Cans Market on a Growth Trajectory: Set to Reach US$ 54.23 Billion by 2033 with a 3.9% CAGR

The global cans market is poised for significant expansion, with an estimated size of US$ 36.99 billion by 2023, projected to surge further to US$ 54.23 billion by 2033, at a steady CAGR of 3.9%. This growth is driven by various factors, including heightened consumption of processed foods and beverages, enhanced product shelf life, and a rise in disposable income across regions.

Aluminum cans dominate the market landscape, accounting for about three-quarters of the global cans industry share in 2023. Their widespread use in beverage packaging is attributed to their lightweight nature and ability to withstand internal pressure, making them ideal for carbonated drinks.

The beverages segment, especially in large gatherings, remains a key end-use application, expected to exhibit 4.0% growth throughout the forecast period. Beverage cans' durability during transportation and ability to preserve the quality of light-sensitive drinks contribute to their popularity.

Emerging economies like China and India are pivotal to the market's growth, collectively capturing 36% of the 2023 market share and anticipated to maintain a robust CAGR of 4.9%. This growth is propelled by increasing sustainability a

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The aluminum segment by material type is estimated to generate a dominating market share throughout the forecast period. Growth is attributed to its extensive use in various end-use industries such as beverages, pharmaceuticals, cosmetics & personal care, and homecare products. According to the Environmental Protection Agency of the United States (EPA), in 2018, about 1.9 million tons of aluminum packaging was generated from beers and soft drink cans and 49.2 percent of aluminum beverage cans were recycled. Hence, aluminum cans are estimated to dominate the market.

Key Takeaways

By 2033, the aluminium segment is expected to account for 78% of the market.
The beverages segment is expected to develop at a CAGR of 4.5% in the global cans market through 2033.
From 2023 to 2033, China is predicted to hold a 19.8% share of the cans market.
Can demand in the United States is projected to advance at a CAGR of 3.9% through 2033, achieving a valuation of US$ 8.94 billion.

Global Cans Market Outlook By Category

By Material Type:

Aluminum
Steel/Tin Plated
Plastic
Paper Composites

By Capacity:

Up to 200 ml
201 - 750 ml
More than 750 ml

By End Use:

Food
Beverages
Alcoholic Beverages
Non-alcoholic Beverages
Healthcare
Cosmetics & Personal care
Homecare Products
Paints & Lubricants
Others Consumer Goods (Gifts, Toys, Merchandizing, etc.)

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"Government initiatives to ban single-use packaging options is expected to create new growth opportunities for cans manufacturers globally. Besides, high demand for easily recyclable and eco-friendly packaging options would drive the need for cans in the market," says an FMI analyst.

Key Cans Manufacturers Are Prioritizing Sustainability

Participants in the global cans market are primarily focusing on adopting new packaging formats that would have less influence on the environment and generate relatively lower carbon footprints when converted into waste. Therefore, some of the manufacturers are taking initiatives and investing more on research & development activities to accelerate material or product innovations. Additionally, they are focusing on manufacturing new facilities for the recycling of West cans.

As per a recent report published by the American Iron and Steel Institute, steel food cans have the highest recycling rate out of all food packaging that is equivalent to 58%. This rate is significantly higher than alternative food packaging that includes plastic (13%), glass (33.9%), cartons (16%), and pouches (2%). Nearly 30,000 food cans are recycled every minute in the U.S. Steel cans made of recycled steel results in 75% less greenhouse gas emission than making food cans with virgin steel. Thus, FMI estimates that various initiatives by market players will significantly increase the demand for cans in the next decade.

Competitive Landscape: Cans Market

Some of the leading participants in the global cans market are Ball Corporation, Mondi Group, Novelis Inc., Crown Holdings, Inc., Silgan Holding Inc., Ardagh Group S.A, Orora Packaging Australia Pty. Ltd., the Olayan Group, Ardagh S.A., Canpack, CPMC Holdings Ltd., Bangkok Can Manufacturing ,Nampak Ltd., Mahmood Saeed Beverage Cans & Ends Industry Company Ltd,Kian Joo Can Factory Berhad, Swan Industries (Thailand) Company Ltd, GZ Industri, Toyo Seikan Co., Ltd. and Envases Group.

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries

This release was published on openPR.