Beverage Cans Market Touched USD 33,400 million by 2028, expected to grow at a 5.6% during 2021-2028 | Size, Share, Growth & Report Forecast

Beverage Cans Market

The Beverage Cans Market is expected to reach USD 33,400 million by 2028, growing at a CAGR of 5.6% over the forecast period (2021-2028).

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The factors driving the growth of Beverage Cans Market includes rise in the consumption of non-alcoholic beverages around the world, growing demand for portable and lightweight cans, increasing focus by manufacturers on using natural and low-sugar ingredients and improvements in the living standards. According to the report published by Statista, the revenue generated from the sales of non-alcoholic drinks in the international markets is expected to reach USD 1.25 trillion by the end of 2022, growing at a CAGR of 7.22% over the forecast period (2022-2026), which will accelerate the Beverage Cans Market size in the approaching years. Moreover, increasing availability of fruit juices and sports drinks at the distribution channels, rise in the launch of innovative products, growing adoption of advanced technologies by manufacturers and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading companies on research and development, strategic mergers, and alliances between key industry players and growing disposable incomes, are further contributing towards the market growth.

However, growth of the Beverage Cans Market is hindered due to strict regulations imposed by Governments regarding the use of plastics.

The prominent players operating in the market are Amcor Limited, Kian Joo Can Factory Berhad, Showa Denko KK, Ball Corporation, Crown Holdings Inc., Ardagh group, Nampak Bevcan Limited, Toyo Seikan Group, CANPACK S.A, and CPMC Holding Ltd., among others.

Based on Material Type, the Aluminum segment is predicted to grow at a significant CAGR during the forecast period

Increasing demand for aluminum cans in the food and beverage industry owing to its recyclable and cost-effective features, are pushing growth of the segment.

Based on Application, the Alcoholic Beverages segment is projected to expand at a robust CAGR over the forecast period

Increasing availability of alcoholic beverages at supermarkets, departmental stores, and liquor stores, is propelling growth of the segment.

Based on Region, the North American region is anticipated to grow at a remarkable CAGR during the forecast period

Growing demand for non-alcoholic beverages, rise in the launch of innovative products, rapid industrialization, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Key Developments

In October 2020, Ball Corporation and Kroenke Sports & Entertainment (KSE) entered into partnership across three marquee venues in Denver, Los Angeles, and London. The partnership is planned to strengthen in-venue aluminium recycling, providing fans with a more environmentally friendly fan experience, and showcasing aluminium beverage packaging as the most sustainable choice.
In September 2019, Canpack S.A. & Asahi partnered to start aluminium can production in Czech Republic. This strategic partnership helped in the expansion of production capacity for aluminium cans.

Market Segmentation

Segmentation by Material Type

Aluminium
Steel

Segmentation by Application

Alcoholic Beverages
Soft Drinks
Energy Drinks
Fruit & Vegetable Juices
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.