Beverage Cans Market Size Is Expected to Reach USD 36.59 Billion by 2027|Beverage Cans Industry Share, Growth Rate, Demand and Forecast

Beverage Cans Market Size Is Expected to Reach USD 36.59 Billion by 2027|Beverage Cans Industry Share, Growth Rate, Demand and Forecast

The global beverage cans market size is expected to reach USD 36.59 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period. The growing adoption of alcoholic beverages in underdeveloped and conservative countries can simultaneously bolster healthy growth of this market, states Fortune Business Insights, in a report, titled "Beverage Cans Market Size, Share & COVID-19 Impact Analysis, By Product (Aluminium, and Steel), Application (Carbonated Soft Drinks, Alcoholic Beverages, Fruit and Vegetable Juices, and Others), and Regional Forecast, 2020-2027." The market size stood at USD 25.31 billion in 2019.

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The market report includes:

All-encompassing report of the market
Critical insights into the market
Dominant regions in the world
Market drivers and restraints
Competitive landscape
COVID-19 impact
Market Driver:

Evolving Consumer Lifestyle to Influence Massive Growth

The rising urbanization, coupled with the growing population are factors expected to boost the growth of the market. The increasing disposable income in developing countries has led to high consumer spending on beverages, which, in turn, will propel the market growth. Brand preference has played an essential role in spurring the demand for beverages in developing countries, thus boosting the market growth. The growing knowledge about sustainable and recyclable beverage packaging among consumers will consequently improve the demand for metal cans in the forthcoming years. Moreover, shifting lifestyle choices and increasing health consciousness will fuel demand for healthy and nutritious drinks, hence favoring the business of beverage cans.

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Regional Analysis:

Inclination towards Healthy Beverages to Boost Market in North America

North America is expected to hold the largest beverage cans market share in the foreseeable years. The increasing health consciousness among consumers has led to high demand for healthy and nutritious beverages in the US. Asia Pacific is expected to expand rapidly during the forecast period. The growth is attributed to the rising population and urbanization activities in the region. Moreover, increasing consumer spending and changing lifestyles will have a tremendous impact on the region's market. Moreover, the growing consumer awareness regarding environmental pollution has impelled the manufacturers to use sustainable packaging solutions, which, in turn, will augur well for the market in Europe. Besides, the European Union's initiative to achieve the goal of circular economy will further fuel demand for these cans in the forthcoming years.

Key Development:

July 2020: CANPACK, a global manufacturer of aluminum beverage cans, began production at its greenfield facility in Stříbro, Czech Republic, after 10 months of project announcement. The plant has an investment of US$ 117.5 Mn, with the capacity to produce 1 billion cans annually.

The Report Lists the Key Companies in the Market:

Ball Corporation (U.S.)
Orora Packaging Australia Pty Ltd (Australia)
Crown Holdings, Inc. (U.S.)
Ardagh Group S.A. (Ireland)
CANPACK S.A. (Poland)
GZ Industries Ltd. (Nigeria)
CPMC Holdings Ltd. (China)
MSCANCO (Saudi Arabia)
Pakistan Aluminum Beverage Cans Limited (PABC Ltd.) (Pakistan)
Ceylon Beverage Can (Pvt) Ltd. (Sri Lanka)
Universal Can Corporation (U.S.)
Techpack Solutions (China)
Baosteel Metal Co., Ltd. (China)
Asia Packaging Industries (Vietnam)
Silgan Holdings (U.S.)
Other Key Players
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This release was published on openPR.