Vantage Market Research
Dec 13, 2021
The Global Beverage Packaging Market is expected to reach USD 190.41 billion by 2028, growing at a CAGR of 5.01% between 2021 and 2028. The rise in global population coupled with increasing disposable income and high consumption of beverages in developing economies are factors fuelling the market growth.
Key Findings:
- The bottling segment is projected to grow at a CAGR of over 4.6% over the forecast period. The consumption of non-alcoholic beverages is anticipated to increase the demand for bottles in beverage packaging. Additionally, bottles are convenient in carrying as well as have storage making and preferred choice of consumers are factors driving the segmental growth.
- The metal segment held a market share of around 39% in 2020. The chemical compatibility of beverages' packaging material type is critical to the quality of the product; aluminum and steel are the most suitable types of material for packaging and fuelling the market growth.
- Asia Pacific is expected to expand at a CAGR of over 8.14% from 2021 to 2028. The demand for beverages is anticipated to grow at a higher rate due to a rising income and population shift from the rural to urban areas, in countries like India, China, and Japan.
Some of the major players in the 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. Players in the industry are focusing on more sustainable solutions for packaging to gain higher profits.
The increasing consumption of beverage coupled with the need for the long shelf life of such products and Lightweight packaging has been major factors fuelling market growth, several restrictions imposed by the government for waste products from packaging and control for environmental protection is expected to influence the market growth and motivate companies to come up with new and innovative solutions. Additionally, increasing tourism activities, easy availability of beverages, and adoption of a healthy lifestyle are some other factors supporting the Beverage Packaging Market. On the contrary, the higher cost involved in sustainable packaging options is a factor pulling the market growth down.
North America is expected to record the higher CAGR driven by the presence of big players operating in the region such as PepsiCo Inc, Tyson Foods Inc, Nestle, Kraft Heinz Co., Coca Cola Company, JBS USA, and Anheuser-Busch InBev in the U.S. is anticipated to increase the demand for packaging coupled with the on-going lifestyle of consumers in the region.