Beverage Cans Market Forecasts to 2028 – Global Analysis By Material (Aluminum and Steel), Application (Alcoholic Beverages, Carbonated Soft Drinks, Fruit & Vegetable Juices and Other Applications), and Geography

Beverage Cans Market Forecasts to 2028 – Global Analysis By Material (Aluminum and Steel), Application (Alcoholic Beverages, Carbonated Soft Drinks, Fruit & Vegetable Juices and Other Applications), and Geography

According to Stratistics MRC, the Global Beverage Cans Market is accounted for $25.5 billion in 2022 and is expected to reach $39.5 billion by 2028 growing at a CAGR of 7.6% during the forecast period. Metal cans known as beverage cans are intended to hold fixed quantities of liquid beverages like alcoholic beverages, carbonated beverages, tea, fruit juices, energy drinks, and other liquids. Aluminum or steel were both used in the cans' production, and they are extremely recyclable. Because they are environmentally friendly and recyclable without sacrificing quality, cans are in higher demand from beverage producers.

According to the Beverage Association and Can Manufacturers Institute Report, the aluminum industry has joined forces with the Can Manufacturers Institute (CMI) to increase consumer recycling of aluminum beverage cans from 45% to 70% by 2030.

Market Dynamics:

Driver:

High demand for ready-to-drink beverages

Consumer behaviour has changed as a result of exponential population expansion, rising purchasing power, and changing lifestyles. The preference of customers for ready-to-drink beverages is a result of their busy schedules and long workdays. Due to their small amount and portability, beverages like tea, coffee, wine, and water in cans are in high demand from consumers. Additionally, the use of eye-catching and engaging printings on metal cans is gaining popularity as a way to strengthen brands which are boosting the market growth.

Restraint:

Rising favourability for PET bottles

The market is being constrained by manufacturers' growing preference for PET and glass bottles. Because PET bottles share some of the same qualities as metal cans, such as reusability, durability, light weight, and oxygen gas barrier features, the demand for PET bottles is growing among beverage makers. When compared to metal cans, PET bottles offer beverage makers a cheaper packaging option. Furthermore, the production of PET bottles uses a lot lesser power than the production of beverage cans. The aforementioned problems will hinder market expansion.

Opportunity:

Rising urbanization activities and growing population

The increased demand for beverages around the world is caused by factors like urbanisation activities and a growing population. Consumer spending on beverages has increased as disposable income in developing countries has increased. Brands like Coca-Cola and Pepsi, for instance, have a big impact on customers in developing nations. Additionally, consumers like beverages with recyclable and environmental packaging, which raises the need for metal cans. The demand for healthy and nourishing drinks has also increased due to shifting lifestyle choices and rising health consciousness, which is propelling the market.

Threat:

Greater use of plastic in packaging as a result of its cheaper price

The advantages of beverage packaging made of metal are not widely known in developing nations. Additionally, consumers are discouraged from using these products because to the expensive cost of the raw materials utilised, such as steel and aluminium. The primary issue for producers of metal cans is the switch to polyethylene terephthalate bottles, particularly for beverages. Although metal packaging is more expensive than alternatives like paper, glass, and plastic, PET-based cans are also slowly making their way into the market.

Covid-19 Impact

The COVID-19 significantly affects how well the market for beverage cans performs. The supply chain was upset by the ban on bauxite mining, raw material transportation, and aluminium recycling. The supply of cans was insufficient for beverage producers. Corona outbreak, nevertheless, turned out to be a boon for the companies who make beverage cans. Due of lockdown, consumers choose to purchase numerous packs of beverages for consumption at home. This preference fuelled beverage demand during the epidemic. The unanticipated increase in beverage consumption has boosted the market's overall business.

The Aluminum segment is expected to be the largest during the forecast period

The Aluminum segment is estimated to have a lucrative growth, due to their environmentally friendly beverage packaging. Compared to other package types, aluminium cans have a greater recycling rate and contain more recycled material. Because they are robust, stackable, and lightweight, marketers can package and ship more beverages with less waste. Aluminum is a recyclable material that provides a sustainable packaging alternative without sacrificing quality by accelerating the market growth.

The Carbonated soft drinks segment is expected to have the highest CAGR during the forecast period

The Carbonated soft drinks segment is anticipated to witness the fastest CAGR growth during the forecast period, due the global surge in soft drink demand. Consumption for carbonated soft drinks is increasing as a result of the introduction of new tastes featuring fruit combinations that appeal to younger generations of customers. The main causes of the growing demand for alcoholic beverages are rising disposable income and evolving lifestyle preferences. Additionally, the rise in the number of young people and greater recognition of alcoholic beverages both contribute to the market's expansion.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increased urbanisation and population expansion in Asia Pacific have led to a high demand for beverages, which is driving the market for beverage cans. Drinks that have been processed and packaged are being consumed more frequently in the area. The demand for cans has increased as a result of rising consumption of wholesome beverages in Asia Pacific and growing health consciousness. Additionally, it is projected that rising consumer buying power and evolving lifestyle preferences would favourably impacting market expansion.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to Both in volume and value, North America dominated the market. By launching programmes like The Clean Seas, nations like the U.S. and Canada has accessing efforts to limit the usage of plastic. With large corporations like Ball Corporation, Crown Holdings, Inc., maintaining their manufacturing facilities and distribution hubs in the nation, the U.S. market has seen continual product improvements for metal beverage cans. The quickest growth of the regional market is anticipated to be supported by the expanding millennial population, which is encouraging demand for beverage cans with high visual appeal.

Key players in the market

Some of the key players profiled in the Beverage Cans Market include BWAY Corporation, CPMC Holdings Ltd., Kian Joo Can Factory Berhad, Toyo Seikan Group Holdings Ltd, HUBER Packaging Group GmbH, Ball Coroporation, Orora Packaging Australia Pty. Ltd, Crown Holdings. Inc, Ardagh Group S.A, GZ Industries Ltd, CANPACK S.A, MSCANCO, Pakistan Aluminum Beverage Cans Limited, Ceylon Beverage Can (Pvt) Ltd, Universal Can and Techpack Solutions

Key Developments:

In Feb 2023, Toyo Seikan has signed a business alliance agreement with UACJ to promote horizontal recycling of aluminum cans, this business alliance aims to develop and commercialize aluminum cans with added environmental value by leveraging the technologies and know-how of both companies.

In Nov 2022, Toyo Seikan announced that it has joined the United Nations Global Compact (UNGC) officially. Toyo Seikan Group has declared to the world that we agree with and continue to adhere to the UNGC's Ten Principles in the four areas of human rights, labour, environment, and anti-corruption.

In Oct 2022, Ball Corporation Expands the Portfolio of its Infinitely Recyclable Ball Aluminum Cup® with the Announcement of Two New, Smaller Sizes, announced the availability of two new sizes of its infinitely recyclable Ball Aluminum Cup®,

In June 2022, Ball Corporation Launches New, Low Carbon Footprint Aluminum Aerosol Can with only half the carbon footprint of a standard can. This will help support Ball’s ambition to achieve its 2030 science-based targets and net-zero emissions prior to 2050.

Materials Covered:
• Aluminum
• Steel

Applications Covered:
• Alcoholic Beverages
• Carbonated Soft Drinks
• Fruit & Vegetable Juices
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements