Beverage Can Market Will Reach USD 36.55 billion by 2031| KR
Global Beverage Can Market was estimated at USD 22.88 billion in 2023 and is expected to increase at a compound annual growth rate (CAGR) of 6.04% from 2024 to 2031, reaching USD 36.55 billion.
List of Key Companies in Beverage Cans Market
ALTEMIRA Can Co
Ardagh Group
Ball Corporation
Can-One Berhad
CANPACK
CPMC HOLDINGS LIMITED
Crown Holdings
Envases Group
Resonac Group
Toyo Seikan Group Holdings
Competitive Landscapes:
The global beverage cans market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.
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Market Growth Drivers:-
Sustainability and Eco-Friendly Packaging: There is a strong consumer shift towards sustainable packaging solutions, which is significantly benefiting the beverage cans market. Aluminum cans are highly recyclable, and manufacturers are increasingly focusing on using eco-friendly materials to meet regulatory requirements and consumer expectations. This trend is supported by regulatory initiatives aimed at reducing carbon footprints and promoting recycling
Convenience and Portability: Beverage cans offer unmatched convenience and portability, making them a popular choice among consumers, particularly for on-the-go consumption. The lightweight and durable nature of aluminum cans makes them ideal for various beverages, including energy drinks, carbonated soft drinks, and alcoholic beverages
Technological Innovations: Innovations in can design and smart packaging technologies are propelling market growth. Companies are exploring digital features like QR codes for interactive content and NFC (Near Field Communication) for mobile connectivity. These advancements not only enhance consumer engagement but also offer better inventory tracking and supply chain management
Market Segmentation:-
By Type: The market is segmented into carbonated soft drinks, alcoholic beverages, fruit juices, and others. In 2023, the alcoholic beverages segment led the market, reaching a valuation of USD 12.78 billion. The growing popularity of ready-to-drink cocktails and canned wines, coupled with the trend towards premiumization, is driving this segment’s growth
By Sales Channel: The market is divided into hypermarkets/supermarkets, specialty stores, online retail, and other retail formats. Hypermarkets and supermarkets accounted for the largest revenue share in 2023, benefiting from the convenience of one-stop shopping and effective marketing strategies. The increasing adoption of online retail channels has also contributed to market expansion
Regional Insights:-
North America: In 2023, North America emerged as the leading region in the beverage cans market with a valuation of USD 7.35 billion. The region’s established beverage industry, consumer preference for premium packaging, and stringent recycling regulations have bolstered its market position. The presence of key industry players and robust infrastructure for manufacturing and distribution further supports market growth in this region
Asia-Pacific: This region is expected to witness the fastest growth, with a CAGR of 6.88% during the forecast period. The burgeoning population, rapid urbanization, and rising disposable incomes in countries like China and India are driving demand for convenient beverage packaging solutions. The shift towards on-the-go consumption and the increasing popularity of canned beverages are key factors contributing to the market’s growth in Asia-Pacific
Competitive Landscapes:-
The beverage cans market is characterized by a fragmented landscape with several key players such as Ball Corporation, Ardagh Group, Crown Holdings, and CANPACK. These companies are adopting strategies like mergers and acquisitions, partnerships, and investments in research and development to enhance their market presence. Innovations in product design and the incorporation of eco-friendly practices are central to maintaining competitive advantage in this evolving market
Key Developments:-
Sao Geraldo and CANPACK Partnership: In February 2024, São Geraldo partnered with CANPACK Brazil to introduce its flagship beverage in recyclable aluminum cans, transitioning from traditional glass and PET bottles. This move highlights the industry's shift towards sustainable packaging solutions
Akzo Nobel's Accelstyle TM Range: In November 2023, Akzo Nobel launched new products in its Accelstyle TM range, designed to optimize the exterior coatings of aluminum beverage cans. These products are free from harmful chemicals like styrene, bisphenols, and PFAS, aligning with the industry's focus on safety and sustainability
The beverage cans market is on a robust growth trajectory, fueled by sustainability initiatives, technological advancements, and changing consumer preferences. As companies continue to innovate and adopt eco-friendly practices, the market is expected to witness significant expansion in the coming years.
