In a recent market analysis, Future Market Insights (FMI) has forecast the global drink cans market to expand at a robust 8.5% CAGR, reaching a valuation of approximately US$ 50 Bn in 2021.
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Increasing production output from the food and beverage industry is expected to spur demand for drink cans. The global beverage market has witnessed exponential growth over the last few decades and is expected to grow consistently during the forecast period.
In addition to the mature markets of North America and Europe, markets in Asia-Pacific, Latin America and the Middle East and Africa are growing rapidly in terms of market volume and quality.
Moreover, growing demand for drink cans for packaging non-alcoholic and alcoholic beverages is expected to propel sales of drink cans in the forthcoming years. Increasing expenses on food consumption in emerging markets is also anticipated to boost growth of the food & beverage industry. This is likely to create a positive impact on demand for drink cans across the globe.
Further, shifting consumer preference towards sustainable and eco-friendly packaging has led to a spike in demand for packaging solutions that can be recycled. One of the most recycled packaging format is drink cans. Recycling doesn’t degrade the quality of metal as drink cans made from aluminum/ steel are completely recyclable, which makes this process profitable to manufacturers.
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Moreover, in comparison to other conventional packaging formats, drink cans do not pose threat to the environment, as most of it gets recycled. During the process of recycling drink cans produce negligent amount of carbon footprint, adhering to the environment policies.
Factors such as recyclability, client specific customization, and increasing demand for small quantity beverage containers is anticipated to continue fueling sales of drink cans through 2031.
“Increasing emphasis on light weight and environment-friendly packaging solutions, along with the introduction of 3D printing technology for can manufacturing is expected to augment growth of the global drink cans market over the forecast period,” says an FMI analyst.
- By capacity type, the 201 – 450 ml segment is anticipated to account almost 30% market share by the end of forecast period.
- In terms of product type, the 2 – piece cans segment is anticipated to expand by 2.3x over the forecast period.
- In the end-use industry segment, the non-alcoholic beverages segment is expected to account for 61% of the total market share by 2031.
- The U.S. is projected to account for 72.5% of the North America drink cans market in 2031.
- China will emerge as a lucrative market, holding 42% of the drink cans market in East Asia region.
- India is forecast to account for nearly 31% of the South Asia drink cans market by 2031.
- Sales of drink cans in Japan are anticipated to grow at a 9.6% CAGR through 2031.
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Novelis Inc., Ball Corp., Crown Holdings Inc., Silgan Holdings Inc. are top players operating in the drink cans market. Furthermore, SHOWA DENKO K.K., Toyo Seikan Group Holdings Ltd., CPMC Holdings Inc., and CAN Pack S.A. are also noticeable players in the drink cans market. The 3-tier players in the market hold 50-60% of the global drink cans market. Key players are expected to account for almost 30-40% of the global drink cans market share over the forecast period.
Leading players operating in the global drink cans market are investing in strategic collaborations and acquisitions to expand their product portfolios and global footprint. For instance:
- In 2021, Novelis Inc. completed the construction of US$ 150 Mn aluminum rolling and recycling operation in Brazil. Moreover, the company acquired Aleris in 2020 to enhance the strategic position in Asia.
- In 2020, Crown Holdings Inc. has been recognized by Berlin Packaging as “Supplier of the Year 2019”. Crown Inc. also established manufacturing plant in Nicholas, New York to support demand for specialty cans.