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.
The market is poised for substantial growth, driven by continuous advancements in technology and materials, facilitating the creation of innovative and environmentally friendly packaging solutions. These solutions play a pivotal role in addressing the evolving requirements of the beverage industry.
The beverage packaging market in both Asia and Europe regions is marked by dynamic growth, driven by diverse factors unique to each region. In Asia, particularly in countries like China and India, the market experiences rapid expansion due to the flourishing beverage industry and the region’s population size. The increasing disposable income and evolving consumer preferences for a variety of beverages, including soft drinks, fruit juices, and ready-to-drink products, contribute to the heightened demand for innovative and efficient packaging solutions. In Asia, there is also a growing emphasis on sustainability, pushing beverage companies to adopt eco-friendly packaging materials and practices.
In contrast, Europe’s beverage packaging market is characterized by a mature industry with a strong focus on sustainability and eco-conscious consumers. The region is at the forefront of adopting recyclable and reusable packaging solutions, aligning with stringent environmental regulations. Additionally, the European market embraces novel packaging designs and materials to enhance the aesthetic appeal and functionality of beverage packaging, catering to evolving consumer tastes. Both regions are experiencing continuous innovation in beverage packaging, guided by consumer demands and the global push for sustainability in the packaging industry.
Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-196
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.
Request Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-196
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.
Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-196
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
