Projected to reach a valuation of US$ 164 billion by 2033, the global beverage packaging market is poised for a steady growth rate, boasting a Compound Annual Growth Rate (CAGR) of 4.2%. In the upcoming year of 2023, the market is expected to be valued at US$ 108.7 billion, fueled by continuous initiatives to incorporate eco-friendly packaging solutions and leverage advancements in technology.
The beverage packaging market is experiencing substantial growth, fueled by various factors. One primary driver is the evolving preferences of consumers, leading to the adoption of packaging materials that enhance different aspects of beverage packaging.
These materials are selected to improve properties such as strength, aroma retention, heat insulation, sealing, and moisture barriers, collectively contributing to the overall quality of the packaged beverage. There is a growing demand for smaller packaging formats, flexible bags, and pouches in the market. The integration of active and intelligent systems in beverage packaging is also boosting market growth, providing advanced features and functionalities.
The choice of packaging materials is a critical factor in the beverage packaging market. Various materials, such as glass, polymers, metals, and paperboard, are combined based on the chemical composition and value of the beverage. This diversity allows beverage manufacturers to select the most suitable option for their products, considering factors like extending shelf life and preserving beverage quality.
Several macroeconomic factors are positively influencing the growth of the beverage packaging market. The increasing global population and changing lifestyles are driving demand for convenient and efficient packaging technologies. Consumers, with rising disposable incomes, are inclined towards premium products.
The prominence of PET (polyethylene terephthalate) material as a popular choice for packaging raw materials is noteworthy. The transition from unpackaged to packaged products, particularly in emerging economies, presents lucrative opportunities for players in the beverage packaging market.
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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.
Business Drivers:
- Innovation and Sustainability:
- Growing consumer demand for sustainable packaging solutions has led to increased innovation in eco-friendly materials and designs.
- Companies are adopting recycled and recyclable materials to reduce environmental impact.
- Convenience and Portability:
- The demand for on-the-go and convenient packaging options continues to drive innovation in lightweight and easy-to-carry beverage packaging.
- Health and Wellness Trends:
- Rising awareness of health and wellness has influenced the demand for packaging that preserves the nutritional content of beverages while providing information about ingredients and benefits.
- Brand Differentiation:
- Packaging plays a crucial role in brand differentiation. Companies invest in unique and visually appealing packaging to stand out on the shelves and attract consumers.
- E-commerce Growth:
- The increasing popularity of online shopping has driven the need for robust and protective packaging solutions to ensure the safe delivery of beverages.
Market Restraints:
- Costs and Economic Factors:
- Fluctuations in raw material prices and economic challenges can impact production costs, affecting the overall profitability of beverage packaging.
- Environmental Concerns:
- While sustainability is a driver, there are also challenges in finding cost-effective and truly sustainable alternatives. Balancing environmental concerns with economic viability can be a restraint.
- Supply Chain Disruptions:
- Disruptions in the supply chain, as seen during global events or natural disasters, can impact the availability and cost of packaging materials.
- Changing Consumer Preferences:
- Rapid shifts in consumer preferences can pose challenges for manufacturers who must adapt packaging designs and materials to meet evolving demands.
- Stringent Regulations:
- While regulatory compliance is a driver, overly strict regulations or sudden changes in standards can pose challenges for businesses in terms of adaptation and cost.
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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 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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