Global Beverage Cans Market Size, Share, and COVID-19 Impact Analysis, By Material (Aluminum & Steel), By Application (Carbonated Soft Drinks & Alcoholic Beverages), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2028
KEY MARKET INSIGHTS
The global Beverage Cans Market Size was valued at USD 28.4 Bn in 2021. The market is projected to grow USD 37.2 Bn in 2028, at a CAGR of 5.2%. The market is primarily driven by the demand for highly portable and excellent packaging solutions for protection. The increased consumption of non-alcoholic products among health-conscious customers is predicted to drive demand for beverage cans. Furthermore, the introduction of fruit juices and sports drinks, as well as rising demand for Ready-to-Drink (RTD) products in can packaging are likely to boost market growth of global beverage cans market. The United States is the world's largest market for beverage cans, with the highest per capita usage.
Rising demand for sustainable products along with the awareness regarding the environmental consciousness will drive the market growth of beverage cans market. Beverage manufacturers are upgrading and modernizing products with an emphasis on natural, low-calorie, and low-sugar ingredients like stevia for consumers becoming more health-conscious around the world. 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 are in high demand due to the increase in demand for alcoholic goods through off-premise sites such as supermarkets, hypermarkets, and department shops. The beverage cans market is growing due to rising consumer interest in a healthy and sustainable lifestyle, which has resulted in increased adoption of nutritional beverages with natural fruit, herb, and vegetable flavors.
Furthermore, rising demand for beverage cans with improved thermal conductivity, which aids in fast cooling and freshness attributes in beverages, is likely to propel the market's revenue growth. The adoption of beverage cans is expanding due to rising demand for dairy beverages served in cans, such as cold coffee, fruit milkshakes, chocolate milkshakes, and others are likely to increase market growth of global beverage cans market.
The COVID-19 has a significant impact on the beverage can market's performance. The supply chain was affected by restrictions on bauxite mining, raw material shipping, and aluminum recycling. The supply of cans was in low supply for beverage manufacturers. The corona outbreak, turned out to be a blessing in disguise for beverage can manufacturers. Due to the lockdown, consumers preferred to buy multiple packs of beverages for home consumption which fueled beverage demand during the pandemic. The unanticipated increase in demand for beverages has boosted the global beverage cans market.
Rising Demand for Read-to-Drink Beverages
Consumer behavior has shifted as a result of exponential population expansion, rising disposable income, and changing lifestyles. Consumers are preferring for ready-to-drink beverages as a result of their hectic schedules and extended working hours. Demand of natural products such as tea, coffee, wine, and water among consumers over added antioxidants, minerals and vitamins. In addition, the use of appealing and interactive printings on metal cans is gaining popularity as a way to improve brand recognition.
Increasing Popularity of Energy and Sports Drinks
Energy drinks are often advertised as items that boost energy levels while also improving mental ability and physical performance. Energy drinks are the most popular dietary supplement among American millennials for enhanced performance during activity. Energy drinks are more popular among the younger generation since they fit in with their way of life. Despite the fact that energy drinks have been criticized for containing too much caffeine and sugar, sales have increased. Recent advances have seen businesses incorporate organic choices into their product lines, potentially pushing energy drinks into the health area.
Rising Growth of Beverage Industry Across the World
The rising demand for beverages around the world is due to factors such as urbanization activities and a growing population. Consumer spending on beverages has increased in emerging countries as disposable income has increased. Brand preference has sparked a surge in beverage consumption in developing countries, hence propelling the growth of global beverage cans market. Brands like Coca-Cola and Pepsi, for example, have a tremendous impact on customers in emerging markets. Furthermore, consumers prefer beverages packaged in environmentally friendly and recyclable materials, which drives up demand for metal cans. Furthermore, changing lifestyle choices and a growing awareness of health have increased the need for healthy and nutritious drinks, propelling this industry forward.
Shifting Focus to PET Bottles Will Hinder the Beverage Industry
Beverage manufacturers are shifting their preference for PET and glass bottles which is likely to hinder the market growth of global beverage cans market. Beverage manufactures are increasing their demand for PET bottles since they have similar features to metal cans, such as reusability, durability, lightweight, and oxygen gas barrier capabilities. When compared to metal cans, PET bottles are a low-cost packaging option for beverage manufacturers. Furthermore, the energy and cost required to create PET bottles is far lower than that necessary to manufacture metal cans. The aforementioned factors will limit market expansion.
The global beverage cans market is segmented by Material (Aluminum and Steel), By Application (Carbonated Soft Drinks, Alcoholic Beverages, Fruit & Vegetable Juices & Others) and Region. Based on the material, the market is categorized into Aluminum and Steel. Based on application, the market is categorized into Carbonated Soft Drinks, Alcoholic Beverages, Fruit & Vegetable Juices & Others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Based on the material segment, the global beverage cans market is categorized into aluminum and Steel. The Aluminum segment has dominated the market share in 2020 owing to the high usage of aluminum due to its long lasting shelf life to beverage cans. Moreover, aluminum cans are most widely used cans among the world as it can be easily recycled. Aluminum features high flexibility, light weight and impermeability which is propelling the market growth of beverage cans market. For instance, according to the Aluminum Association, in the United States, the average aluminum cans include roughly 73% recycled, compared to 23% for glass bottles and less than 6% for plastic.
Based on the application segment, the global beverage cans market is categorized into carbonated soft drinks, alcoholic beverages, fruit & vegetable juices & others. The carbonated soft drinks held the largest market share of the global beverage cans market attributing to the rising demand for soft drinks. Demand for carbonated soft drinks is increasing due to the introduction of new tastes with fruit combinations that appeal to a younger generation of customers. For instance, the sales of coca cola’s mini can have increased where the trend of adopting diet coke cans becomes more. However, the alcoholic beverages are expected to account highest CAGR across the forecast period of global beverage cans market due to the increasing trend among millennials and rising consumer demand for high-quality/premium alcoholic products.
The global Beverage Cans market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America region is dominating the market share of global beverage cans market owing to the high product adoption by consumers and increased consumption of carbonated beverages along with awareness regarding sustainability. However, Asia Pacific is expected to witness highest growth rate during the forecast period of beverage cans market due to the rising population and urbanization activities. Rising industrial growth, environmental concerns, increased disposable income, and lower production of fresh food & beverage products are driving consequently fueling the demand for global beverage cans market.
· Ball Corporation
· Crown Holdings Inc.
· Orora Packaging Australia Pty. Ltd.
· Ardagh Group S.A
· CPMC Holdings Limited
· Toyo Seikan Group Holdings Ltd.
· Can-One Berhad
· Can-Pack S.A
· Universal Can Corporation
· Interpack Group Inc.
· GZ Industries
· Showa Denko K.K
· Swan Industries (Thailand) Limited
· Nampak Bevcan Limited
KEY INDUSTRY DEVELOPMENTS:
January 2021- Crown Holdings has announced to build a new beverage can in Kentucky. The new facility offers the increased demand for beverage cans in North America for the drinks such as sparkling water, energy drinks, craft beer, cocktails, among others.
October 2020- Ball Corporation has announced a partnership with Kroenke Sports & Entertainment to enhance sustainability in sports and entertainment through aluminum beverage packaging.
- Carbonated Soft Drinks
- Alcoholic Beverages
- Fruit & Vegetable Juices
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
Global Beverage Cans Market Size