The global Beverage Packaging Market size was estimated at USD 217.0 billion in 2020. It is expected to post a CAGR of 5.5% during the forecast period.
Major Players in the Beverage market are ORG Canmaking Corporation, Hindustan Tin Works Limited, Crown Holdings Incorporated, Constantia Flexibles Group GmbH, Ball, Ardagh Group, Henkel, Eaton, Daiwa Can Company, and Can Pack Group.
The growing demand for carbonated drinks, energy drinks, and juices, among others, is indicative of rising PET bottles and metal cans as preferred materials for the same. Glass on the other hand, with its recyclable properties, has been challenged by increased costs of production and recycling. The preference for the same has been growing recently concerning sustainability trends across beverage packaging.
Top five beverage packaging trends to in 2020 & Further-
The use of aluminum cans has grown considerably in recent years due to distinctive features such as being lightweight, stackable and strong, and therefore allowing brands to easily package and transport more beverages whilst using less material. According to Mordor Intelligence, the aluminum cans market is expected to register a CAGR of 3.2% between 2020-2025. With the rise against single-use plastic continuing to take presence, the switch from plastic to paper straws has become an increasingly popular choice. Huhtamaki Group, Coca-Cola and Amatil Australia are among the brands producing durable, natural paper straws that are sustainable and recyclable. Global Web Index, 61% of millennial are likely to pay more for eco-friendly or sustainable products. Many companies – including Molson Coors – have released packaging strategies that include tactics such as reducing carbon emission by 26%, improving recycling infrastructure and incorporating at least 30% recycled content into plastic packaging. Interactive packaging has been present for some time now, but new technological advancements are being added frequently and it is expected that companies would integrate some sort of technology advancement to further their growth and consumer popularity. As health-conscious consumers gain more access and better understanding of product information and choices, companies will be pushed to produce information that is clear, concise and transparent in order to promote trust between consumer and brand.
In July 2020, Diageo, Johnnie Walker, Smirnoff, and Guinness's parent company, announced the creation of the 100% plastic-free, paper-based spirits bottle. The bottle is expected to source from sustainable wood and would launch in early 2021. Coca-Cola shared its commitment towards recycling as many plastic bottles as it uses by 2030. For the same, the company has been partnering with NGOs globally, to help improve collection. Then, as of January 2020, Nestle commits USD 2.1 billion towards using recycled plastic packaging. In March 2020, a beverage packaging manufacturer, Canpack, announced plans on adding one billion cans annually to support growing markets in Colombia and Russia. To achieve the same, the company would increase the Columbian facility's annual capacity by 46% from 1.3 billion cans to 1.9 billion. In February 2020, Ball Corporation is expected to expand United States Metal Can production by 2021. Its specialty beverage can plant would commence operations in Arizona and the northeastern US, in line with the company's previous commitment to add at least 8 billion units of capacity by the end of 2021.
Market Segmentation based on Product consist of Can, Bottle & jars, Pouch, Carton and Others. Based on Material it includes Plastic, Glass, Metal and Other. By application it includes Alcoholic, Non-alcoholic. On the basis of region it has segmented into Asia-Pacific, North America, Europe and Row. The Asia-Pacific region holds significant potential for development in terms of the most prospective countries. The market holds a substantial share in retail packaging, estimating to nearly 75%, as significant manufacturing is done in China.
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