The global beverage cans market is expected to grow at a significant rate due to increased demand for aerated drinks and increased consumption of packaged juices. Consumers are leading better lifestyles, which is driving demand for beverage cans containing vegetable and fruit juices, as well as caffeine-based beverages like coffee and iced tea. Furthermore, the growth of the beverage cans market can be ascribed to an increase in the consumption of alcoholic beverages, including as beer and cider, which require precise cooling temperatures to improve their taste. The beverage cans market is projected to be restrained by changes in raw material prices and the complexity of manufacturing steel beverage cans. With consumers becoming more health-conscious around the world, beverage makers are upgrading and inventing products with an emphasis on natural, low-calorie, and low-sugar ingredients like stevia. This is likely to bring in an influx of health-conscious customers. Due to the COVID-19 pandemic, restaurants and bars began serving alcohol on the go, resulting in a significant surge in packaged beer sales. Metal cans were in high demand due to the increase in demand for alcoholic goods through off-premise sites such as supermarkets, hypermarkets, and department shops. Because of the COVID-19 outbreak, customers were more health-conscious, increasing their consumption of healthy foods and beverages, which boosted sales of functional and energy drinks. As a result, the market as a whole increases at a significant rate during forecast year.
Region Analysis:
The worldwide beverage cans market is expected to be dominated by North America, followed by Europe and Asia Pacific due to its well-developed beverage sector and high beverage consumption rate, North America dominates the global beverage cans market. However, due to economic development, population growth, hectic lifestyles, and increased beverage consumption, the beverage cans market in Asia Pacific is expected to grow at a quick rate. Because of rising economies like China, India, and Japan, the beverage cans industry in the region is expected to grow.
Key Development:
- Ball Corporation and Kroenke Sports & Entertainment established a cooperation in October 2020 to enhance sustainability in sports and entertainment through aluminium beverage packaging.
- Crown Holdings Inc. stated in January 2021 that it would construct a new beverage can in Kentucky. The new factory will help meet North America's growing demand for beverage cans, which includes sparkling water, energy drinks, craft beer, and cocktails, among other beverages.
- Ardagh Group S.A. announced plans to expand production in Brazil in March 2019 in response to increased consumer demand for recyclable, sustainable packaging.
Segmentation:
The Global Beverage Can Market accounted for US$ 19.34 billion in 2020 and is estimated to be US$ 33.85 billion by 2030 and is anticipated to register a CAGR of 5.8%. The global beverage cans market report segments the market on the basis of product, application, and region.
- Based on Product, the Global Beverage Can Market is segmented into Aluminum and Steel.
- Based on the Application, the target market is segmented into Alcoholic Beverages (Beer, Cider, and Spirits), Carbonated Soft Drinks (CSDs), Fruit and Vegetable Juices, and Others (sports and energy drinks).
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Competitive Analysis:
Key players in the global beverage cans market includes, Ball Corporation, Crown Holdings, Inc., Tetra Laval International S.A., Orora Packaging Australia Pty Ltd., Silgan Holdings Inc., Ardagh Group S.A., Mahmood Saeed Beverage Cans & Ends Industry Company Limited, CPMC Holdings Limited, Silgan Holdings Inc., and Can Pack S.A.
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