MarketsandMarkets™The beverage cans market is estimated at USD 23.7 billion in 2021; it is projected to grow at a CAGR of 5.6% to reach USD 31.2 billion by 2026.The report "Beverage Cans Market by Material Type (Aluminium, Steel, and PET), Beverage Type (Alcoholic Beverages, Non-Alcoholic Beverages, and Water), Structure (2-Piece and 3-Piece), & Region (NA, APAC, EUR, SA, and RoW) - Global Forecast to 2026" The beverage cans market was valued at USD 23.7 Billion in 2021 and is projected to reach USD 31.2 Billion by 2026, expanding at a growth rate of 5.6% during the forecast period. North America dominated the beverage cans market. The rise in the production of alcoholic beverages, such as beer and ready-to-drink cocktail products, has resulted in premium packaging solutions, thereby triggering the demand for cans.
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By material type, the aluminum segment is estimated to hold the largest share in the beverage cans market
Aluminum is a very ductile material. It is derived from the bauxite ore. It is the most preferred raw material and is used for packaging beverage products as it offers impermeability and high flexibility. It is a very cost-effective raw material used in the industry and can customize the packaging with colors, 3D prints, and embossing. Therefore, technological developments have led the manufacturers to remodel their strategies by using various sizes of cans, along with different shapes. According to the Environmental Protection Agency of the United States (EPA), in 2018, 1.9 million tons of aluminum packaging were generated for beers and soft drink cans, and 49.2 percent of aluminum beverage cans were recycled. Hence, aluminum cans are estimated to dominate the market.
By beverage type, the non-alcoholic beverage segment is estimated to grow at a higher growth rate in the market.
Non-alcoholic beverages majorly constitute of carbonated soft drinks containing carbonated water, vapor, color, sweeteners, and preservatives. Carbonated soft drinks are often found to be deteriorated in terms of the taste and texture when packaged in glass bottles sealed with crown cork. The two major deteriorative changes that occur in carbonated drinks are loss of carbonation and rancidification of essential flavoring agents. These deteriorative changes can be reduced by providing effective packaging of beverage cans. In recent years, due to a rise in the consumption of carbonated beverages, the can packaging industry has seen tremendous growth. Further non-alcoholic beverages such as sports and energy drinks play an important role in an athlete’s life. These drinks contain carbohydrates in the form of sugar, electrolytes, proteins, vitamins, and caffeine and are now being widely consumed.
Asia Pacific is projected to be the fastest-growing market.
Asia Pacific accounted for greater growth in the global cans market for beverages during the forecast period. Countries, such as China and India, have significantly contributed to the growth of the cans market for beverages in the Asia Pacific region. These countries have a high population density and are the leading producers of fruits. These factors are projected to drive the demand for beverages such as juices and functional drinks in the region.
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Key Market Players:
The key players in this market include Crown Holdings Inc. (Philadelphia, US), ArdaghGroup S.A, (Luxemburg), CPMC Holdings Limited (China), Toyo Seikan Group Holdings Ltd. (Tokyo, Japan), Can-One Berhad (Malaysia), Can-Pack S.A (Poland), Ball Corporation (Colorado, US), Envases Universales (Spain), Universal Can Corporation (Tokyo, Japan), Interpack Group Inc. (China), GZ Industries (Nigeria), Showa Denko K.K (Tokyo, Japan), Swan Industries (Thailand) Limited (Thailand), Nampak Bevcan Limited (South Africa), The Olayan Group (Saudi Arabia), and Techpack Solutions Pvt Limited (Seoul, South Korea).
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