Innovative Packaging of Products to Drive the Global Beverage Packaging Market
The Worldwide Beverage Packaging Market was valued at USD 140.10 billion in 2020 and is estimated to grow at a compound annual growth rate (CAGR) of 5.01% during the forecast period. Beverage packaging may be a substantial part of the ever-growing beverage industry. The packaging of beverages may be a complex process and also the diversification of beverages like an alcoholic or non-alcoholic, require different materials and containers. Proper design and adoption of a beverage package extends the period of the beverage, is convenient for the users, and saves the fabric costs regarding wastage. Moreover, the packaging materials utilized for beverages are glass, polymers, metals, paperboards together with their combinations. the employment of various materials is determined as per the time period of the beverage, the chemical composition of the beverage, and also the value of the beverage that's to be packaged.
The increase in the consumption of non-alcoholic and dairy beverages is projected to be a number of the key drivers for the expansion of the world Beverage Packaging Market. There are several innovations and developments within the packaging designs and packaging technology over the last five years within the global Beverage Packaging Market. the rise in demand for products made up of biodegradable and renewable stuff presents lucrative opportunities for the players within the market. the increase in consumption in emerging economies is encouraging the expansion of the market.
The most important factor that's obstructing
the accelerometer's market growth is the implementation of strict
regulations by the govt. on plastic usage. as an example, the
ban on single-use plastic in several nations everywhere the
planet will simultaneously influence the Beverage Packaging Market share. The
rising inclination towards the conservation of natural habitat and environment
might distress the beverage packaging supply chain, which successively is
probably going to cut down the Beverage Packaging Market revenue
over the assessment period.
The global Beverage Packaging Market is segmented on the basis of product, the market of Beverage Packaging is divided into Can, Bottle & Jars, Pouch, Carton, and others. On the basis of applications, the market is divided into Alcoholic and Non-alcoholic.
The Bottle & Jars segment dominated the market accounting for around one-third of the global market. it's expected to continue its dominance within the upcoming years because of the strong demand for bottle & jars packaging solutions within the beverage industry. Moreover, bottle & jar packaging allows simple handling of beverages as compared to other shapes and packaging. Carton segment is estimated to witness the very best growth within the market attributable to the increasing adoption of eco-friendly and lightweight packaging within the beverage industry.
The Asia Pacific could be a significant contributor to the global Beverage Packaging Market. China and India are expected to spearhead the Asia Pacific Beverage Packaging Market growth over the forecast period. Countries within the Asia Pacific region, like India, have witnessed rapid penetration of modern retail outlets, especially within the urban areas. quick access to hypermarkets and supermarkets has enabled a rise within the consumption of beverages like soft drinks similar to alcoholic beverages within the Beverage Packaging Market.
Some of the major players in the global Beverage Packaging Market include Amcor Group GmbH, Tetra Pak Group, O-I Glass, Inc., Crown Holdings, Inc, Ball Corporation, Ardagh Group S.A., Verallia SA, Toyo Seikan Group Holdings, Ltd., Vidrala S.A., and CPMC Holdings Limited, among others.
Browse the full Report - Beverage Packaging Market by Packaging Type (Bottle, Can, Carton, Pouch, Other Packaging Type), by Material Type (Metal, Plastic, Glass, Paper & paperboard, Other material type), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)