Beverage Cans Market Global Sales Revenue, Price and Gross Margin Forecast To 2023

Market Scenario

The global packaging market is constantly evolving, and is expected to witness high growth over the forecast period. Advanced technology in packaging has allowed innovation in products enabling many companies to adopt smart innovation in their product designs. They no longer have to stick to traditional methods of packaging. This will help improve the safety of food & beverages as well as it will attract the consumers. Companies spend more on packaging innovation rather than on production cost. They are adopting active packaging and intelligent packaging so as to enhance the performance of the packaging technique.

Globalbeverage cans market is expected to grow at a CAGR of 3.8% during the forecast period.

On the basis of regions, global beverage cans market has been segmented as North America, Europe, Asia Pacific and Rest of the World (RoW). North America region dominates the global beverage cans market. Increasing demand for metal cans in the region is primarily driving the growth of the market. Moreover, growing concerns regarding the use and consumption of sustainable packaging materials is expected to drive the demand for market growth. U.S. accounted for the largest market share in North America. Higher consumption of processed & packaged food & beverage products in this region drives the growth of the market.

Europe is another major market for the beverage cans. Germany, U.K., and France are the major markets in the region. Increased recycling activities undertaken by the regulatory bodies including European Commission and national governments of France, Germany, and UK drive the growth of the market in the region. Moreover, Europe is the hub of major non-alcoholic and alcoholic beverage manufacturers. This also has a positive influence on the growth of the market.

Asia Pacific is expected to grow at the highest CAGR during the forecast period. China, Japan, India, Australia and Indonesia are the major markets in Asia Pacific region. Increase in purchasing power in the region drives the growth of the market. Additionally, the availability of raw materials and low labor cost, together are a positive influence on the market growth. The young population, with significant disposable income, will also fuel the demand for beverage cans in the coming years. China accounts for the largest share of the beverage cans market in the Asia Pacific region. Latin America and Middle-East & Africa are also expected to witness a positive growth during the forecast period due to growing consumption of alcoholic beverages in Brazil, South Africa, & in Middle East region.

Global beverage cans market has been segmented based on materials, applications, and regions. On the basis of material, the market has been segmented as aluminum and steel. Aluminum material dominates the material segment of the market and is expected to be the fastest growing material segment. Aluminum possesses many advantages over steel cans such as it is lightweight and has high recycling rates with easy fabrication processing. It also helps food & beverage manufacturers reduce the weight of cans by more than 30%, with high recycling rate. Steel is also expected to contribute significantly during the forecast period.

On the basis of application, the market is segmented as carbonated soft drinks, alcoholic beverages, fruit & vegetable juices and others. Alcoholic beverages dominates the application segment of the market. Increase in demand for alcoholic beverages such as beer and cider in both, developed and developing countries drives the growth of the market. Fruit & vegetable juices segment is expected to have the highest CAGR during the forecast period. Rising concerns regarding personal health among the consumers, fuel the demand of beverage cans. Carbonated soft drinks segment is expected to contribute, significantly, during the forecast period.

The prominent players in the global beverage cans market include BWAY Corporation (U.S.), Kian Joo Can Factory Berhad (Malaysia), Toyo Seikan Group Holdings, Ltd. (Japan), CPMC Holdings Ltd. (China), Orora Packaging Australia Pty Ltd (Australia), HUBER Packaging Group GmbH (Germany), Crown Holdings Incorporated (U.S.), Ball Corporation (U.S.), Ardagh Group (Luxembourg), Silgan Holdings Inc. (U.S.), and Can-Pack SA, (Poland).

Hence, global beverage cans market is expected to grow at a CAGR of 3.8% during the forecast period.

Browse Full Report@ https://www.marketresearchfuture.com/reports/beverage-cans-market-5180