Impact of COVID-19 on Economy, Industry and Company :
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Beverage Packaging Was Valued At US $ XX Bn in 2019 and Is Expected To Witness A CAGR Of 4.1% during the Forecast Period (2020-2028)
Increasing demand for on the go food is expected to boost the growth of beverage packaging market. Bottled water is one of the few beverage packages that have witnessed a rapid growth in consumption. Manufacturers have been focusing on this opportunity and have been investing in initiatives to enhance the output of their production lines to cater to growing demand in the beverage packaging market. Important factors that are responsible for the growth of bottled water consumption are the bad quality of tap water available in some developing nations and increased tax on sugary drinks.
Another important factor is that strong middle-income households are opting for bottled water and this is expected to boost the growth of beverage packaging market across the globe. Manufacturers are investing on R&D of bottled water packaging in developing nations. High R&D investments are expected to boost the growth of beverage packaging market.
Liquid Cartons Accounted For A Significant Share Of Xx% In 2019 And Is Expected To Remain Dominant During The Forecast Period
Rise in demand for packaged beverages and foods, convenience in transportation and carrying, product innovation are the factors contributing to the growth of liquid cartons market. In addition to this, significant growth has been witnessed in the food and beverage industry in Asia Pacific, owing to rise in demand for healthy and packaged water. Moreover, increase in consumption of beverages such as soft drinks are also expected to boost the growth of liquid packaging cartons during the forecast period (2020-2028)
By Material Type, Glass Accounted For the Prominent Market Share Of Global Beverage Packaging Market In 2019
Glass is one of the prominent material segments in terms of revenues. It is rapidly used to produce packaging formats such as bottles and jars. These also include pocket flasks, spirit bottles, wine bottles, beer bottles, soft drinks bottles, wide mouth jars and others. However, plastics is the fastest growing segment in the global beverage packaging market. Beverage packaging market is expected to witness upsurge in demand for water-soluble and eco-friendly plastic material. Rising awareness regarding environmental protection is one of the key factors that boost the adoption of recycled plastics for beverage packaging during the forecast period (2020-2028).
Asia Pacific Accounted For A Significant Share of XX % in 2019 and Is Expected To Remain Dominant during the Forecast Period
Beverage cans and bottles made up of PET are experiencing tremendous demand in the region due to low cost of these product formats. Moreover, High consumption of ready to drink juices, tea and coffee, and bottled water are also boosting the growth of beverage packaging market. The region also holds immense potential on account of rising demand for beverage packaging from emerging economies such as India and China.
North America is expected to witness significant CAGR during the forecast period. Robust manufacturing base of global producers such as Tyson Foods Inc.; PepsiCo Inc.; Nestle; Coca Cola Company; Kraft Heinz Co.; JBS USA; and Anheuser-Busch InBev in the U.S. is expected to boost the growth of beverage packaging. In addition to this, rapid expansion of the beverage industry in North America on account of ‘on-the-go’ lifestyle of consumers is likely to bolster the growth of the regional market over the coming years.
Competitive Landscape analysis
The beverage packaging market is highly fragmented among the number of local and global players. Key players operating in the beverage packaging market are Amcor Limited, Huhtamaki Oyj, Ardagh Group S.A, Crown Holdings, Mahmood Saeed Beverage Cans & Ends Industry Company Ltd, Gerresheimer AG and others.
Beverage Packaging Market Segmentation:
Global Beverage Packaging Market by Product:
- Liquid Cartons
- Beverage Cans
- Glass Bottles
- Plastic Bottles
Global Beverage Packaging Market by Material:
Global Beverage Packaging Market by Application:
- Alcoholic Drinks
- Non-Alcoholic Drinks
- Fruit Juice
- RTD Beverages
- Bottled Water
- Tea & Coffee
- Milk Products
Global Beverage Packaging Market by Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa