North America

North America generated a revenue of USD 30.64 billion in 2018 and is expected to grow rapidly during the forecast period. The growth in the region is attributed to the high production of beverages such as beer, wine, soft drinks, packaged drinking water, energy drink, cold-pressed juice, and others.

Europe is predicted to witness steady growth in the forthcoming years owing to the growing consumption of alcohol in countries such as UK, Germany, Spain, and others. However, the ban on single-use plastic and the implementation of strict regulations regarding plastic will consequently hamper the growth of the market in Europe. The market in Asia Pacific is predicted to rise significantly in the forthcoming years owing to the rapid urbanization and rising disposable income.

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This release was published on openPR.