Beverage packaging market to reach a value of $118.8 billion
In the future, issues such as environmental conditions and changing consumer requirements will drive product innovations, product development and sturdy growth.
Beverage packaging is available in a variety of formats including plastic bottles, metal cans, paperboard, cartons and pouches for use in a wide selection of beverages ranging from carbonated soft drinks to beer and milk.
Growing environmental concerns are contributing to the development of new packaging formats and materials that use fewer raw materials, function optimally and are easily processed using eco-friendly production equipment. Green products are biodegradable at land or on sea, and do not leave behind any harmful residue or fragments.
The European market, driven by rising income levels and sustainable growth in rapidly growing Eastern European countries, leads the beverage packaging market in terms of dollar sales. Markets such as Russia, Czech Republic and Slovakia offer maximum scope for growth opportunity and development. Asia is one of the regions with the highest growth potential within the beverage packaging market, and is likely to drive global beverage consumption along with Latin America and Eastern Europe. The Asian beverage packaging market is set to race ahead at a healthy CAGR of 6.6% through to 2017.