Beverage Cans Market Analysis and Forecast by 2027, Fortune Business Insights
The global beverage
cans market size is expected to reach USD 36.59 billion by
2027, exhibiting a CAGR of 4.7% during the forecast period. The growing
adoption of alcoholic beverages in underdeveloped and conservative countries
can simultaneously bolster healthy growth of this market, states Fortune
Business Insights, in a report, titled “Beverage Cans Market Size, Share &COVID-19
Impact Analysis, By Product (Aluminium, and Steel), Application (Carbonated
Soft Drinks, Alcoholic Beverages, Fruit and Vegetable Juices, and Others), and
Regional Forecast, 2020-2027.” The market size stood at USD 25.31 billion in
2019.
The coronavirus emergency has financially drained various
industries and sectors around the globe. The governments of several countries
have instigated lockdown to thwart the spread of this deadly virus. Such plans
have caused disturbances in the production and supply chain. But, with time and
resolution, we will be able to combat this stern time and get back to
normality. Our well-revised reports will help companies receive in-depth
information about every market's present scenario so that you can adopt the
necessary strategies accordingly.
The market report includes:
·
All-encompassing
report of the market
·
Critical
insights into the market
·
Dominant
regions in the world
·
Market
drivers and restraints
·
Competitive
landscape
·
COVID-19
impact
Market Driver:
Evolving Consumer Lifestyle to Influence Massive Growth
The rising
urbanization, coupled with the growing population are factors expected to boost
the growth of the market. The increasing disposable income in developing
countries has led to high consumer spending on beverages, which, in turn, will
propel the market growth. Brand preference has played an essential role in spurring
the demand for beverages in developing countries, thus boosting the market
growth. The growing knowledge about sustainable and recyclable beverage
packaging among consumers will consequently improve the demand for metal cans
in the forthcoming years. Moreover, shifting lifestyle choices and increasing
health consciousness will fuel demand for healthy and nutritious drinks, hence
favoring the business of beverage cans.
COVID-19 Impact:
Varied Effect of COVID-19 on the Beverage Cans Market
The restrictions imposed by the governments on bauxite
mining, transportation of raw material, and recycling activities of aluminumhas
disrupted the supply chain of the industry. Thus, a shortage in the supply of
cans by beverage manufacturers. Nevertheless, the demand for beverages peaked
high during the pandemic. The buying pattern of consumers changed drastically,
and high consumption beverages during lockdown helped in the recovery of the beverage cans market growth. The inflated
demand for beverages impelled manufacturers to adopt strategies to stabilize these
cans' supply and production amid global pandemic.
Regional
Analysis:
Inclination towards Healthy Beverages to Boost
Market in North America
North America is expected to hold the largest beverage
cans market share in the foreseeable years. The increasing health consciousness among consumers has led to high demand for
healthy and nutritious beverages in the US. Asia Pacific is expected to expand
rapidly during the forecast period. The growth is attributed to the rising
population and urbanization activities in the region. Moreover, increasing
consumer spending and changing lifestyles will have a tremendous impact on the region's
market. Moreover, the growing consumer awareness regarding environmental
pollution hasimpelled the manufacturers to use sustainable packaging solutions,
which, in turn, will augur well for the market in Europe. Besides, the European
Union's initiative to achieve the goal of circular economy will further fuel
demand for these cans in the forthcoming years.
Key Development:
July
2020:
CANPACK, a global manufacturer of aluminum beverage cans,began production at
its greenfield facility in Stříbro, Czech Republic,after 10 months of project announcement. The plant has an investment of
US$ 117.5 Mn, with the capacity to produce 1 billion cans annually.
The Report Lists the Key Companies in the
Market:
·
Ball Corporation
(U.S.)
·
Orora Packaging
Australia Pty Ltd (Australia)
·
Crown Holdings,
Inc. (U.S.)
·
Ardagh Group S.A.
(Ireland)
·
CANPACK S.A.
(Poland)
·
GZ Industries
Ltd. (Nigeria)
·
CPMC Holdings
Ltd. (China)
·
MSCANCO (Saudi
Arabia)
·
Pakistan Aluminum
Beverage Cans Limited (PABC Ltd.) (Pakistan)
·
Ceylon Beverage
Can (Pvt) Ltd. (Sri Lanka)
·
Universal Can
Corporation (U.S.)
·
Techpack
Solutions (China)
·
Baosteel Metal
Co., Ltd. (China)
·
Asia Packaging
Industries (Vietnam)
·
Silgan Holdings
(U.S.)
·
Other Key Players
Information source
https://www.fortunebusinessinsights.com/beverage-cans-market-104706
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