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Beverage Packaging Market Growing at 5.6% CAGR to Hit $133.3 billion | Growth, Share Analysis, Company Profiles
Beverage Packaging Market
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Drivers, Restrains, Opportunities
The growth of the global beverage packaging market is driven by increase in demand for convenience packaging, rise in consumption of bottled water, and surge in adoption of automation in beverage packaging. However, implementation of plain packaging for alcoholic and sugary drinks restrains the growth to a certain extent. Nevertheless, the introduction of bio-plastics for beverage packaging and use of recycled plastic for beverage packaging are likely to offer lucrative opportunities in the near future.
The bottle segment to dominate the market
On the basis of packaging type, the bottle segment garnered the lion's share in 2018, accounting for more than half of the global beverage packaging market and is expected to dominate the market throughout the forecast period, owing to the ease of manufacturing and handling of the bottles. However, the cartons segment is expected to cite the fastest CAGR of 6.7% during the forecast period, due to the ability to recycle the cartons.
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The non-alcoholic segment to rule the roost through 2026
On the basis of beverage type, the non-alcoholic segment accounted for the largest share in 2018, contributing to more than half of the global beverage packaging market and is anticipated to maintain its dominance throughout the study period. Moreover, the segment is expected to show the fastest CAGR of 6.1% during the forecast period. A significant change in consumer preferences toward healthy beverages and constant developments of new beverages drives the segment.
Asia-Pacific held the largest share in 2018
Region-wise, the global beverage packaging market across Asia-Pacific dominated in 2018, contributing to nearly two-fifths of the market. Moreover, the region is expected to manifest the fastest CAGR of 6.2% during the study period. This is due to improvements in lifestyles of population and availability of beverage product differentiations.
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Major market players
Mondi plc, Smurfit Kappa Group plc, Tetra Laval International S.A, Stora Enso Oyj, Ball Corporation, Crown Holdings, Inc, SIG Combibloc Group AG, Amcor plc, Orora Limited, Reynolds Group Holdings Limited
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