Beverage Cans Market: North America Dominated The Global With A Revenue Share
Beverage Cans Industry Overview
The global beverage cans market size is expected to reach USD 53.22 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% over the forecast period. The market is expected to witness growth owing to the rising demand for sustainable products coupled with demand for a convenient packaging solution for beverages.
Metal recycling has garnered support from government agencies, such as the European Commission and the U.S. government who mandated the exchange of used cans. In addition, the market is expected to benefit from the availability of raw material through municipal recycling programs initiated in countries, such as the U.S., Italy, and Brazil.
Aluminum material lies on the higher side of the price scale as compared to steel. However, it held a considerable volume share of the market in 2020 owing to its ductility that prevents cans from shattering/cracking during their transit along with its corrosion-resistant property and more recyclability than steel material.
The product application for fruit and vegetable juices is expected to witness the fastest growth as these juices are increasingly becoming the beverage of choice in developed as well as developing countries for health-conscious consumers that abstain from consuming carbonated drinks. An increasing number of product launches in terms of different flavors of the fruit and vegetable juices is further expected to augment the segment growth.
Beverage Cans Market Segmentation
Grand View Research has segmented the global beverage cans market on the basis of material, application, and region:
Based on the Material Insights, the market is segmented into Aluminum, and Steel.
- The aluminum material segment dominated the market with a revenue share of 96.0% in 2020 as a result of the high usage of aluminum as it offers extended shelf life to packaged beverages. In addition, the material can be easily cooled & heated for sterilization and maintains the structure & the integrity of packaged products.
- Steel cans also extend the shelf life of beverages, thereby reducing wastage. The relatively high thermal conductivity of steelallows cans made from it to be chilled quicker than PET bottles. However, properties of aluminum, such as high ductility& recyclability, low weight, versatile printing, and lesser potential toxicitythan steel, have drawn manufacturers towards the high utilization of aluminum material for producing cans.
Based on the Application Insights, the market is segmented into Carbonated Soft Drinks, Alcoholic Beverages, Fruit & Vegetable Juices, and Others.
- The alcoholic beverages segment accounted for the maximum revenue share of more than 38% in 2020 dominated the application segment in 2020. The high share is attributed to the increasing demand for alcoholic beverages among millennials, increasing disposable income, and a rise in consumer demand for premium/high-quality alcoholic products.
- The fruit and vegetable juices segment is expected to witness the fastest CAGR during the forecast period. Juices fortified with functional ingredients, such as bioactive compounds, Omega-3, fiber, and probiotic bacteria, are gaining traction with an increase in awareness among consumers about the benefits of these ingredients.
Beverage Cans Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
The global market is highly fragmented with the presence of a number of global companies. Competitive prices and advancements in technologies coupled with innovative packaging solutions are followed in the market to gain a competitive advantage. Most of the major companies have implemented numerous organic and inorganic growth strategies to strengthen their market position. In addition, production expansion in regions where sustainability awareness is increasing and new product launches are among the key business strategies adopted by these players to enhance their product portfolio and cater to the rising product demand. Some prominent players in the global beverage cans market include:
- Ball Corp.
- Orora Packaging Australia Pty. Ltd.
- The Olayan Group
- Crown Holdings, Inc.
- Ardagh S.A.
- Canpack
- CPMC Holdings Ltd.
- Bangkok Can Manufacturing
- Nampak Ltd.
- Mahmood Saeed Beverage Cans & Ends Industry Company Ltd.
- Kian Joo Can Factory Berhad
- Swan Industries (Thailand) Company Ltd.
- GZ Industries Ltd.
- Toyo Seikan Co., Ltd.
- Envases Group
Order a free sample PDF of the Beverage Cans Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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