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Alcoholic Beverage Packaging Market Report 2024 - Alcoholic Beverage Packaging Market Size, Share And Trends
Alcoholic Beverage Packaging Market
According to The Business Research Company's, The alcoholic beverage packaging market size has grown strongly in recent years. It will grow from $72.02 billion in 2023 to $77.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to consumer trends, regulatory compliance, brand differentiation, supply chain efficiency, globalization of markets.
The alcoholic beverage packaging market size is expected to see strong growth in the next few years. It will grow to $99.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to sustainable packaging, premiumization, e-commerce growth, health and wellness trends, emerging markets.. Major trends in the forecast period include lightweight and portable packaging, focus on tamper-evident and security features, increasing popularity of glass alternatives, collaborations with artists and designers, adoption of eco-friendly materials.
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Market Drivers and Trends:
The rising alcoholic beverage consumption is expected to propel the growth of the alcoholic beverage packaging market going forward. The rising alcoholic beverage consumption has resulted from changes in social and cultural norms, increased availability of alcoholic drinks, changes in marketing strategies, and changes in economic and social conditions. As the demand for alcoholic beverages is increasing globally, the need for efficient and innovative packaging solutions is also rising to meet consumer demands and regulatory requirements. For instance, in February 2023, according to an article published by PennState Extension, a US-based modern education organization, alcohol consumption in adults aged 18 and above has reached 63% in 2022 as compared to 60% in 2021. Also, in 2022, the alcohol consumption rate reaches up to 65% for adults with a legal age of drinking 21 years. Therefore, the rising alcoholic beverages consumption is driving the growth of the alcoholic beverage packaging market.
Technological development is a key trend gaining popularity in the alcoholic beverages packaging market. Companies operating in the alcoholic beverage packaging market are developing new sustainable packaging technology to sustain their position in the market. For instance, in October 2022, Diageo, a UK-based beverages company collaborated with ecoSPIRITS, a Singapore-based beverages packaging company and launched the first ecoSPIRITS Intelligent Circular Closed Loop Network. This is a system aimed at reducing waste and environmental impact in the spirits industry, specifically in the packaging and distribution aspects. The SmartPour 2.0S Smirnoff Edition is the first Internet-of-Things (IoT) device to be officially powered by ecoSPIRITS' cloud-based CircularONE software platform, which aims to improve the security, scalability, and efficiency of ecoSPIRITS' global closed loop network.
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:
Mondi plc; Amcor Plc; Ball Corporation; Crown Holdings Inc.; Berry Global Group Inc.; Tetra Pak International SA; Ardagh Group; Owens-Illinois (O-I) Inc.; Krones AG; Orora Packaging Australia Pty. Ltd.; Vetreria Etrusca SpA; Brick Packaging LLC; Nampak Limited; Encore Glass Inc.; Gerresheimer AG; United Bottles & Packaging; Saint Gobain SA; Ardagh Group SA; Stora Enso Oyj; IntraPac International LLC; WestRock LLC; ProAmpac Holdings Inc.; Beatson Clark Ltd.; Berlin Packaging LLC; DS Smith plc; Graphic Packaging International LLC; Huhtamaki Oyj; Piramal Glass Limited; Smurfit Kappa Group
Alcoholic Beverage Packaging Market 2024 Key Insights:
• The alcoholic beverage packaging market will grow to $99.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Alcoholic Beverage Consumption Boosts Packaging Market Growth
• Innovative Advances Sustainable Technology Transforming Alcoholic Beverage Packaging
• North America was the largest region in the alcoholic beverage packaging market in 2023
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Learn More About The Business Research Company
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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