November 29, 2022 04:30 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES Tobacco Tin
New York, USA, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Beverage Cans Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Beverage Cans Market Information By Material, Application, And Region - Forecast till 2028”, the market is estimated to grow at a 3.8% CAGR to reach USD 32.93 Billion by 2028.
Metal containers called beverage cans are made to carry predetermined quantities of liquid beverages like energy drinks, alcoholic beverages, carbonated drinks, tea, and others. The cans are made of either steel or aluminum and are extremely recyclable. Due to their sustainability and capacity to be recycled without affecting quality, cans are in higher demand from beverage producers. Additional variables influencing demand include shifting lifestyle preferences and increasing disposable money. The rising popularity of alcoholic beverages in traditional and conservative nations will also contribute to expanding this market. Due to rising environmental and ecological concerns, metal packaging items are extremely popular.
Metal may be recycled numerous times without losing any of its quality because it is a durable material. As a result, aluminum cans are one of the most cost-effective packaging options for beverages and personal care items. They are also economical, which adds to their ranking as one of the most recycled metals worldwide.
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The famous companies in the beverage cans market are:
Market U.S.P. Covered:
The main factor driving market expansion is the desire for excellent packaging solutions that are very portable for protection from the outside environment. The increased use of non-alcoholic beverages among health-conscious customers is anticipated to be the main driver of the trend for beverage cans. Additionally, the expansion of the Ready-to-Drink (RTD) market is anticipated to be aided by the development of fruit juices and sports drinks, as well as the rising consumption of RTD products in can packaging. Customers' preference for ready-to-drink beverages results from their busy schedules and long workdays. Due to their small amount and portability, beverages like wine, tea, coffee, and water in cans are in high demand from consumers.
Additionally, the use of eye-catching and engaging printings on metal cans is gaining popularity as a way to strengthen brands. Brand preference has been a major factor in pushing the industry and soaring beverage consumption in developing nations. The demand for healthy and nourishing drinks has also increased due to changing lifestyle decisions and rising health consciousness, boosting this market.
The market is being constrained by manufacturers' growing preference for PET and glass bottles. Due to similar qualities demonstrated by metal cans, such as durability, lightweight, reusability, and oxygen gas barrier features, PET bottles are increasingly in demand from beverage makers. Compared to metal cans, PET bottles offer beverage makers a cheaper packaging option. Furthermore, the production of PET bottles uses a lot less energy than the production of beverage cans. The development of aluminum cans that can degrade in landfills after being discarded presents another hurdle for companies in the global beverage cans sector. Additionally, they must accomplish this while maintaining the cost within reach of most people on the planet.
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Due to the COVID-19 pandemic, restaurants and pubs started serving alcohol to go, significantly increasing packaged beer sales. Metal cans were in great demand due to the growth in demand for alcoholic beverages at off-premises establishments such as hypermarkets, supermarkets, and department shops. Because of the COVID-19 outbreak, consumers have become more health concerned, increasing their consumption of nutritious foods and drinks. This has raised the demand for functional and energy drinks. This aided in the expansion of the market as a whole. The supply of cans was insufficient for beverage producers. The Corona outbreak, nevertheless, was a boon for the companies that make beverage cans. Due to the lockdown, consumers choose to purchase numerous packs of beverages for consumption at home. This preference fueled beverage demand during the outbreak. The unanticipated increase in beverage consumption has boosted the market's overall business.
By application, the market includes fruit & vegetable juices, carbonated soft drinks, alcoholic beverages, and others. By material, the market includes aluminum and steel.
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The North American region now dominates the market share for regional beverage cans. For the period covered by this study, the beverage cans market in this area is anticipated to rise rapidly. This area's extraordinarily significant market share will continue to result from the strong CAGR. The world's largest market for beverage cans and the country with the most per capita can usage are both the United States. The market share for beverage cans is likewise very strong in the European Union. Because many countries in this region recycle metal cans, this is the explanation. Their population is quickly becoming wealthier. In all of these areas, a sizable middle class is also growing.
The beverage cans industry's strong growth rate is driven by rising purchasing power and disposable incomes. A significant portion of the world's population, primarily in Asia and the Pacific, also consumes many beverages. Additionally, growing industrialization in developing nations like China and India has increased people's disposable income, which is anticipated to stimulate demand for beverages and positively impact market growth. The consumption of packaged goods like carbonated soft drinks and functional & alcoholic drinks in South America is being driven by the region's growing middle class, particularly in nations like Brazil, Argentina, and Chile, which is creating positive potential growth for beverage can producers.
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