The Beverage Packaging Market to Reach US$ 233 Billion by 2033 Growing demand for eco-friendly packaging solutions driven by consumer preferences
The global beverage packaging market is expected to reach US$ 164 billion by 2023 and is on the verge of achieving a significant valuation. With the market is anticipated to soar to an estimated total worth of around US$ 108.7 billion by 2033, with a projected CAGR of 4.2% from 2023 to 2033.
The market is anticipated to grow rapidly as a result of continuous advancements in technology and materials, which will make it possible to produce innovative and environmentally friendly packaging solutions. In order to satisfy the evolving demands of the beverage industry, these solutions are crucial.
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A number of key factors are driving the significant expansion of the beverage packaging market. One of the primary drivers driving the use of packaging materials that enhance various aspects of beverage packaging is consumer preferences.
The materials are chosen with the intention of improving the strength, sealing, moisture barrier, heat insulation, and aroma retention properties of the packaged beverage. Smaller package kinds, flexible bags, and pouches are becoming more and more popular in the market. The incorporation of active and intelligent systems into beverage packaging fosters market expansion since they offer state-of-the-art features and functionalities.
In the market for beverage packaging, material selection is also quite important. Various materials, such as glass, paperboard, metals, and polymers, are blended according to the value and chemical makeup of the beverage. The variety of packaging materials gives beverage producers the ability to choose the best fit for their products. Factors such as extending shelf life and preserving the quality of beverages further contribute to adopting different packaging materials.
Several macroeconomic factors are contributing to the positive growth of the beverage packaging market. The increasing global population and changing lifestyles drive demand for convenient and efficient packaging technologies. Consumers seek premium products, and rising disposable incomes enable them to afford such choices.
The growth of the PET (polyethylene terephthalate) material as a popular choice for packaging raw materials is significant. The transformation of unpackaged products into packaged ones, particularly in emerging economies, presents profitable opportunities for players in the beverage packaging market.
Key Takeaways from the Market Study
The market in 2022 was valued at US$ 3 billion.
The valuation of the market in 2018 was US$ 96.7 billion.
Based on product type, liquid cartons are likely to register a market share of 35.2% by 2023.
The beverage packaging market size expanded at a 1.9% CAGR between 2018 and 2022.
India is expected to lead the market, expected to register a 6.1% CAGR until 2033.
By application, beverage packaging for non-alcoholic drinks is expected to accumulate a 54.7% revenue share in 2023.
“Stringent governmental regulations addressing packaging waste and decomposition are considered one of the key restraints of the beverage packaging market,” comments a Future Market Insights analyst.
Competitive Landscape
The sector possesses a considerable assortment of market contributors. Innovation and research assume a crucial role among these entities, primarily emphasizing incorporating environmentally sustainable product ranges as a fundamental element of their production initiatives.
Key players deploy various expansion tactics, such as partnerships, corporate mergers and acquisitions, and thorough examination of regulatory authorizations, to reinforce their foothold in the market.
The Major Key Players Are:
Crown Holdings Inc.
Amcor Limited
Ardagh Group S.A
Ball Corporation
Gerresheimer AG
Owens-Illinois Inc.
Berry Global Inc.
Beatson Clark Ltd.
Intrapac International Corporation
BA Glass Germany GmbH
Nampak Ltd.
Vidrala S.A
Silgan Containers LLC
Orora Packaging Australia Pty Ltd.
Key Developments
In September 2022, a deal worth US$ 530 million was successfully concluded between Ball Corp and Arnest Group, involving the beverage packaging business in Russia. Following Russia’s invasion of Ukraine in March, the sustainable metal packaging manufacturer downsized its operations, including five production facilities in Russia.
In October 2022, Berry Global continuously innovated and invested in working toward the world goal of a net-zero economy. As an industry leader, efforts were made to reduce greenhouse gas emissions and increase renewable energy use.
Key Segmentations-
By Product Type:
Liquid Cartons
Beverage Cans
Glass Bottles
Plastic Bottles
Others
By Material:
Glass
Plastic
HDPE
LDPE
PET
PP
Metal
Paper/Paperboard
By Application:
Alcoholic Drinks
Beer
Wine
Spirits
Other Alcoholic Beverages
Non-Alcoholic Drinks
Fruit Juices
Carbonated Drinks/Soda
RTD Beverages
Bottled Water
Tea & Coffee
Milk Products
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East & Africa
