Beverage Packaging Market
The global beverage packaging market size is projected to reach USD 217.54 billion by 2032 on account of the rising adoption of inexpensive and lightweight packaging materials in the food and beverage industry. Beverage packaging can be utilized for a variety of products such as water, beer, soft drinks, spirits, coffee, wine, sports drinks, energy drinks, dairy products, juice, hard drinks, and others. As per the needs of consumers, they can be packaged in various shapes and sizes. Materials used for beverage packaging includes plastics, metal, and glass. Fortune Business Insights™ offers an in-depth analysis of the market and its significant growth trajectories in their recently published report As per the report, the market value was USD 123.39 billion in 2018 and will rise at a CAGR of 4.70% between 2024 and 2032.
List of Players operating in the Beverage Packaging Market include:
- Berry Global Group, Inc.
- Ball Corporation
- Toyo Seikan
- Sonoco Products Company
- Mondi Group
- Bemis
- Ardagh Group
- Amcor
- Berlin Packaging
- WestPack
- Tetra Laval
- Saint Gobain
- Crown Holdings
- Novio Packaging Group
- Amcor
- Others
Market Drivers
Increasing Demand for Carbonated Drinks will Propel Market
Rapid modernization and urbanization and the rising popularity of on-the-go food and drinks have propelled the beverage packaging market growth. Ban on the use of plastic and the current trend of using bio-degradable packaging products has increased the demand for other beverage packaging products such as metal cans, glass bottles, and others, thereby boosting the market. Furthermore, the increasing tax imposed on sugar drinks has propelled the demand for carbonated drinks, ultimately driving the market for beverage packaging.
However, the high price of materials such as glass and metals used for making beverage packaging products may cause the market to face rough waters. Nevertheless, the use of recyclable aluminum cans for packaging liquids are expected to create lucrative growth opportunities for the market in the long run.
Regional Segmentation:
Asia Pacific, followed by North America will Dominate Market with Large Production Units
Based on geographical segmentation, Asia Pacific is holding the dominant beverage packaging market share on account of the rapid urbanization demanding packaged beverage products and significant support from emerging economies such as India, Malaysia, Taiwan, Indonesia, Thailand, and China. On the other side, the ban on plastic by many countries such as Japan, India, China, and South Korea has propelled the demand for other packaging materials such as non-degradable bags, glass bottles, and others. Despite this ban, Asia Pacific will continue to dominate the market in the coming years.
On the other side, the markets in Europe, North America, and other regions will also witness significant growth in the coming years, with North America holding the second position in the market. This growth is attributed to the increasing use of bottled water, dairy products, energy drinks, juice, spirit and wine, and other beverage products, and a large number of production of packaging materials for beverage items.
Information Source
https://www.fortunebusinessinsights.com/beverage-packaging-market-102112
Competitive Landscape:
Expansion of Geographical Presence will Help Earn High Revenue
Major beverage packaging market manufacturers are engaging in company collaboration, mergers and acquisitions, and joint ventures for expanding their product portfolio into various geographies. Since the competitive landscape of the market is highly fragmented with the presence of many players, collaborative efforts will help companies compete for the top position in the market and attract high beverage packaging market revenue in the coming years. Besides this, players are also investing in the development and production of new technologies to gain core competency in both international and domestic markets.
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