Dublin, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Alcohol Packaging Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The alcohol packaging market is projected to grow at a CAGR of 6.61% to reach US$95.648 billion by 2027, from US$61.089 billion in 2020.
Rising disposable income among the individuals in the population is leading to an increase in the number of alcohol drinkers and thereby encouraging alcohol manufacturers to opt for better packaging solutions in order to maintain the beverage quality until they reach the consumers.
The rise in disposable income among the individuals belonging to the middle-income and low-income populations over the past few years has led to an increase in the number of individuals in the working population spending more on alcoholic beverages for recreational and other purposes.
These factors are thereby, causing an increase in the demand for enhanced and advanced alcoholic beverage packaging solutions by the alcohol manufacturers in order to keep the quality of the beverages intact until they reach the consumers, thus, are bolstering the market growth over the forecast period.
Product Launches by Major Market Players in the alcohol packaging market space
The launch of better and more advanced varieties of alcohol packaging materials with enhanced features such as quality and durability, among other properties, by existing and new players in different markets is estimated to lead to increased adoption by alcohol manufacturers and propel the market growth further over the forecast period.
The North American region is expected to hold a considerable share over the forecast period.
The North American region is expected to hold a significant share over the forecast period owing to the fact that there is an increasing demand for beer and craft beer among the younger and middle-aged population. In addition, there are increasing investments and expansion projects being undertaken by the market players in order to accelerate their operations to cater to the rising demand for alcoholic beverages.
Moreover, the Asia Pacific region is estimated to witness a significant increase in its market share over the forecast period. This is attributable to the fact that there is an increasing number of market players involved in providing enhanced and advanced solutions in order to boost the beverage packaging industry in the countries like India and Australia, among others. This is due to the increasing demand for different alcoholic beverages, among the younger and middle-aged population in these countries.
Alcoholic beverages could hold a noteworthy market share over the forecast period owing to the increasing demand and the enhanced offerings by the market players.
Alcoholic beverage cans are estimated to hold a noteworthy market share over the forecast period owing to the fact that many individuals prefer beverage cans, as they are portable and are easier to dispose of, than glass bottles. Moreover, there are many market players that are offering disposable alcoholic beverages and attractive cans that cause no harm to the environment as well as appeal to the customers as they are available in different designs.
Wine is expected to grow at a considerable rate over the forecast period owing to the increasing popularity of wine globally.
Wine is an alcoholic beverage that is gaining popularity and traction in different parts of the world and is consumed by many women in the European region in countries such as Spain and Italy, among others. On the other hand, beer is an alcoholic beverage that is consumed by a majority of men in different regions, with the U.S. being among one of the highest consuming countries, Hence, these factors are aiding beer and wine to grow at a considerable pace over the forecast period.
COVID-19 Insights
COVID-19 had a significant impact on the global alcohol packaging market. The alcohol industry, in particular, was significantly impacted. The enforcement of lockdown and social distancing measures across the globe led to the closure of local wineries, bars, taprooms, and retail stores, decreasing revenue. According to Brewers Association, in 2020, independent and small craft brewers in America witnessed a 9 percent decline.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $61.09 billion |
| Forecasted Market Value (USD) by 2027 | $95.65 billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
Company Profiles
- Saxco International
- Crown
- IntraPac International LLC .
- Beatson Clark
- Ardagh Group S.A
- Gerresheimer AG
- Ball Corp
- Berry Global Inc.
- DS Smith
- Smurfit Kappa
Segmentation:
By Beverage Type
- Beer
- Wine
- Spirits
By Product Type
- Cans
- Bottles
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Spain
- Middle East and Africa
- Israel
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
For more information about this report visit https://www.researchandmarkets.com/r/hvtkf
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