Beverage packaging is done to store and safeguard the beverage until it reaches the consumer. It can be done by using different types of packaging such as can, pouch, bottle, and carton. Packaging of beverages helps in the prevention of leakage and damage before consumption. Beverage packaging is prepared by using different materials such as glass, metal, and plastic.
The global beverage packaging market is expected to surpass US$ 346.06 Bn in terms of value by the end of 2028.
Growing demand for sustainable packaging solution is augmenting the market growth of beverage packaging. Growing environmental awareness, especially across developed countries is fueling demand for sustainable packaging. According to a survey conducted by the Asia Pulp & Paper (APP), approximately 56% of the respondents in the U.S. prefer sustainable packaging options and over 42% were willing to pay more for such packaging. Hence, the growing demand for sustainable packaging solution is augmenting the market growth.
Increasing demand for aseptic carton packaging is expected to serve major growth opportunities in the near future. This is attributed to the food safety concerns and the need for extended shelf life of the food product. For instance, in January 2017, Uflex has introduced its new aseptic liquid packaging brand, Asepto, with an aim to provide specialized filling solutions and comprehensive packaging to pack liquid products. It is capable of increasing the shelf-life of products, aseptic packaging helps brands to reduce dependency on cold chains.
Global Beverage Packaging Market: Recent Developments
In March 2021, Ardagh Group S.A takes partnership with Bragg Live Food Products and introduced a new 160z glass bottle for its line of apple cider vinegar beverages.
In March 2020, a beverage packaging manufacturer, Canpack, announced plans on adding one billion cans annually to support growing markets in Colombia and Russia. To achieve the same, the company would increase the Columbian facility's annual capacity by 46% from 1.3 billion cans to 1.9 billion.
In March 2019, Glass manufacturer Owens-Illinois, Inc., (O-I) has announced an investment of US$60 million in its European glass operation. This investment will enable O-I to grow in the premium beer segment which is highly differentiated and uses unique bottle shapes to build strong, premium brand equity.
Growing strict rules and regulations associated with the recycling of packaging solutions are projected to hamper market growth. For instance, the European Parliament and Council Directive 94/62/EC require member states to enforce regulations regarding reusable or recoverable packaging, minimizing packaging weight and volume to reduce hazardous substances and materials in packaging and meet packaging material recovery and recycling targets.
Global Beverage Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on beverage packaging market.
To know the latest trends and insights prevalent in the Global Beverage Packaging Market, click the link below:
Figure 1. Global Beverage Packaging Market Share, By Application, 2020
The growing trend of western culture is influencing the consumption of alcohol which is driving demand for beverage packaging. Increasing disposable income coupled with the improving lifestyle of the consumers is again shifting consumer preferences towards alcohol consumption. An increasing number of corporate parties and other events is driving demand for different types of beverages including soft drink and alcohol. Hence, increasing consumption of beverages around the globe is propelling market growth.
Recycling of plastic bottle initiatives by key manufacturers is one of the emerging trends. For instance, in November 2019, Coca-Cola Co., Keurig Dr. Pepper, and PepsiCo joined together to announce the launch of the Every Bottle Back initiative, a new effort to improve the collection of plastic bottles so they can be made into new bottles. The aim of these initiatives to support the circular plastics economy by reinforcing to consumers the value of their 100% recycled plastic bottles and caps and ensuring they don’t end up as waste in oceans, rivers, or landfills.
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