Can-Do Economics: Popping Open a $36 Billion Market by 2031!
According to a report by Kings Research, the Global Beverage Cans Market was valued at USD 22.88 billion in 2023 and is expected to reach USD 36.55 billion by 2031, with a projected compound annual growth rate (CAGR) of 6.04% from 2024 to 2031.
The beverage cans market is experiencing significant growth, largely driven by the rising demand for eco-friendly packaging options. As consumers increasingly prioritize sustainability, aluminum cans are gaining popularity due to their recyclability and light weight. The growth of the craft beverage industry, including segments like beer and soft drinks, has also contributed to the heightened demand. Advances in can design and a focus on customization and branding are further propelling market expansion.
Key Insights
Ardagh Metal Packaging (AMP) Partners with Cargo Service Europe (CSE) to Revamp Supply Chain and Distribution Network
In August 2023, Ardagh Metal Packaging (AMP) partnered with Cargo Service Europe (CSE) to enhance its supply chain and distribution network across Europe. CSE provides a cutting-edge, zero-emissions distribution route using Battery Electric Vehicles (BEV) from Volvo, enabling AMP to deliver cans in an environmentally friendly manner while streamlining its distribution process.
Expansion of the Craft Beverage Sector to Result in Increasing Demand in the Industry
The craft beverage industry is driving substantial demand within the beverage cans market. Craft brewers and artisanal drink producers are increasingly seeking innovative packaging solutions that reflect their brand's identity and sustainability goals. Aluminum cans, being recyclable and lightweight, are a preferred choice. The growing popularity of craft beverages is boosting demand for unique can designs, offering new growth avenues for manufacturers and designers in the industry.
Incorporation of Sustainable Packaging Solutions to Drive Market Progress
The market's growth is also fueled by the rising demand for sustainable packaging solutions. As environmental awareness among consumers increases, there is a stronger preference for recyclable materials like aluminum cans. This shift is prompting beverage companies to adopt greener packaging options, meeting consumer expectations and reducing their environmental impact. Consequently, the market for innovative and sustainable packaging solutions is expanding, providing opportunities for businesses to leverage this trend and strengthen their market position.
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Asia-Pacific to Be the Fastest-Growing Region, Exhibiting the Highest CAGR of 6.88% Between 2024 and 2031
Among the regions, Asia-Pacific is expected to exhibit the fastest growth, with a projected CAGR of 6.88% between 2024 and 2031. The region's expanding population and rising disposable incomes are driving higher beverage consumption, particularly among younger consumers. Additionally, increasing awareness and adoption of sustainable packaging in countries like China and India are bolstering the demand for aluminum cans. The growth is further supported by the expanding footprint of multinational beverage companies and increased investment in manufacturing infrastructure.
Companies Focus on Innovating Packaging and Printing Solutions to Expand Their Market Reach
The global beverage cans market is highly fragmented, featuring key players such as ALTEMIRA Can Co., Ltd., Ardagh Group , Ball Corporation , Can One Berhad , CANPACK Group , Cpmc Holdings Ltd , Crown Holdings, Inc. , Inc., Envases Group , Resonac Group, and Toyo Seikan Group Holdings, Ltd. These companies are adopting various strategic initiatives, including mergers, acquisitions, partnerships, and innovative product launches, to strengthen their global presence and competitive edge.
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