New York, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global alcohol packaging market size is predicted to expand at ~5% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 18 billion by the end of 2033, up from a revenue of ~USD 11 billion in the year 2022.This growth can be attributed to the increasing demand for alcoholic beverages, the rising consumption of alcoholic beverages, and the growing popularity of convenience packaging. As of 2021 it was found that 62% of adults in the United States consumed alcoholic beverages.
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Moreover, a significant percentage of adults aged 18 and above those residing in households with annual incomes exceeding $100[R1] ,000 reported consuming alcohol during the period spanning from 2021, to 2022. The growth in convenience packaging has allowed people to access alcoholic beverages more quickly and easily, leading to an increase in consumption.
Innovations in Packaging Design to Boost Market Growth
Packaging companies are exploring the use of new materials to enhance the design and functionality of alcohol packaging. These materials include biodegradable and sustainable options, such as recycled paper and plant-based plastics. By using these materials, brands can demonstrate their commitment to environmental sustainability and appeal to eco-conscious consumers. For instance, Bacardi, the producer of spirits has announced its commitment to using 100% plastic packaging made from plant based oils for all its brands by 2023. This initiative will result in the elimination of the production of 82[R2] million plastic bottles by the company.
Moreover, Packaging innovations are introducing new functionalities to enhance the consumer experience. For example, some alcohol packages now include built-in pour[R3] spouts or resealable lids, allowing consumers to easily pour and store their beverages. Other packaging designs incorporate temperature indicators or interactive elements, such as augmented reality labels, to provide an interactive and engaging experience for consumers.
Alcohol Packaging Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growth Of The Craft Beer And Spirits Industry to Drive the Growth in the North America Region
The alcohol packaging market in North America region is estimated to garner the largest revenue by the end of 2033, driven by the growth of the craft beer and spirits industry in region. In the United States it has been noted that people consumed around 300 million cases of craft beer in 2020 which accounts for 11[R4] % of the total beer consumption, in the country. Craft breweries and distilleries are known for their unique and premium products, which require distinctive packaging to reflect their brand identity. Moreover, craft beers and distilleries have become increasingly popular among consumers due to their higher alcohol content and unique flavors, which differentiate them from mass-produced beers. This has resulted in the need for distinct packaging to attract the attention of potential customers.
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Increasing Demand For Alcohol Products to Drive the Growth in the Asia Pacific Region
The Asia Pacific alcohol packaging market is estimated to garner the largest revenue by the end of 2033. This is largely due to the increasing demand for alcohol products in the region, as well as the presence of a large number of alcohol manufacturers. In 2020 people, in India consumed 6 billion liters of alcohol and it is projected that the consumption will rise to around 6.28[R5] billion liters by the year 2024. Additionally, the region has a strong presence of alcohol packaging companies, which helps to drive the growth of the market. This growing demand is coupled with the fact that alcohol manufacturers are able to increase their production capacities, as the region has a strong agricultural and industrial base. This allows them to produce more alcohol products at lower costs, which is then passed on to the consumer.
Alcohol Packaging Segmentation by Liquor Type
- Wine
- Spirits
- Beer
- Cider
- Others
The wine segment is anticipated to hold the largest revenue by the end of 2033. This is due to its increasing demand from consumers, as well as the increasing popularity of wine-based drinks and cocktails. In 2021 the United States produced a 770[R6] million gallons of wine. As of 2023 there are, over 7,470 wine businesses operating in the country. On average each resident consumed 3 gallons of wine in 2020. Furthermore, the growing demand for premium wines is also expected to drive the growth of the wine segment in the Alcohol Packaging market. As more people become interested in fine wines, the demand for packaging that preserves the quality and flavor of the wine also increases. Companies are investing in new packaging materials and technologies to ensure their products remain fresh and safe for consumers.
Alcohol Packaging Segmentation by Material Type
- Glass & Plastic
- Paper & Paperboard
- Metal
The glass and plastic segment is anticipated to hold the largest revenue by the end of 2033 due to the growing demand for sustainable packaging solutions from alcoholic beverage manufacturers. It is noted that over 60% of glass is utilized for packaging alcoholic and non-alcoholic beverages. Also, glass packaging is the foremost choice for 86[R7] % of consumers when it comes to buying wine. This is because glass containers can be recycled endlessly without any compromise in quality. In fact it takes little as 30 days for a recycled bottle to make its way back, onto store shelves as a brand new one. Additionally, the increasing preference for packaged alcoholic beverages is also expected to drive the growth of the glass and plastic segment.
A few of the well-known industry leaders in alcohol packaging market that are profiled by Research Nester are Vetreria Etrusca S.p.A., WestRock Company, Tetra-Pak India Private Limited, Stora Enso Oyj, Saint Gobain SA, Amcor Limited, DS Smith Plc, Crown Holdings, Inc., Intrapc International Corporation, and Beatson Clark Ltd., and other key market players.
Recent Development in the Alcohol Packaging Market
- WestRock Company to unveil packaging solutions, namely PETCollar, CaseCollar and EcoCase at drinktec. As a provider of sustainable packaging products WestRock aims to showcase its innovative offerings at this global trade fair, for the liquid food industry.
- Tetra Pak India Private Limited is set to introduce a product called Tetra Pak Reflect, which features holographic packaging. The collaboration with Warana aims to provide food and beverage brands, with packaging options.
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