PUBLISHER: The Business Research Company | PRODUCT CODE: 1414046
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414046
“Beverage Can Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on beverage can market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for beverage can? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The beverage can market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A beverage can is a metal container crafted specifically for storing a single serving of a drink, designed to safeguard beverages from exposure to oxygen and light. These cans effectively seal in carbonation while keeping oxygen out, thereby preserving the freshness of the beverage.
Beverage cans are constructed from materials such as steel, aluminum, and other related substances. Steel, a robust alloy composed of iron and carbon, is renowned for its strength and durability, commonly employed in manufacturing sturdy structures such as automobiles and buildings. Beverage cans come in two primary structures, the two-piece can and the three-piece can. These cans incorporate coatings such as epoxy, polyester, vinyl, and other specialized materials, tailored for use in various applications ranging from non-alcoholic and alcoholic beverages to sports drinks, energy drinks, fruit-based beverages, and carbonated soft drinks.
The beverage can market research report is one of a series of new reports from The Business Research Company that provides beverage can market statistics, including beverage can industry global market size, regional shares, competitors with a beverage can market share, detailed beverage can market segments, market trends, and opportunities, and any further data you may need to thrive in the beverage can industry. This beverage can market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The beverage can market size has grown strongly in recent years. It will grow from $32.32 billion in 2023 to $34.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. During the historical period, growth can be attributed to several factors. These include a shift in consumer packaging preferences from glass to cans due to factors such as convenience and portability. Additionally, there was a notable increase in sustainability and recycling initiatives within the industry, aligning with growing environmental awareness. Brands differentiated themselves more distinctly, employing diverse marketing strategies to cater to evolving consumer demands. Furthermore, the adoption of cans over other materials was also driven by cost efficiencies in production processes.
The beverage can market size is expected to see strong growth in the next few years. It will grow to $41.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. Anticipated growth in the forecast period is linked to several key factors. Firstly, an upsurge in health and wellness trends is expected to drive demand for beverage cans. Additionally, the expansion of e-commerce platforms will likely facilitate wider market reach and accessibility. The emergence of non-alcoholic beverages as a significant market segment is poised to contribute to this growth trajectory. Moreover, advancements in materials and manufacturing processes are expected to introduce innovative solutions to the market, further boosting growth prospects.
The anticipated surge in beverage consumption is poised to drive substantial growth within the beverage can market. These cans, predominantly made of aluminum, serve as an efficient packaging solution for various non-water liquids, particularly beer. Renowned for their recyclability and lightweight nature, these containers offer stackability and streamlined freight and storage capabilities. With the escalating beverage consumption, the demand for beverage cans is expected to soar, significantly bolstering market expansion. For example, according to the World Population Review's Soda Consumption by Country 2023 report, Argentina leads the world in soda consumption, averaging about 155 liters per person annually, followed closely by the United States with an average of 154 liters per resident. This consumption trend is instrumental in propelling the growth of the beverage can market.
The upsurge in beer consumption is anticipated to be a driving force behind the expansion of the beverage can market. Given its use for storing beverages containing ethyl alcohol, particularly beer, beverage cans offer durability, portability, and superior preservation of beer freshness. Notably, as per the Global Beer Consumption Report for 2021 shared by Kirin Holdings Company Limited in December 2022, worldwide beer consumption surged by 4.0% to approximately 185.60 million kiloliters in 2021. This escalating beer consumption trend is a significant factor fueling the growth of the beverage can market.
Innovation emerges as a prominent trend shaping the landscape of the beverage can market. Key market players are channeling their efforts into crafting inventive products to solidify their market standing. An illustration of this is the January 2023 launch by Ardagh Metal Packaging (AMP) of a 19.2oz beverage can tailored for beverage brand customers. This innovative offering fills a niche between the conventional 16 oz and 24 oz sizes, catering to the rising demand in the single-serve channel, enabling diversification into water, hard seltzer, beer, and cider.
Strategic partnerships and collaborations are pivotal strategies adopted by major companies in the beverage can market to expand their presence and gain a competitive edge. These alliances, geared towards combining strengths, mitigating risks, and enhancing competitiveness, have significant implications. An exemplary case is the partnership between Reliance Consumer Products Ltd. and Ceylon Beverage International in April 2023. The collaboration focuses on co-packing cans for the Campa soft drinks portfolio in India, potentially granting distribution rights for Ceylon Beverage's juices and energy drinks in India, bolstering market share. Additionally, Ceylon Beverage might establish a packaging facility in India to extend the Campa brand nationally, currently importing cans from its Sri Lankan factory.
In November 2021, Showa Aluminum Can Corp., a Japanese packaging container manufacturer, acquired a 20% stake in Universal Can Corporation from Hokkan Holdings Limited, the specific financial details undisclosed. This strategic move aims to facilitate Showa Aluminum Can Corp.'s expansion into the Southeast Asian market, which is experiencing a notable surge in demand for canned beverages and related products. Universal Can Corporation, based in Japan, specializes in producing substantial volumes of aluminum cans and lids catering to the needs of food and beverage companies.
Major companies operating in the beverage can market report are Crown Holdings Inc., Ardagh Group S.A., CPMC Holdings Limited, Toyo Seikan Group Holdings Ltd., Can-Pack S.A., Ball Corporation, Envases Universales S.A. de C.V., GZ Industries Limited, Showa Denko K.K., Nampak Beverage Can (Pty) Limited, The Olayan Group, Techpack Solutions Private Limited, Orora Packaging Australia Pty Ltd., Kien Joo Can Factory Berhad, Silgan Holdings Inc., Can-One Berhad, Universal Can Corporation Inc., Interpack Group Inc., Ceylon Beverage Can (Private) Limited, Baoshan Iron & Steel Co Ltd., Asia Packaging Industries Sdn Bhd, Jiangsu Baosteel Metal Products Co Ltd., Rexam PLC, HUBER Packaging Group GmbH, O-I Glass Inc., Metal Container Corporation, BWAY Corporation, Alltub Group, Massilly Group, Independent Can Company, Great China Metal Industry Company Limited, Hulamin Containers Limited, Shanghai Z Z Zijiang Enterprise (Group) Co Ltd., Emballator Metal Group, China International Marine Containers (Group) Ltd., Grupo Zapata S.A. de C.V., ShengXing Group Co Ltd., Benjamit Packaging Co Ltd., Arabian Can Industry LLC, Grupo Vidriera Del Norte S.A. de C.V.
North America was the largest region in the beverage can market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global beverage can market report during the forecast period. The regions covered in the beverage can market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the beverage can market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The beverage can market consists of sales of recyclable, stackable, light-proof, wide-mouth, and resealable lid cans. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.