Beverage packaging market forecast to grow 2014 to 2024
The beverage packaging market is set to grow in the next 10 years at a fairly flat rate, the market will be driven by evolving consumer and demographic trends as well as fast economic growth in the developing markets across the globe, particularly in Asia and South America. Visiongain's (visiongain.com) analysis indicates that the global beverage packaging market will reach a value of $105.24bn in 2014.
One of the key trends will be the growing global population meaning that the demand for beverages and therefore the demand for beverage packaging will be higher in the next 10 years. The location of this population will also have a major impact on the beverage packaging market in the future. Urbanization globally is ever increasing and in particular it is accelerating in emerging economies such as India and China. This means that more convenience products will be demanded as these consumers are more time constrained thus the demand for packaged goods will increase. Further to this, with the development and growth of these emerging economies there will be more middle class consumers with higher disposable incomes. Therefore, demand for premium beverages will also increase and thus once again the demand for beverage packaging will increase.
An issue that will have a major impact on the beverage packaging market is that regarding environmental issues associated with packaging. These are issues such as recyclability and sustainability. This has become a more important point to consider for manufacturers because consumers are more aware of their products and the impact they have on the environment. They are seeking out products that are more environmentally friendly and are looking for more information on packaging regarding this. A similar trend is also seen with food safety and this applies to beverages too. Consumers want packaging that they can trust to be hygienic and safe. A further development of consumers affecting the beverage packaging market is that of the increasingly health conscious consumer which is affecting the beverage packaging market. This has meant that consumers are looking at packaging ever more for the nutritional information of the beverage - and beverage packaging market dynamics have changed and will continue to do so to cater for this trend.
Visiongain believes the beverage packaging market will perform well in the next 10 years and that the majority of growth will be fuelled by the emerging markets, increase in urbanization, the increase in the 'on-the-go consumer' resulting from this, and the rising incomes of people in many developing economies.