Global Beverage Packaging Market was valued at US$ 233.21 Billion in 2021, according to the Global Beverage Packaging Market Report, by Product Type (Bottles, Cans, Liquid Cartons, Pouch/Sachet, and Others), by Application (Alcoholic Drinks (Beer and Other Alcoholic Drinks), and Non-alcoholic Drinks (Dairy, Carbonated Drinks/Soda, Juices/Soft Drinks, Bottled Water, and Energy Drinks/RTD Beverages)), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global beverage packaging market was valued at US$ 233.21 Billion in 2021 and is expected to register a CAGR of 5.84 % over the forecast period (2022–2030), to reach US$ 388.02 Billion by 2030.
Beverage packaging is done to store and safeguard the beverage until it reaches the consumer. It can be performed 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 manufactured using different materials such as glass, metal, and plastic.
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, due to which a shortage regarding raw materials was observed which had an adverse impact on beverage packaging market.
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Browse 50 market data tables* and 40 figures* on "Global Beverage Packaging Market” - Forecast to 2030.
Key Trends and Analysis of the Global Beverage Packaging Market:
- The growing trend of western culture is influencing the consumption of alcohol, which is driving demand for beverage packaging. Improving lifestyle of the consumers is again shifting consumer preferences towards alcohol consumption and also 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 the 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 ensure they do not end up as waste in oceans, rivers, or landfills.
Key Takeaways of the Global Beverage Packaging Market:
- In 2021, non-alcoholic in application segment was valued for around 79.94%, and is expected to grow over the forecast period. The growing demand for carbonated drinks, energy drinks, and juices, among others, is the reason of rising PET bottles and metal cans for beverage packaging.
- 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.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the beverage packaging are key strategies adopted by players in the global beverage packaging market. For instance, in July 2020, Diageo, Johnnie Walker, Smirnoff, and Guinness's parent company namely Daigeo announced the creation of 100% plastic-free, paper-based spirits bottle. The bottle is expected to source from sustainable wood and would launch in early 2021.