According to the new market research report from MarketsandMarkets,"Beverage Cans Market by Material Type (Aluminium, Steel, and PET), Beverage Type (Alcoholic Beverages, Non-Alcoholic Beverages, and Water), Structure (2-Piece and 3-Piece), & Region (NA, APAC, EUR, SA, and RoW) - Global Forecast to 2026," the beverage cans market size is estimated to account for a value of $23.7 billion in 2021 and is projected to grow at a CAGR 5.6% from 2021, to reach a value of $31.2 billion by 2026. Factors such as the increasing demand for recyclable packaging and lower cost of recycled cans than newly manufactured cans have supported the market growth of beverage cans. Moreover, there is an increase in the use of beverage cans for packaging of non-alcoholic beverages such as carbonated soft drinks, still water and sparkling water.
By material type, the aluminum segment is expected to hold a higher share as compared to the steel, and PET segments
The reports states that aluminum is a very cost-effective raw material used in the industry and can customize the packaging with colors, 3D prints and embossing. Therefore, technological developments have led the manufacturers to remodel their strategies by using various sizes of cans, along with different shapes. Aluminum cans are convenient to keep in the fridge and ovens, further leading to the segment holding a significant share in the overall market for beverage cans.
The non-alcoholic beverages application segment among the other beverage type is expected to hold one of the largest share in the beverage cans market, in terms of value, in 2021
The increase in consumption of carbonated soft drinks in emerging economies like India and China has supported growth of the non-alcoholic beverages segment. Beverage cans prevent deterioration of carbonated soft drinks, which is usually seen if these drinks are packed in glass bottles. Moreover, increasing health awareness has led to the growth in demand for energy and sports drinks. These drinks are commonly consumed on regular basis by young population. These factors are fueling the growth of non-alcoholic beverages segment in beverage cans market.
By structure 2-piece will drive the demand for beverage cans, in the upcoming years
2-piece cans are lightweight and available with a stackable feature, as a result of which they can save shelf space. They also offer safer packaging solutions over 3-piece cans. With a continuously evolving packaging technology, the structure of the cans has also been improving with seamless can body and ease of printing on full 2-piece cans compared to 3-piece cans. The manufacturing process of 3-piece cans is more complex and requires more raw materials than 2-piece cans. These factors are responsible for the preference of 2-piece cans over 3-piece cans, further driving the beverage cans market.
North America is projected to dominate the majority market share, in the global beverage cans market, in terms of value, in 2021
North America is a key manufacturer in the beverage industry. The region is mainly dominated by many consumers for canned beverages across the globe. North America is the biggest consumer of aluminum cans, accounting for more than one-third of the total global consumption. However, the cans market for beverages is expected to witness a steady growth rate during the forecast period.
Since the region is developed, the consumption of beverages is mostly high in the region compared to developing regions, such as Asia Pacific and South America. Moreover, the major key players of metal packaging, such as Crown Holdings, Inc. (U.S.) and Ball Corporation (U.S.), have a significant market share in the US, which has further contributed to the steady growth of cans. The U.S. dominated the market in North America, owing to the rise in demand for sparkling water, carbonated beverages, functional drinks, beer and cocktails.
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