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Beverage Can Market Insights and Industry Outlook 2024
Beverage Can Market Insights
According to The Business Research Company's, The beverage can market size has grown strongly in recent years. It will grow from $32.32 billion in 2023 to $34.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to shift from glass to cans, increased consumer preferences for convenience, increased sustainability and recycling initiatives, increased brand differentiation and marketing, cost efficiency in production.
The beverage can market size is expected to see strong growth in the next few years. It will grow to $41.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising health and wellness trends, e-commerce expansion, emergence of non-alcoholic beverages, innovations in material and manufacturing, global economic growth. Major trends in the forecast period include sustainability and eco-friendly packaging, innovative can designs, functional packaging, lightweighting and material innovations, digital printing and labeling, supply chain resilience.
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Market Drivers and Trends:
Increasing consumption of beverages is expected to propel the growth of the beverage can market going forward. Beverage refers to any drinkable liquid, especially one that is not water. Aluminum cans are used as a packaging solution for storing and distributing beer. Aluminum beverage containers are recyclable and lightweight, stackable, and incredibly efficient to freight and store. Hence, the increasing consumption of beverages will result in a rise in demand for beverage cans which will boost the growth of the market. For Instance, according to Soda Consumption by Country 2023 report published by World Population Review, a US-based agency that turns complex demographic information into easy-to-understand articles on the population of countries and cities, Argentina has the most soda consumption in the world where the average person consumes about 155 liters in a year. Further, the United States is in second place with some of the highest soda consumption rates worldwide where each US resident drinks 154 liters annually. Therefore, the increasing consumption of beverages is driving the growth of the beverage can market.
Product innovation is a key trend gaining popularity in the beverage can market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in January 2023, Ardagh Metal Packaging (AMP), a Luxembourg-based supplier of sustainable, infinitely recyclable, metal beverage cans to brand owners, launched a 19.2oz beverage can which is designed for beverage brand customers. The new can gives consumers the option to select a size between the more conventional sizes of 16 oz and 24 oz to meet the rising demand in the single-serve channel. The packaging will allow firms to diversify into new product categories like water, hard seltzer, beer, and cider.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Crown Holdings Inc.; Ardagh Group S.A.; CPMC Holdings Limited; Toyo Seikan Group Holdings Ltd.; Can-Pack S.A.; Ball Corporation; Envases Universales S.A. de C.V.; GZ Industries Limited; Showa Denko K.K.; Nampak Beverage Can (Pty) Limited; The Olayan Group; Techpack Solutions Private Limited; Orora Packaging Australia Pty Ltd; Kien Joo Can Factory Berhad; Silgan Holdings Inc.; Can-One Berhad; Universal Can Corporation Inc.; Interpack Group Inc.; Ceylon Beverage Can (Private) Limited; Baoshan Iron & Steel Co Ltd.; Asia Packaging Industries Sdn Bhd; Jiangsu Baosteel Metal Products Co Ltd.; Rexam PLC; HUBER Packaging Group GmbH; O-I Glass Inc.; Metal Container Corporation; BWAY Corporation; Alltub Group; Massilly Group; Independent Can Company; Great China Metal Industry Company Limited; Hulamin Containers Limited; Shanghai Z Z Zijiang Enterprise (Group) Co Ltd.; Emballator Metal Group; China International Marine Containers (Group) Ltd.; Grupo Zapata S.A. de C.V.; ShengXing Group Co Ltd.; Benjamit Packaging Co Ltd.; Arabian Can Industry LLC; Grupo Vidriera Del Norte S.A. de C.V.
Beverage Can Market 2024 Key Insights:
• The beverage can market will grow to $41.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rising Beverage Consumption Fuels Growth In The Beverage Can Market Driven By High Demand And Recyclable Nature Of Aluminum Containers
• Sustainable Packaging Solutions Take Center Stage In The Evolving Beverage Can Market Landscape
• North America was the largest region in the beverage can market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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