Beverage Cans Market Size, Global Demand, Opportunities, Key Players Strategies

According to Precision Business Insights (PBI), the latest report, the beverage cans market is expected to be worth USD 26,033.8 million in 2022, growing at a 5.4% CAGR from 2022 to 2028. The global beverage cans market is segmented into the following types: By Material (Aluminum and Steel), Application (Carbonated Soft Drinks, Alcoholic Beverages, Fruit and Vegetable Juices and Others) and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players' profiles in the beverage cans market report are Ball Corporation, Crown Holdings Inc., Ardagh Group, Canpack S.A, CPMC Holding Ltd., Amcor Limited, Kian Joo Can Factory, Showa Denko KK, Nampak Bevcan Limited and Toyo Seikan Group. The primary driver of the expansion of the global beverage cans market include significant improvements in the production of cans increasing usage of alcoholic beverages, sports/energy drinks, carbonated soft drinks, and other ready-to-drink beverages.

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Aluminum Segment to Dominate the Beverage Cans Market:
Aluminum segment is expected to account for a larger revenue share in the global beverage cans market, with a value share worldwide. One of the beverage containers with the highest rates of recycling is the aluminium can. Aluminum cans are favoured not only for their high recycling rate but also because recycling them consumes about 90% less energy and results in a correspondingly smaller amount of greenhouse gas production. Aluminum cans give beverage producers the opportunity to display innovation, which is utilised to draw customers, particularly millennials.

Asia Pacific Beverage Cans Market:
The Asia Pacific market is expected to increase in the global beverage cans market over the forecast period. It is projected to grow at a CAGR of 6.2% in the coming years. The Asia Pacific market is expanding as a result of the region's fast-paced lifestyle and growing demand for tinned and portable foods. Global firms including Ball Corporation (US) and Crown Holdings Inc. (US) are expanding their production operations in the Asia Pacific to access the market. As a result, the market for beverages in cans grew. North America held considerable market share during estimated period owing to presence of food and beverage producers and online retailers. The demand for nutritional and energy drinks among consumers is rising as a result of changing lifestyles and rising consumer awareness of the intake of nutrient-dense meals. Additional government rules on the use of recyclable and environmentally friendly beverage packaging are anticipated to fuel market expansion in the area.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global beverage cans market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Jan 2021, In Kentucky, Crown Holdings Inc. constructed a new beverage can. The new plant helps meet North America's rising demand for beverage cans, which includes a rise in demand for sparkling water, energy drinks, craft beer, and cocktails, among other beverages.

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Detailed Segmentation
The beverage cans market is segmented based on material, application, and geography.
Based on the material, the market is segmented into the following:
• Aluminum
• Steel

Based on the application, the market is segmented into the following:
• Carbonated Soft Drinks
• Alcoholic Beverages
• Fruit and Vegetable Juices
• Others

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