A leading research firm, opines that the overall sales of beverage cans were pegged at more than US$ 45 Bn in 2018 and the global beverage cans market is likely to grow at a decent pace during the forecast period owing to growing demand for metal packaging across the developed as well as developing economies. In addition, the growing beverage industry along with changing consumer preferences are among the key trends anticipated to amplify the overall sales of beverage cans over the forecast period. Currently, North America holds the leading share in the global beverage cans market owing to significant demand for canned beverages in the market. The demand for alcoholic beverages, energy drinks and sparkling waters coupled with rising urbanization are projected to augment the growth of the global beverage cans market. For instance, the Ball Corporation, a leading beverage cans manufacturer in North America Market introduced new Cameo End Printings for beverage cans in August, 2019. These new printed top cans are more appealing and can attract customers easily.
Widespread Applications of Beverage Cans Creating New Growth Verticals
Beverage cans are used for the packaging of a wide range of beverages including, alcoholic beverages, carbonated soft drinks, sports & energy drinks and other beverages. According to study, the alcoholic beverage packaging is estimated to account for a leading share in the global beverage cans market. The beverage cans can protect the flavor of an alcoholic beverage and provide protection from air and light. The beverage cans for alcohol are also lightweight and can provide the best shipping efficiency. Rising demand for alcoholic beverages like, beer, cider etc. in developed as well as developing countries are projected to lay a strong base for the significant growth of the beverage cans market. In addition, the manufacturers are focusing on providing youth-oriented products including the ready-to-drink cocktails and stylish beverage cans such as, sleek cans and slim cans. For example, Ardagh Group, a leading manufacturer of metal cans introduced a new tailor-made 187ml wine can in the European market. The can is specifically designed to present and protect wine and wine-based drinks. It will attract the consumers who are looking for a single drink or ‘on the go’ alcoholic beverages.
Furthermore, according to the American Beverage Association, the demand for energy and soft drinks is increasing at a rapid rate in the market. In addition, with the rising awareness of health issues caused by carbonated soft drinks, the consumer preference is shifting towards the sports and energy drinks. The abovementioned factors are expected to create a demand for sports & energy drinks cans in the global market and the segment is expected to register an above average growth rate during the forecast period.
Recycled Aluminum Cans Becoming a Key Market Trend
The study also found that aluminum beverage cans contain 3X recycled content as compared to glass or plastic cans. Many developed as well as developing countries are introducing regulatory reforms to raise the recycling rates of aluminum products. According to the Aluminum Association, in North America, the industry recycling rate for aluminum cans was 63.6% in 2017 and consumer recycling rate for the same was 49.8%. Hence, to cater to the rising demand of recycled aluminum beverage cans, the key players like, Ardagh Group, Ball Corporation etc. are focusing on expanding their production capacities for recycled aluminum cans. Ball Corporation alone is manufacturing more than 50 billion recyclable cans per year.
Furthermore, the aluminum cans have an unparalleled safety record among all the material types used for beverage cans manufacturing. The aluminum cans do not rust and are a brilliant corrosion resistant products, owing to which the aluminum cans can be recycled and reused in beverage cans manufacturing. The growing number of recycling aluminum cans are projected to drive the global beverage cans market in the forthcoming years.
The report offers forecast of the beverage cans market for the period 2019-2027. According to the report, the beverage cans market is projected to record over 4% CAGR through 2027. The food & beverage sector continues to generate lucrative opportunities for leading industry giants to gain leading market share in the beverage cans segment.
These insights are based on a report on Beverage Cans Market by Fact.MR.
