The global beverage packaging market size is expected to surpass around US$ 241.3 billion by 2030 and is poised to grow at a noteworthy CAGR of 6.4% from 2021 to 2030.
Tokyo, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global beverage packaging market size was reached at US$ 129.8 billion in 2020. The beverage packaging is significantly impacted with the growth of the global beverages industry. Packaging is one of the primary attributes of a beverage product. The availability of a huge number of beverage products in different packaging sizes and varied materials is an important factor that propels the consumption of different packaging materials. The most popular packaging materials are glasses and plastics. Glasses are easily reusable. The problem lies with the use of conventional petroleum based plastic that are non-reusable. The extensive use of plastics had created a huge amount of wastes that is now threatening the environment. Therefore, the development of bioplastics is expected to drive the market growth in the foreseeable future. Moreover, governments of several nations have banned the use of plastics to reduce the carbon footprint.
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The private players are investing heavily on the development of various sustainable packaging materials and methods to promote eco-friendly packaging solutions. Consumers in the developed markets of Europe and North America are highly concerned with the sustainability factors before they make a purchase. Therefore, the future of the beverage packaging industry lies in the development of cost-effective sustainable packaging materials.
Crucial factors accountable for market growth are:
Rising global warming issues
Increased awareness regarding eco-friendly products among the consumers
Rapid growth of the beverages industry
Growing government initiatives to promote sustainable packaging
Growing demand for the PET bottles
Increasing demand for ready-to-drink beverages
Growing demand for on-the-go beverages is boosting the demand for cans
Increased consumption of alcoholic beverages
In December 2020, the Amcor Group entered into a joint venture with Nutrea to provide orange juice in recyclable bottles in two different sizes.
Scope of the Beverage Packaging Market Report
Market Size in 2020
US$ 129.8 billion
CAGR of 6.4%
Fastest Growing Market
2021 to 2030
Product Type, Application Type, Material Type, Region Type
Asia Pacific dominated the global beverage packaging market in 2020 and is expected to retain its dominance during the forecast period. The demand for the different beverages is higher in the region owing to the high population. Therefore, the higher production of beverages requires higher volume of packaging materials. Further, the rising disposable income of the consumers coupled with the lack of adequate volume of drinkable water is boosting the demand for the packaged drinking water in the region. The adoption of automation in the production of packaging materials is boosting the growth of the beverage packaging industry in the region.
North America is estimated to be the fastest-growing market. This is attributed to the rising investments to develop eco-friendly packaging solutions. The rising demand for the paper-based, recyclable, and bi-degradable packaging materials is driving the growth of the North America beverage packaging market. Further, the higher consumption of non-alcoholic beverages in the region is significantly boosting the demand for the beverage packaging in the region.
Drivers - The growing demand for the environmental friendly packaging solutions is the primary driver of the market. Apart from this the growing trend of on-the-go consumption of beverages among the working population is boosting the demand for the cans. Hence, this factor is expected to drive the market growth in the upcoming years.
Restraints - Growing geriatric population is resulting in the decreased consumption of carbonated drinks and the alcoholic beverages. This may hamper the growth of the beverage packaging consumption. The increasing health awareness among the consumers is resulting in the decreased volume of consumption of several drinks that may have a negative effect on the beverage packaging market.
Opportunities - New product launches and the introduction of innovative packaging solutions are expected to offer new growth prospects to the market players in the upcoming future. For instance, Ball Corporation introduced Infinitely Recyclable packaging solution made using aluminium bottles to promote sustainability.
Challenges - The growing demand for the glass bottles may lead to the stockpiling of the glasses that may result in a price hike of the glasses. Therefore the fluctuations in the prices of the raw materials due to stockpiling are a major challenge to the beverage packaging industry.
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By material, the plastic segment is expected to witness highest CAGR during the forecast period. This is majorly attributed to the growing demand for the water-soluble plastics, compostable, recyclable, and bio-degradable plastics in the packaging industry across the globe.
By product, the bottles segment was the highest revenue contributor in the market in 2020. The increased preference for the packaging of alcoholic beverages to extend the shelf-life and the reusability feature of the glass bottles is a major driver of the segment growth.
By application, the non-alcoholic beverages segment is expected to be the most opportunistic market owing to the growing preference of various functional beverages among the consumers. Moreover, the rising demand for health drinks and on-the-go consumption trends are fueling the segment growth.
Segments Covered in the Report
Rest of the World
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