The beverage cans market was valued at USD 23.7 Billion in 2021 and is projected to reach USD 31.2 Billion by 2026, expanding at a growth rate of 5.6% during the forecast period. North America dominated the beverage cans market. The rise in the production of alcoholic beverages, such as beer and ready-to-drink cocktail products, has resulted in premium packaging solutions, thereby triggering the demand for cans.
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Key Industry Development:
The beverage cans market has seen significant industry development in recent years. One key trend has been the increasing demand for sustainable and eco-friendly packaging solutions, driven by growing environmental awareness among consumers and regulatory pressures to reduce waste and emissions.
Drivers and Restraints:
Increase in popularity of energy and sports drinks
Energy drinks are widely promoted as products that increase energy and enhance mental alertness and physical performance. Next to multivitamins, energy drinks are the most popular dietary supplement consumed by American teens and young adults. One reason can be semantics. Many people interchange sports drinks with energy drinks, but they are markedly different, with the former being formulated specifically for enhanced performance during activity and the latter being designed to inject a burst of energy into the consumer. But semantics alone cannot explain why energy drinks are set to outsell coffee in the next decade. While coffee is still viewed as traditionally consumed by older individuals, energy drinks have a greater appeal among the younger generation, aligning themselves with their lifestyle.
Saturated markets for cans in the developed regions
The demand for cans is directly associated with the sale of packaged products on the retail front. With the growing awareness of consumers regarding health benefits, beverage cans used for carbonated drinks such as alcohol and soft drinks are experiencing sluggish sales. Moreover, the slow growth in demand for other beverage products has hampered the growth of beverage packaging in the last five years. However, in developed regions such as North America and Europe, the consumption of canned beverages is high. The beverage cans market for cans is saturated in the region and has limited scope for further growth.
The total share of beverage cans used for carbonated beverages has declined by 60% as per the data by the US can association, thereby resulting in sluggish demand. The food industry is witnessing significant growth for canned fruits due to the increase in demand for healthy food by consumers, resulting in the penetration of packaged products.
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Segments:
The non-alcoholic beverage segment by beverage type is projected to achieve the largest growth in the beverage can market.
The non-alcoholic beverage segment dominated the market. The rise in the production of carbonated soft drinks has resulted in the dominance of the non-alcoholic beverage segment. From consumer side, there is significant increase in the demand of sports drink and energy drink will also boost the market of non-alcoholic beverages globally.
Regional Insights:
Asia Pacific accounted for greater growth in the global cans market for beverages during the forecast period. Countries, such as China and India, have significantly contributed to the growth of the cans market for beverages in the Asia Pacific region. These countries have a high population density and are the leading producers of fruits. These factors are projected to drive the demand for beverages such as juices and functional drinks in the region.
