The global consumer beverage packaging market size is predicted to elevate during the forecast period of 2024-2032.
This information is provided by Fortune Business Insights, in its report titled, “Consumer Beverage Packaging Market, 2024-2032.”
Beverage manufacturers are focusing on offering better products with eco-friendly and spill-proof packaging. Leading players innovate their packaging often to suit consumer requirements. For instance, nowadays, see-through packaging is being increasingly adopted as manufacturers produce visually appealing beverages to attract customers. Meanwhile, amid the ban on single use plastics, plant-based beverage packaging is gaining popularity as well.
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Segmentation:
Based on material, the global market is split into plastic, glass, metal, and others. The glass segment held a significant share in the recent past. However, the plastic segment is predicted to surpass the glass segment in the upcoming years due to its growing demand for non-alcoholic beverage packaging.
As per product type, the global consumer beverage packaging industry is divided into bottles & jars, cans, cartons, and others. Among these, the bottles & jars segment holds a significant share in the industry and is likely to retain its dominant position in the forthcoming years due to their high demand.
According to application scope, the market is bifurcated into alcoholic and non-alcoholic beverages. The non-alcoholic segment held majority of the market share in 2021.
Geographically, the global industry is fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides a detailed overview of the global consumer beverage packaging industry by dividing it systematically into segments and regions. Growth stimulants and opportunities that will facilitate market expansion are documented as well. Furthermore, the report provides exhaustive information about challenges faced by industry partakers and the impact of the COVID-19 pandemic. Market share, growth rate, and valuation of each segment and region is mentioned too.
Drivers and Restraints:
Improving Consumer Lifestyles to Boost Market Expansion
Rising urbanization, changing lifestyles, and growing disposable income has generated the demand for packaged beverages with a long shelf life. This change in preference has compelled leading beverage packaging companies to offer sustainable packaging solutions. Leading players are launching solutions that use less storage space, while providing thermal insulation and resisting moisture. These factors will back market accretion in the upcoming years.
On the contrary, the ban on single use plastics in some economies will pose as a challenge for industry stakeholders.
Regional Insights:
Growing Demand for Beverages to Drive Asia Pacific Market Growth
Asia Pacific captured the largest consumer beverage packaging market share in 2021 due to rising population and growing per capita spending on beverages. Rising health consciousness among the populace after the pandemic has propelled the demand for bottled water and healthy beverages which is also contributing to the demand for consumer beverage packaging in the region.
Meanwhile, Europe held the second largest share in the global market in 2021 owing to surging demand for alcoholic and non-alcoholic beverage packaging.
North America is also a major contributor to the valuation of the global market owing to the presence of prominent packaging companies in the region.
Competitive Landscape:
Product Launches by Market Leaders to Enlarge Profit Margins
Prominent companies usually make strategic moves such as partnerships, mergers & acquisitions, and investments in R&D to bolster revenue generation, expand reach, and garner higher profit. One such strategic decision is the launch of new products to meet the ever-changing demand of their consumers.
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Key Industry Development:
July 2024: Berry Global, a Fortune 500 manufacturer and marketer of plastic packaging products, recently launched a 100% recyclable food color bottle.
July 2024: Ardagh Group, a Luxembourg-based glass and metal products producer, recently announced its plans of unveiling a new production facility in Brazil. This company aims to manufacture sustainable glass and metal packaging in this facility.
List of Key Players Mentioned in the Report:
- Crown Holdings
- Ardagh Group
- Amcor
- Sonoco Products Company
- Saint Gobain
- Mondi Group
- Tetra Laval
- Ball Corporation
- Westpack
- Berry Global