The global beverage packaging market is on the brink of reaching a substantial valuation and is projected to reach US$ 164 billion by 2023. The market is poised to soar to an estimated total valuation of around US$ 108.7 billion by 2033 with a projected CAGR of 4.2% from 2023 to 2033.
In the United States, the beverage packaging market is on track for significant expansion, anticipating a 2.9% Compound Annual Growth Rate (CAGR) from 2023 to 2033, driven primarily by evolving consumer preferences and a growing emphasis on sustainability in the sector. Notably, major players in the beverage industry like PepsiCo, Keurig Dr. Pepper, and Coca-Cola are proactively transitioning to make their plastic bottles fully recyclable and incorporate more PET materials into their packaging, aligning with the escalating demand for eco-friendly choices among environmentally conscious U.S. consumers.
Across the border in Canada, the beverage packaging market is poised for even stronger growth, with a forecasted 3.6% CAGR during the projected period. Canadian beverage manufacturers, in line with their American counterparts, are focusing on sustainability and the objective of achieving complete recycling of plastic packaging. Additionally, Canadian consumers are showing a preference for healthier, low-sugar, and nutritionally improved non-alcoholic beverages, aligning with the global trend of health-conscious consumers seeking convenient, on-the-go drink options. The adoption of bio-based alternatives and environmentally friendly packaging materials further bolsters the industry’s growth by reducing dependence on petroleum-based products.
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The beverage packaging market is experiencing significant growth driven by several key factors. One of the primary drivers is the changing preferences of consumers, which are prompting the use of packaging materials that enhance various aspects of beverage packaging.
The materials are chosen to improve strength, aroma retention, heat insulation, sealing, and moisture barrier properties, all of which contribute to the overall quality of the packaged beverage. The market is witnessing a rising demand for smaller packaging formats, flexible bags, and pouches. Incorporating active and intelligent systems in beverage packaging accelerates market growth, as these systems offer advanced features and functionality.
The choice of packaging materials also plays a critical role in the beverage packaging market. Different materials, including glass, polymers, metals, and paperboard, are combined based on the beverage’s chemical composition and value. The diversity in packaging materials allows beverage manufacturers to select the most suitable option for their products. Factors such as extending shelf life and preserving the quality of beverages further contribute to adopting different packaging materials.
Several macroeconomic factors are contributing to the positive growth of the beverage packaging market. The increasing global population and changing lifestyles drive demand for convenient and efficient packaging technologies. Consumers seek premium products, and rising disposable incomes enable them to afford such choices.
The growth of the PET (polyethylene terephthalate) material as a popular choice for packaging raw materials is significant. The transformation of unpackaged products into packaged ones, particularly in emerging economies, presents profitable opportunities for players in the beverage packaging market.
Key Takeaways from the Market Study
- The market in 2022 was valued at US$ 3 billion.
- The valuation of the market in 2018 was US$ 96.7 billion.
- Based on product type, liquid cartons are likely to register a market share of 35.2% by 2023.
- The beverage packaging market size expanded at a 1.9% CAGR between 2018 and 2022.
- India is expected to lead the market, expected to register a 6.1% CAGR until 2033.
- By application, beverage packaging for non-alcoholic drinks is expected to accumulate a 54.7% revenue share in 2023.
“Stringent governmental regulations addressing packaging waste and decomposition are considered one of the key restraints of the beverage packaging market,” comments a Future Market Insights analyst.
Competitive Landscape
The sector possesses a considerable assortment of market contributors. Innovation and research assume a crucial role among these entities, primarily emphasizing incorporating environmentally sustainable product ranges as a fundamental element of their production initiatives.
Key players deploy various expansion tactics, such as partnerships, corporate mergers and acquisitions, and thorough examination of regulatory authorizations, to reinforce their foothold in the market.
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The Major Key Players Are:
- Crown Holdings Inc.
- Amcor Limited
- Ardagh Group S.A
- Ball Corporation
- Gerresheimer AG
- Owens-Illinois Inc.
- Berry Global Inc.
- Beatson Clark Ltd.
- Intrapac International Corporation
- BA Glass Germany GmbH
- Nampak Ltd.
- Vidrala S.A
- Silgan Containers LLC
- Orora Packaging Australia Pty Ltd.
Key Developments
- In September 2022, a deal worth US$ 530 million was successfully concluded between Ball Corp and Arnest Group, involving the beverage packaging business in Russia. Following Russia’s invasion of Ukraine in March, the sustainable metal packaging manufacturer downsized its operations, including five production facilities in Russia.
- In October 2022, Berry Global continuously innovated and invested in working toward the world goal of a net-zero economy. As an industry leader, efforts were made to reduce greenhouse gas emissions and increase renewable energy use.
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Key Segmentations-
By Product Type:
- Liquid Cartons
- Beverage Cans
- Glass Bottles
- Plastic Bottles
- Others
By Material:
- Glass
- Plastic
- HDPE
- LDPE
- PET
- PP
- Metal
- Paper/Paperboard
By Application:
- Alcoholic Drinks
- Beer
- Wine
- Spirits
- Other Alcoholic Beverages
- Non-Alcoholic Drinks
- Fruit Juices
- Carbonated Drinks/Soda
- RTD Beverages
- Bottled Water
- Tea & Coffee
- Milk Products
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
About the Packaging Division at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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