The global drink cans market size is estimated to reach US$ 56,891.1 million in 2023, with sales predicted to grow by 7.7% CAGR during the forecast period. The market is projected to be valued at US$ 119,208.6 million by 2033.
Rising production output from the food & beverage industry owing to increasing demand for ready-to-eat food and drink products is favoring the sales in the market.
Rising consumer preference towards eco-friendly and sustainable packaging solutions owing to the growing concerns to curb carbon footprints is increasing continuously. Hence, as metal cans made of aluminum, and steel are recyclable, they are gaining immense traction, especially across the beverage industry.
For instance, as per the India Brand Equity Foundation (IBEF), by 2025, the fast-moving consumer goods (FMCG) market in India is estimated to expand by 200%. This will augment the sales of non-alcoholic beverages, consequently, propelling the demand for drink cans.
On the basis of content, the non-alcoholic beverage segment is projected to account for more than 63% of the overall sales. Increasing consumption of carbonated drinks, canned juice, tea & coffee, and energy drinks across the U.S., China, India, Japan, and others are the factors driving the growth in the segment.
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“Surging adoption of novel printing technologies such as three-dimension (3D) printing owing to growing demand for customized manufacturing drink cans is expected boost the market. Hence, to capitalize on this trend, key manufacturers are focusing on providing customized packaging solutions as per customer requirements,” says a FMI analyst.
Key Takeaways from Drink Cans Market Study
- The market in the U.S. is estimated to hold the largest revenue share in North America, accounting for nearly 72.5% of the sales.
- China is projected to account for around 42% sales in East Asia, owing to the increasing consumption of beverages in the country.
- India is anticipated to emerge as the dominant market in South Asia, accounting for more than 31% of the regional demand share.
- Based on content, non-alcoholic beverages are forecast to remain a leading segment, projecting growth at 2.2x..
- In terms of product type, 2-piece cans are expected to emerge as the most attractive segment, accounting for over 66% of the sales .
Key Drivers
- Increasing consumption of alcohol-based flavored drinks across North America, Latin America, and Europe as an alternative to high-alcohol beverages is estimated to drive the growth in the market.
- Growing inclination towards using sustainable and eco-friendly owing to stringent regulations towards curbing the carbon footprint is propelling the demand for 2 – Piece drink cans
Key Restraints
- Volatility in the cost of raw material, due to lack of imports, for the production of drink cans is expected to hamper the growth.
- High cost of metal and availability of low-cost alternative such as plastic is hindering the sales of metal cans.
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Competitive Landscape
The top five players in the global drink cans market are Ab-InBev, Novelis Inc., Ball Corp., Crown Holdings Inc., Toyo Seikan Group Holdings Ltd. These companies are expected to account for nearly 20% to 25% of the total sales in the market by 2021.
Leading manufacturers are focusing on capacity expansions and partnerships with other players to increase their product portfolio, product manufacturing capabilities, and global presence. For instance:
- In 2021, Ball Corporation, an American company, announced its plan to build a new aluminum can production plant near Pilsen, Czechia. This will assist the company to expand its production capacity and market share.
- In April 2021, Novelis Inc., a leading aluminum rolling and recycling company, announced complete acquisition of a global supplier of rolled aluminum products, Aleris Corporation. The acquisition will assist the company to expand its innovative product portfolio and deepen its commitment to sustainability, safety, quality and partnership.
Some of the key players operating in the market profiled by FMI are:
- Ab-InBev
- Novelis Inc.
- Ball Corp.
- Crown Holdings Inc.
- Toyo Seikan Group Holdings Ltd.
- SHOWA DENKO K.K.
- Silgan Holdings Inc.
- Can Pack S.A.
- Cpmc Holdings Ltd.
By Capacity:
- Up to 200 ml
- 201 – 450 ml
- 451 – 700 ml
- 701 – 1000 ml
- More than 1000 ml
By Product Type:
- 1 – Piece Cans
- 2 – Piece Cans
- 3 – Piece Cans
By Content:
- Alcoholic Beverages
- Beer
- Wine
- Spirits
- Others Alcoholic Beverages (Cider, etc.)
- Non-Alcoholic Beverages
- Carbonated Drinks
- Tea & Coffee
- Juices
- Soft drinks
- Dairy Drinks
- Soda
- Other Beverages (Energy & Sports drinks, Electrolytes, etc.)
By Region:
- North America
- Latin America
- Europe
- MEA
- East Asia
- South Asia
- Oceania
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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