Beverage Packaging Market

Market Synopsis:

Global Beverage Packaging market valued at USD 151.81 Billion in 2022 and is projected to reach a value of USD 219.23 Billion by 2030 at a CAGR of 4.70% over the forecast period.

The Beverage Packaging market is witnessing the highest growth globally due to awareness among the public regarding the environment coupled with increasing demand for suitable packaging, and the increasing demand for sustainable products. Moreover, the beverage industry includes ready-to-drink products like alcoholic and non-alcoholic beverages. In addition, the beverage industry also provides flavored drinks, vitamin water, energy, sports drinks, milk, vegetable juice, flavored tea, and coffee which is expected to increase its demand in the upcoming years. Moreover, the growth in the adoption of biodegradable, recyclable, and compostable packaging material among the various manufacturers is generating a prospect of growth for the global Beverage Packaging market in the years to come. The global Beverage Packaging market has grown substantially in these few years owing to the growth in the demand for small packs, and flexible pouches. Additionally, the prime benefits of using Beverage Packaging are that it offers to seal, retain the aroma, protection against moisture, and enhances strength which is boosting the demand for Beverage Packaging during the forecast period. Furthermore, the Beverage Packaging industry is accepting advanced systems in order to maintain the nutritional content of beverages and to ensure maximum security which is projected to drive the Beverage Packaging market growth in the coming years. Whereas, increasing use of biodegradable and renewable raw materials is projected to provide an opportunity for the growth of the Beverage Packaging market in the years to come.

Market Segmentation:

The Metal Segment is Projected to Grow at the Highest CAGR During the Forecast Period

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The growth of metal segment is primarily attributed to the flexibility and accessibility provided by metal packaging. This is encouraging the growth of Beverage Packaging during the forecast period. The metal used for beverages can be steel or aluminum. Aluminum and steel are inactive in terms of sensitivity with non-alcoholic beverages and it is the most suitable material type for their packaging. Moreover, metal cans are also utilized for beer packaging. Besides, can packaging for beer is increasing due to the advantages over a glass of eliminating the harm from oxidation and light that keeps the beer fresh for a longer time. Moreover, metal cans and metal bottles are popular ways of serving beverages to consumers.

Dairy Beverage Segment Dominates Type of Beverages to be Packed

The dairy beverage in the Beverage Packaging market acquires an important space globally. Dairy drinks are considered first-rate as they offer a natural nutritional base to the customers. The market for dairy beverages is small but the requirement for these products is expected to witness robust growth in the upcoming years. Moreover, packaging plays a substantial role in dairy beverages as it adds value to the brand and attracts customers. The dairy processors and the packaging companies are non-stop challenging to produce more eco-friendly products that provide accessibility to the customers and allow product variation to the brand owners. These are the factors driving the growth of the Beverage Packaging market during the forecast period.

Asia Pacific Region to Acquire the Largest Share of the Beverage Packaging Market

The market growth can be considered by increasing consumption of packaged food and beverages in the Asia Pacific region driven by the busy lifestyle. Moreover, increasing urbanization and growing population in the APAC economies which is expected to increase the regional Beverage Packaging market during the forecast period. The growth of Beverage Packaging is mainly attributed to the growing demand for plastic packaging in the Asia Pacific owing to low cost, and growing end-user industries in the region. Besides, the increasing demand for Beverage Packaging and the rising purchasing power of the consumers in developing economies like China and India are projected to support the growth of the Beverage Packaging market in the Asia Pacific region.

Competitive Landscape:

The Beverage Packaging market is highly fragmented in nature due to the presence of key players in the market. Some of the major key players in the market are Amcor Group GmbH (Switzerland), O-I Glass Inc. (US), Crown Holdings Inc (US), Ardagh Group S.A. (Ireland), Verallia SA (France), Tetra Pak Group (Switzerland), Ball Corporation (US), Vidrala S.A. (Spain), Toyo Seikan Group Holdings, Ltd. (Japan), and CPMC Holdings Limited (China)..

Beverage Packaging Market is Segmented as Follows: