Report: Beverage Cans Market worth $31.2 billion by 2026
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.
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.