The global food and beverage packaging market is expected to reach close to US$36 billion by 2020, growing at a CAGR of more than 3%, according to the latest market study released by Technavio titled, “‘Global Food and Beverage Metal Can Market 2016-2020.” The packaged food market is expected to generate a market value of around US$3 trillion by 2020, leading to increased demand for packaging solutions and products.
The growing environmental concerns among packaging and consumer product manufacturing companies is also expected to contribute to the market growth during the forecast period. The high recycling rate of metal cans is promoting the usage of these products among various suppliers. Metal cans are made from aluminum and iron, and can be recycled and used as consumable beverage cans within 60 days. This recycling process is beneficial to the environment as it lowers the need for new raw materials, thereby reducing the rapid depletion of natural resources.
The beverage can segment dominated the global market during 2015, accounting for a market share of around 73%. The growth of this segment is driven by the increased consumption of sports and energy drinks by teenagers. Consumers with busy lifestyles also prefer to consume “on-the-go” beverages, thereby driving the growth of this segment.
Aluminum Packaging Market
Aluminum packaging is lightweight, chemically inert, impermeable, and corrosion-resistant and is used for packaging products such as spices, pickles, and drinks. The demand for this segment is driven by the increase in the consumption of frozen and canned food products and alcoholic and non-alcoholic beverages, as well as an increase in the use of pharmaceuticals and chemicals.
However, the increasing demand for rigid and flexible plastic packaging products poses a significant challenge to the market, as consumers prefer low-cost plastic packaging, which has similar functions and features. The global aluminum packaging market is also witnessing a technological shift as vendors are investing in innovative technologies for growth opportunities, which will affect the market landscape in the future.
“‘Global Food and Beverage Metal Can Market 2016-2020” provides an in-depth analysis of the market in terms of revenue and emerging market trends and also includes up to date analysis and forecasts for various market segments and all geographical regions. In addition to aluminum packaging, this report also addresses steel and tinplate packaging.