The Beverage Packaging Market is subject to witness a substantial growth due to the growing demand for hot and cold beverages and their easy availability coupled with soaring demand for convenient & sustainable packaging solutions. Increasing demand for bioplastics and metal composites of aluminum, steel and plastic grades like polyethylene terephthalate (PET) & polyethylene (PE), glass and paper for convenient & sustainable packaging solutions drive the market growth of beverage packaging industry. Rapid industrialization in BRICS economies such as Brazil, Russia, India, China and South Africa is expected to stimulate the market growth of beverage packaging in the upcoming years. Globally, the market is predicted to grow at a significant CAGR over the forecast period, providing numerous opportunities for market players to invest for research and development in the packaging industry.
Increasing adoption of the paper & paperboard materials in the beverage packaging market owing to their lightweight and eco-friendly nature is expected to enhance the market growth. Additionally, recycling of paper & paperboard for multiple use reflects flexibility. These factors are responsible for rise in demand of paper & paperboard in packaging sector. Other factors such as easy to use, simple operation and cost-effectiveness are complementing the market growth in the recent years.
Aggressive marketing by industry players and numerous brand improvement efforts by energy drink manufacturers is attracting more consumers, thus driving the market demand for enhanced beverage packaging solutions. Increasing popularity of the ready to drink (RTD), beverages coupled with increase in the number of local manufacturers across the globe are anticipated to boost the market demand for advanced beverage packaging solutions.
Technological advancement in the manufacturing sector coupled with the development of advanced packaging solution are anticipated to boost market growth over the forecast period. In addition, growing manufacturing sector in South East Asian economies such as Singapore, South Korea, Taiwan and Malaysia is projected to escalate the growth of beverage packaging market in the upcoming years. Furthermore, increase in consumer awareness about environmental hazards with excessive use of plastic and complete ban on the use of the lightweight plastic materials in few countries are expected to amplify the growth of metal and paper beverage packaging solutions over the forecast period.
The market is broadly categorized into two major segments based on the product type such as cartons & paper packaging, bottle & jars packaging. The bottle & jars packaging is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of the bottle & jars packaging segment is attributed to the increasing adoption for pack alcoholic beverages. The cartons & paper-packaging segment also witnessed substantial growth owing to the increasing demand for packaging of non-alcoholic beverages.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in packaging industry, high-end demand of alcoholic & non-alcoholic beverages, and existence of well-established manufacturing infrastructure. Asia-Pacific region is predicted to hold major market share in the beverage packaging market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rapid industrialization, rising number of manufacturing units, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the beverage packaging market are Bemis Company, Inc., Sonoco Products Co., Saint-Gobain S.A, Mondi plc, Amcor Ltd., Alcoa Co., Reynolds Group Holdings Ltd., Caraustar and Cascades Incorporations, Oji Holdings Co., Clondalkin Group, ITC Ltd., and Crown Holdings, Inc.
Research Support Specialist, USA