Beverage Cans Market Share, Size, Global Industry Analysis, Key Growth Drivers Trends, Segments, Opportunity and Forecast 2020-2027
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.
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.
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 aluminum has 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.
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 has impelled 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.
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