As per FMI, the global cans market is projected to reach US$ 51.6 Bn in 2032 and exhibit growth at a CAGR of 3.8% in 2022-2032. The market is estimated to reach a valuation of over US$ 35.6 Bn in 2022.
The global cans market is anticipated to witness significant growth opportunities in the next decade. Increased consumption of processed foods & drinks, improvement in product shelf life, and rising disposable income are some of the key factors projected to drive the demand for cans over the forecast period.
By end use, the beverages segment is anticipated to maintain its leadership position and increase at a CAGR of 4.0% throughout the course of the projected period. Since they are less prone to leak or rip during transportation, beverage cans are seen to be the best choice for large parties. Additionally, these cans are completely light-proof, which aids in preserving the quality of beverages that are sensitive to light.
Cans are best suited for preserving food as it prevents growth of microorganisms that cause foodborne illnesses. Being 100% recyclable, food cans are expected to be the ideal packaging choices for manufacturers across the globe. They are nowadays emphasizing sustainable packaging solutions.
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The aluminum segment by material type is estimated to generate a dominating market share throughout the forecast period. Growth is attributed to its extensive use in various end-use industries such as beverages, pharmaceuticals, cosmetics & personal care, and homecare products. According to the Environmental Protection Agency of the United States (EPA), in 2018, about 1.9 million tons of aluminum packaging was generated from beers and soft drink cans and 49.2 percent of aluminum beverage cans were recycled. Hence, aluminum cans are estimated to dominate the market.
Key Takeaways from Cans Market
- By material type, the aluminum segment is likely to create an incremental opportunity of US$ 13.1 Bn during the forecast period.
- Based on end use, the beverages segment is expected to accelerate at a CAGR of 0% in the global cans market during the forthcoming years.
- The China cans market is anticipated to generate a share of around 47% in the forecast period.
- The India cans market is projected to register a CAGR of 0% during the forecast period.
- The global cans market exhibited growth at a CAGR of 5% during the historic period of 2015-2021.
Global Cans Market Outlook By Category
By Material Type:
- Aluminum
- Steel/Tin Plated
- Plastic
- Paper Composites
By Capacity:
- Up to 200 ml
- 201 – 750 ml
- More than 750 ml
By End Use:
- Food
- Beverages
- Alcoholic Beverages
- Non-alcoholic Beverages
- Healthcare
- Cosmetics & Personal care
- Homecare Products
- Paints & Lubricants
- Others Consumer Goods (Gifts, Toys, Merchandizing, etc.)
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“Government initiatives to ban single-use packaging options is expected to create new growth opportunities for cans manufacturers globally. Besides, high demand for easily recyclable and eco-friendly packaging options would drive the need for cans in the market,” says a FMI analyst.
Key Cans Manufacturers Are Prioritizing Sustainability
Participants in the global cans market are primarily focusing on adopting new packaging formats that would have less influence on the environment and generate relatively lower carbon footprints when converted into waste. Therefore, some of the manufacturers are taking initiatives and investing more on research & development activities to accelerate material or product innovations. Additionally, they are focusing on manufacturing new facilities for the recycling of scrap cans.
As per a recent report published by the American Iron and Steel Institute, steel food cans consist of the highest recycling rate out of all food packaging that is equivalent to 58%. This rate is significantly higher than alternative food packaging that includes plastic (13%), glass (33.9%), cartons (16%), and pouches (2%). Nearly 30,000 food cans are recycled every minute in the U.S. Steel cans made of recycled steel results in 75% less greenhouse gas emission than making food cans with virgin steel. Thus, FMI estimates that various initiatives by market players will significantly increase the demand for cans in the next decade.
Competitive Landscape: Cans Market
Some of the leading participants in the global cans market are Ball Corporation, Mondi Group, Novelis Inc., Crown Holdings, Inc., Silgan Holding Inc., Ardagh Group S.A, Orora Packaging Australia Pty. Ltd., the Olayan Group, Ardagh S.A., Canpack, CPMC Holdings Ltd., Bangkok Can Manufacturing ,Nampak Ltd., Mahmood Saeed Beverage Cans & Ends Industry Company Ltd,Kian Joo Can Factory Berhad, Swan Industries (Thailand) Company Ltd, GZ Industri, Toyo Seikan Co., Ltd. and Envases Group.
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