Selbyville, Delaware , May 21, 2024 (GLOBE NEWSWIRE) -- Beverage Packaging Market value could reach USD 265.8 billion by 2032, as per a recent study by Global Market Insights Inc.
The wine packaging market is witnessing exponential growth in demand driven by the efforts of leading companies to develop sustainable and recyclable packaging materials. Large brands such as Coca-Cola, PepsiCo, Nestle, etc., prioritize environmentally friendly packaging solutions to address environmental concerns and sustainability needs of customers. These companies invest heavily in R&D to develop new biodegradable products, reduce the use of plastics, and increase recycling rates.
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For instance, in April 2024, at the NCAA Men’s & Women’s Final Four tournament venues, the Coca-Cola Company announced that it would help keep fans energized while ensuring certified closures for beverage packaging. This meant recycling all collected beverage bottles and turning them into new food-friendly packaging materials. Furthermore, Innovations in packaging design are driving the market demand for functional and aesthetically pleasing solutions.
Plastic material to uphold market demand
The beverage packaging plastic market size could exhibit a commendable growth rate over 2023-2032, according to the report. Plastic packaging offers many advantages, such as light weight, durability, and affordability, making it desirable for beverage bottles. Due to the introduction of alternatives such as PET (polyethylene terephthalate) bottles and HDPE (high-density polyethylene) containers, the safety and sustainability of plastic packaging have increased. The plastics segment in the beverage packaging market continues to dominate due to their flexibility, cost-effectiveness, and technological advances in recyclable and biodegradable plastics.
Carton packaging to multiply market revenue
The cartons segment will amass a modest beverage packaging market share by 2032, as per the report. Made primarily from paper boards, cartons are lightweight and flexible and provide excellent protection for drinks. They are especially popular for packaging water, milk, and other non-carbonated beverages. Growing preference for natural and organic drinks by health-conscious consumers has further increased the demand for packaging in cartons, as it is perceived as non-carrying capacity with less environmental impact compared to plastic alternatives. Additionally, advances in carton technology, such as organic packaging, help it last longer, further increasing its popularity.
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Europe to capture a substantial market share
Europe beverage packaging market will register a robust CAGR from 2023 to 2032. With increased environmental awareness, there has been a significant shift towards sustainable packaging solutions. European consumers are increasingly choosing environmentally friendly packaging materials such as paper, cardboard, and bioplastics. This trend is further fueled by stringent regulations and policies to reduce plastic waste. Also, innovations in packaging design, such as lightweight and convenient materials, cater to evolving customer lifestyle preferences. Due to the presence of beverage companies in Europe, investments in advanced packaging technologies have grown to meet rising demands, supporting market growth in the region.
Beverage Packaging Market Players
Combibloc Group AG, Evergreen Packaging LLC, Tetra Pak International S.A., Berlin Packaging LLC, Ball Corporation, Plastipak Holdings, Inc., Amcor plc, DS Smith Plc, Graham Packaging Company, Huhtamaki Group, AptarGroup, Inc., Crown Holdings, Inc., Owens-Illinois, Inc., WestRock Company, Berry Global Group, Inc., among others.
Leading beverage packaging market companies are creating market demand through targeted efforts. These companies are investing in innovative packaging solutions that meet customer preferences in terms of sustainability, convenience, and product innovation. With advanced technologies such as environmentally friendly materials, lightweight designs, and aesthetic packaging, these brands meet the evolving needs of the beverage industry. Their focus on increasing packaging efficiency to reduce environmental impact is driving market growth and reshaping the industry landscape.
In May 2024, Aldi aimed to convert all its soft drink juice bottles to 100% recycled PET (rPET), aiming to save 10,000 tonnes of virgin plastic per year. Aldi claimed that it would become the UK's leading supermarket supplier of drinks and products would be packaged in 100% recycled materials, except caps and labels.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
