Beverage Cans Market to be Worth $59.6 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 2, 2023 /PRNewswire/ -- The global beverage cans market size is expected to surpass USD 59.6 billion by 2030, according to a new report by Grand View Research, Inc., The market is expected to expand at a CAGR of 5.3% from 2023 to 2030. The demand for highly portable and superior beverage packaging for protection from the external environment is primarily contributing to market growth. The rising demand for aluminum cans on account of superior properties such as lightweight and growing aluminum recycling is further driving the market.
Key Industry Insights & Findings from the report:
- In terms of revenue, the steel segment is projected to ascend at a CAGR of 2.3% over the forecast period. As steel has ambient nature, cans made from it need not be cooled during the packaging and shipping process, thereby simplifying logistics and enabling cost-saving storage. Steel cans are easily separated in recycling facilities from other waste using magnetic equipment, also can be recycled repeatedly without losing the quality of steel. Thus the material is experiencing growth in the global market.
- The aluminum segment accounted for the maximum volume share of 95.2% in 2022. The increasing focus on the recycling of discarded metal products is projected to support the growth of the aluminum can market over the forecast timeframe is projected to support the market growth. According to National Packaging Waste Database, the recycling rate of aluminum rose to 56% in 2019, increasing year on year by 4% from 52% in 2018 and 41% from 2010.
- Companies in the industry for beverage cans have been continuously improving the aesthetics, product strength, and shelf life of the packaged beverage. In July 2021, BALL CORPORATION announced its plans to build new aluminum beverage packaging plants in the U.K. With significant growth of sustainable cans in categories, including wines, waters, hard seltzers, and ready-to-drink cocktails, the company also plans to open new cutting-edge facilities for facilitating increased revenue and increase its market share in the country.
Read 208-page market research report, "Beverage Cans Market Size, Share & Trends Analysis Report By Material (Aluminum, Steel), By Application (Carbonated Soft Drinks, Alcoholic Beverages, Fruits & Vegetable Juices), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Beverage Cans Market Growth & Trends
The continuous technological advancements in the market which include machinery automation, printing technology, and raw material advancements are further contributing to the market growth. For instance, Ball Corporation introduced the Dynamark variable printing technology that allows for customized printing of beverage cans with a single pallet. The technology offers numerous options for high-quality printing, keeping the time required to change the designs to a minimum.
The aluminum can segment is leading the global market with major revenue and volume share. Manufacturers are continuously focusing on research and development activities associated with aluminum cans to cater to the increasing demand for sustainability in the global market. For instance, The Coors Brewing Company uses ultraviolet (UV) light curing technology for its aluminum beverage cans. The company uses coating materials that cure when exposed to UV light and offers a low-cost alternative to the expensive heat treatments used in conventional convective heat ovens for curing the inks. In addition, the UV cured method creates lower emissions and a smaller waste stream owing to the lesser solvent usage compared to its alternatives.
The increasing demand for various fruit juices and sports drinks in can packaging is expected to benefit the market growth. Additionally, the growing consumption of ready-to-drink beverages that primarily uses cans as packaging is further boosting the market growth. Manufacturers operating in the fruit and vegetable juices market such as Nestle, Welch Foods Inc, and De Monte are increasingly focusing on offering attractive packaged juices to customers in order to attract them and are also moving toward sustainability.
Companies operating in the beverage industry establish direct contracts with beverage cans manufacturers to cater to their specific demands while mitigating the risk of price fluctuations. Direct supply agreements are observed between large-sized beverage companies and beverage cans manufacturers, wherein a high level of product customization is undertaken. These supply agreements guarantee uniform packaging demand, which eases the production and distribution planning for beverage companies.
Beverage Cans Market Segmentation
Grand View Research has segmented the global beverage cans market on the basis of material, application, and region
Beverage Cans Market - Material Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)
- Aluminum
- Steel
Beverage Cans Market - Application Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)
- Carbonated Soft Drinks
- Alcoholic Beverages
- Fruits & Vegetable Juices
- Others
Beverage Cans Market - Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Belarus
- Bulgaria
- Czech Republic
- Poland
- Hungary
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Kazakhstan
- Uzbekistan
- Tajikastan
- Central & South America
- Brazil
- Argentina
- Peru
- Chile
- Colombia
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Ghana
- Nigeria
- Kenya
- Mauritius
- Egypt
- Iran
- Kuwait
- Israel
- UAE
List of Key Players of Beverage Cans Market
- Mahmood Saeed Beverage Cans & Ends Industry Company Limited
- Kian Joo Can Factory Berhad
- SWAN Industries (Thailand) Company Limited
- GZ Industries Limited
- Toyo Seikan Co., Ltd.
- Ball Corporation
- Orora Packaging Australia Pty Ltd.
- The Olayan Group
- Crown Holdings, Inc.
- Bangkok Can Manufacturing
- CPMC Holdings Limited
- CANPACK
- Nampak Ltd.
- Ardagh Group S.A.
- Envases Group
Check out more related studies published by Grand View Research:
- Alcoholic Beverage Packaging Market - The global alcoholic beverage packaging market size is expected to reach USD 83.86 billion by 2025 registering a CAGR of 4.8%, according to a new report by Grand View Research, Inc. Increased awareness about sustainable packaging is expected to remain a key factor for the market growth. Rising consumption of premium alcoholic beverages, such as flavored vodka and single-malt whiskey, particularly in developing countries, is also projected to contribute to the market growth. In addition, influence of corporate culture is anticipated to spur the demand for such beverages, thereby supporting market expansion.
- Nordic Beverage Packaging Market - The Nordic beverage packaging market size is projected to reach USD 2.18 billion by 2025, according to a new report by Grand View Research, Inc., registering a 3.5% CAGR during the forecast period. Increasing demand for non-alcoholic beverages is one of the key factors driving the regional market.
- Plastic Packaging Market - The global plastic packaging market size is expected to reach USD 492.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.2% from 2022 to 2030. The rapid growth of food and beverages, personal care, industrial, and pharmaceutical sectors, coupled with the rising penetration of organized and e-retail across the world, is expected to fuel growth in the market.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
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.
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SOURCE Grand View Research, Inc.
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