The global beveragecans market size is expected to reach USD 36.59 billion by2027, exhibiting a CAGR of 4.7% during the forecast period. The growingadoption of alcoholic beverages in underdeveloped and conservative countriescan simultaneously bolster healthy growth of this market, states FortuneBusiness Insights, in a report, titled “Beverage Cans Market Size, Share &COVID-19Impact Analysis, By Product (Aluminium, and Steel), Application (CarbonatedSoft Drinks, Alcoholic Beverages, Fruit and Vegetable Juices, and Others), andRegional Forecast, 2020-2027.” The market size stood at USD 25.31 billion in2019.
The coronavirus emergency has financially drained variousindustries and sectors around the globe. The governments of several countrieshave instigated lockdown to thwart the spread of this deadly virus. Such planshave caused disturbances in the production and supply chain. But, with time andresolution, we will be able to combat this stern time and get back tonormality. Our well-revised reports will help companies receive in-depthinformation about every market's present scenario so that you can adopt thenecessary strategies accordingly.
The market report includes:
· All-encompassingreport of the market
· Criticalinsights into the market
· Dominantregions in the world
· Marketdrivers and restraints
· Competitivelandscape
· COVID-19impact
Market Driver:
Evolving Consumer Lifestyle to Influence Massive Growth
The risingurbanization, coupled with the growing population are factors expected to boostthe growth of the market. The increasing disposable income in developingcountries has led to high consumer spending on beverages, which, in turn, willpropel the market growth. Brand preference has played an essential role in spurringthe demand for beverages in developing countries, thus boosting the marketgrowth. The growing knowledge about sustainable and recyclable beveragepackaging among consumers will consequently improve the demand for metal cansin the forthcoming years. Moreover, shifting lifestyle choices and increasinghealth consciousness will fuel demand for healthy and nutritious drinks, hencefavoring the business of beverage cans.
COVID-19 Impact:
Varied Effect of COVID-19 on the Beverage Cans Market
The restrictions imposed by the governments on bauxitemining, transportation of raw material, and recycling activities of aluminumhasdisrupted the supply chain of the industry. Thus, a shortage in the supply ofcans by beverage manufacturers. Nevertheless, the demand for beverages peakedhigh during the pandemic. The buying pattern of consumers changed drastically,and high consumption beverages during lockdown helped in the recovery of the beverage cans market growth. The inflateddemand for beverages impelled manufacturers to adopt strategies to stabilize thesecans' supply and production amid global pandemic.
RegionalAnalysis:
Inclination towards Healthy Beverages to BoostMarket in North America
North America is expected to hold the largest beveragecans market share in the foreseeable years. The increasing health consciousness among consumers has led to high demand forhealthy and nutritious beverages in the US. Asia Pacific is expected to expandrapidly during the forecast period. The growth is attributed to the risingpopulation and urbanization activities in the region. Moreover, increasingconsumer spending and changing lifestyles will have a tremendous impact on the region'smarket. Moreover, the growing consumer awareness regarding environmentalpollution hasimpelled the manufacturers to use sustainable packaging solutions,which, in turn, will augur well for the market in Europe. Besides, the EuropeanUnion's initiative to achieve the goal of circular economy will further fueldemand for these cans in the forthcoming years.
Key Development:
July2020:CANPACK, a global manufacturer of aluminum beverage cans,began production atits greenfield facility in Stříbro, Czech Republic,after 10 months of project announcement. The plant has an investment ofUS$ 117.5 Mn, with the capacity to produce 1 billion cans annually.
The Report Lists the Key Companies in theMarket:
· Ball Corporation(U.S.)
· Orora PackagingAustralia Pty Ltd (Australia)
· Crown Holdings,Inc. (U.S.)
· Ardagh Group S.A.(Ireland)
· CANPACK S.A.(Poland)
· GZ IndustriesLtd. (Nigeria)
· CPMC HoldingsLtd. (China)
· MSCANCO (SaudiArabia)
· Pakistan AluminumBeverage Cans Limited (PABC Ltd.) (Pakistan)
· Ceylon BeverageCan (Pvt) Ltd. (Sri Lanka)
· Universal CanCorporation (U.S.)
· TechpackSolutions (China)
· Baosteel MetalCo., Ltd. (China)
· Asia PackagingIndustries (Vietnam)
· Silgan Holdings(U.S.)
· Other Key Players
Information source
https://www.fortunebusinessinsights.com/beverage-cans-market-104706
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