NEWARK, Del, July 12, 2024 (GLOBE NEWSWIRE) -- The global beverage packaging industry is poised for significant growth, with an estimated valuation of USD 142.3 billion in 2024. Projections indicate that the industry will reach a value of USD 194.3 billion by 2034, reflecting a steady increase over the next decade.
The demand for beverage packaging is expected to rise at a CAGR of 3.2% throughout the forecast period, underscoring the market's robust expansion and the increasing demand for innovative beverage packaging solutions.
Resilient packaging serves as a crucial measure in preserving product integrity, compensating losses incurred from transportation and storage hazards. Its optimization helps in minimizing waste and associated transportation expenses, ultimately ensuring product quality.
Moreover, by curbing excess packaging and waste, resilient packaging promotes sustainability, adhering to circular economy paradigms via recyclability and reusability. Consequently, it stands as an indispensable element within supply chains, facilitating uninterrupted production processes from manufacturing to consumption, while concurrently managing risks and advancing sustainability agendas.
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Smart beverage packaging solutions help in optimizing logistics, anti-counterfeiting and brand security, and improved compliance and authentication. Smart packaging can involve radio-frequency identification (RFID) tags and NFC tags for product authentication, data-embedded barcodes to access product information, nutritional facts, etc., enhancing consumers’ knowledge and engagement with the brand.
Printed labels and indicators that monitor the freshness, temperature and shelf life of the inert product also improve the consumer experience. Smart and innovative functional designs such as built-in straws, compartments for adding extra flavours or supplements, and others can add functional benefits, itself becoming a USP for the brand.
Key Market Trends and Highlights:
- Advanced decorative techniques and digital printing have gained prominence in beverage packaging, enabling brands to effectively protect their products and communicate their brand identity.
- Beverage brands diversify their product offerings to cater to a broad consumer base, with packaging design playing a pivotal role in influencing consumer choices.
- Efficient packaging systems are essential for the beverage industry, ensuring product protection, quality preservation, and reduced risks.
Key Takeaways from Global Beverage Packaging Market:
- Bottles are dominating in global beverage packaging industry by gaining more than 70% of the value share through 2024.
- Liquid cartons are set to record a 3.9% growth rate by 2034 end.
- Plastic is the most consumed material for beverage packaging almost gaining 40% of value share.
- Metal and glass are also highly employed and gained 3.8% and 3.2% CAGR in the assessment period.
- 251 to 500 ml is a majorly used capacity in the beverage industry because of increasing ready-to-drink beverage consumption and preference for single-serve packaging.
- Up to 250 ml capacity range to gain USD 12.3 billion incremental dollar opportunity by the end of 2034.
- Non-alcoholic drinks are set to claim a substantial market share of 55% by 2024.
- North America is leading forefront in beverage packaging with 1/3rd of the market share in the forecast period.
- South Asia Pacific is emerging with a 5.4% growth rate in the upcoming decade driven by rapid growth due to its expanding demographics and economy.
“The global beverage packaging industry is evolving significantly driven by high consumer demand for lightweight and convenient packaging solutions with industry demand for sustainable and affordable packaging material.”- says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Rising Consumer and Brands Preference Eco-Friendly Packaging:
Amid escalating environmental concerns, the beverage packaging sector is experiencing a notable uptick in demand for sustainable alternatives, transcending conventional recycling paradigms. This trend encompasses the integration of biodegradable materials sourced from renewable reservoirs, notably encompassing plant-derived polymers. Concurrently, compostable packaging solutions are gaining momentum, engineered to undergo decomposition into organic constituents devoid of deleterious residues.
Furthermore, pioneering endeavours such as leveraging agricultural by-products, exemplified by wheat straw or corn husk packaging, are being actively explored to bolster eco-friendliness. These endeavours underscore a strategic pivot towards embracing a circular economy framework within the beverage packaging domain. Coca-Cola, a leading beverage company, has embarked on implementing sustainable practices within its packaging for beverage products.
Beverage Packaging Market Shaping Dynamics:
- Customized beverage packaging, tailored to individual preferences in size, texture, color, and design, fosters customer loyalty by adding unique value to the consumer experience.
- Consumer emphasis on health and hygiene fuels demand for reliable and safe packaging solutions. Various container types, including cans, bottles, and liquid cartons cater to alcoholic and non-alcoholic beverages using plastic, glass, cardboard, and metal.
- Intelligent technologies are ushering in a new era of digitalization in the beverage industry. Mobile scanning of QR codes, smart labels, and embedded information on packaging offers consumers added security and convenience, contributing to market growth.
- Increasing affluence and per capita incomes, particularly in emerging economies, drive the development of advanced and convenient packaging technologies. Ongoing research explores the potential of recycled plastics to replace virgin plastics in beverage containers, reducing polymer procurement costs.
- Environmental awareness and regulatory pressures push beverage packaging companies toward sustainable practices, including recyclable, biodegradable, and reusable materials. Sustainability initiatives resonate with eco-conscious consumers and contribute to market expansion.
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Key Players of Beverage Packaging Industry:
- Ardagh Group S.A.
- Owens-Illinois, Inc.
- Gerresheimer AG
- Toyo Seikan Group Holdings, Ltd.
- Saverglass SAS
- Vidrala S.A.
- Vitro, S.A.B. de C.V.
- Verallia
- Stoelzle Glass Group
- Ball Corporation
- Crown Holdings, Inc.
- Nampak Ltd.
- Silgan Containers LLC
- Berry Global, Inc.
- CPMC Holdings Ltd
- Kian Joo Can Factory Berhad
- Can-Pack SA
- Amcor Plc
- Tetra Pak
- SIG Combibloc Group Ltd.
Beverage Packaging Market Restraining Factors:
- Stringent governmental regulations addressing packaging waste and decomposition challenges hinder the beverage packaging market growth.
- Heightened consumer demand for sustainable packaging solutions puts pressure on beverage companies to invest in costly sustainable materials, potentially affecting profitability.
- The pursuit of sustainability drives up production costs for eco-friendly packaging materials, potentially leading to higher prices for consumer products and impacting sales.
- Growing regulatory restrictions on single-use plastics are compelling brands to transition to alternative materials like metals and glass, potentially driving up costs for consumers and manufacturers.
Global Beverage Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for beverage packaging, analysing historical demand from 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals market growth projections based on material (glass, plastic (PET, PP, HDPE, and LDPE), metal, and paper/paperboard)), product type (liquid cartons, beverage cans (aluminium cans, steel cans), bottles (glass bottles, plastic bottles, aluminium bottles), and others (pouch, jars, kegs, etc.)), capacity (250 ml, 251 to 500 ml, 501 to 1000 ml, and above 1000 ml), and application (alcoholic drinks (beer, wine, spirits, other alcoholic beverages), and non-alcoholic drinks (fruit juices, carbonated drinks/soda, RTD, milk products)), across seven regions.
About the Packaging Division at Future Market Insights:
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 3,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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