A beverage can is a container, specifically designed to hold liquids such as carbonated drinks, fruits and vegetables juices, flavored drinks, beer, and ready-to-drink teas and coffees. These cans are made from steel, plastic, or aluminum. Aluminum is extensively used to manufacture beverage cans, as it is sustainable and can be recycled without compromising the strength or quality.
Beverage cans have a large printable surface area, which is not generally possible with other packaging formats. Use of high-definition printing and bold colors on aluminum cans attract consumer interaction with the package. Beverage cans are preferred for their convenience, lightweight, and portability and are ideal for active lifestyles, as they do not break easily. Moreover, aluminum beverage cans chill faster than other materials and provide barrier against light and oxygen, which can affect the flavor and freshness of the beverage.
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The global beverage cans market is anticipated to expand at a rapid pace due to the increase in demand for aerated drinks and rise in consumption of packaged juices. Consumers are adopting healthier lifestyle, which in turn is propelling the demand for beverage cans for vegetables and fruits juices and caffeine-based drinks such as coffee and iced tea. Moreover, the expansion of the beverage cans market can be attributed to the rise in consumption of alcoholic beverages, such as beer and cider, which need to be cooled at specific temperatures to improve their taste. However, fluctuations in raw material prices and complexities in the manufacture of steel beverage cans are expected to restrain the beverage cans market. Innovation in design shape and recapping of beverage cans are anticipated to create opportunities in the market.
The global beverage cans market can be segmented based on material, application, and region. In terms of material, the beverage cans market can be categorized into plastic, aluminum, and steel. The aluminum segment is anticipate to hold a major market share of the market owing to its lightweight, high recyclable rate with easy fabrication process, and extensive use in the beverage industry. Moreover, it is easy and convenient to package aluminum cans, as aluminum can be molded in innovative shapes and sizes. Based on application, the beverage cans market can be bifurcated into alcoholic beverages and non-alcoholic beverages. The non-alcoholic beverages segment is projected to account for a major share of the beverage cans market, due to rise in disposable income and increase in temperature, which increases the consumption of soft drinks and juices.
In terms of region, the global beverage cans market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global beverage cans market, followed by Europe and Asia Pacific. North America dominates the global beverage cans market due to a well-developed beverage industry and high consumption rate of beverages in the region. However, the beverage cans market in Asia Pacific is anticipated to expand at a rapid pace owing to economic development, rise in population, hectic lifestyles, and increase in consumption of beverages. The beverage cans market in the region is projected to expand due to emerging economies such as China, India, and Japan.
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Key players operating in the global beverage cans market include Ardagh Group, Ball Corporation, Crown Holdings Inc., Silgan Holdings Inc., Toyo Seikan Group Holdings, CPMC Holdings Ltd., Kian Joo Can Factory, HUBER Packaging Group GmbH, Can-Pack SA, and Showa Denko K.K. Manufacturers are increasing R&D capabilities to diversify their product range and are adopting manufacturing practices such as innovative and inexpensive packaging solutions, which reduce the cost of raw materials. These companies are setting up new manufacturing plants and expanding geographical reach. Presence of local players is anticipated to increase competition. This, in turn, is projected to increase the introduction of several advanced products in the near future.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.