The beverage packaging market analysis shows that global consumption of overall beverage packaging is forecasted to increase at a year-on-year (YoY) growth of 4.1% between 2022 and 2023. The liquid cartons in the global beverage packaging market is expected to hold a market share of 35.5% by 2027 and the plastic segment is anticipated to grow at 5.1% CAGR during the forecast period.
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North America beverage packaging market is expected to expand by 3.7% CAGR over the forecast period. The China market is expected to witness an incremental growth of 1.4x during the forecast period. The cumulative share of beverage packaging market in Eastern Europe and Western Europe is expected to hit almost 24.9% in 2022.
Historic and Forecast Market Outlook for Beverage Packaging
The beverage packaging industry is evolving rapidly, driven by high consumer demand for lightweight, convenient, and sustainable packaging solutions. Technological innovations as well driving the beverage packaging market exponentially. The beverage packaging market is anticipated to rise at 4.1% CAGR from 2022 to 2027.
Packaging plays an important role in consumer-decision making. In the beverage industry, effective and efficient packaging is crucial as it helps in protecting the product during transportation, distribution, handling, primary and secondary packaging. Furthermore keeps the taste, freshness, quality, and appearance of the product intact. It also helps in reducing food recalls, hazards and helps with traceability.
Consumers have become more health and hygiene conscious, thus they prefer safe and reliable packaging solutions. Beverage packaging is used in cans, liquid cartons, and bottles, among others. These solutions are used in alcohol beverage packaging and non-alcoholic beverage packaging. Materials such as glass, plastic, paper/paperboard, and metal are used for beverage packaging solutions.
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Consumers are increasingly focused on sustainable products. Thus beverage packaging being renewable and recycled is of utmost priority. Hence the beverage packaging manufacturers are focused on evolving their packaging to reduce its environmental impact. Beverage giant Coca-Cola Company is focused on increasing recycling rates and has increased the use of recycled plastic (rPET), which has a smaller carbon footprint than single-use plastic.
The increasing consumption of alcoholic and non-alcoholic drinks and the growing popularity of beverage consumption and the growing adoption of on-the-go lifestyle among consumers will also augment the demand for packaged beverages.
Customization helps in retaining customer loyalty. The beverage packaging solutions can be customized according to their shape, choice of finish, colour, and design. The customization makes the product stand out, reinforces the brand image, and gives additional information to the consumer. Customization will make help the brands stand out from their competitors.
Smart technologies are driving the beverage industry into a new digital age. In beverage packaging, technology can be directly embedded to provide the consumer with more convenience, security, and information such as QR codes, smart labels, etc. can be scanned and read with a smartphone. The manufacturer is coming with technological innovations that enhance the consumer experience, which will further drive the beverage packaging market growth.
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For instance,
- Crown Holdings Inc. invented CrownSmart™, an innovative augmented reality packaging. It allows brand owners to interact with consumers. It delivers a wide range of experience or content via a unique AR code. It is situated beneath the tab of a beverage can.
- Crown Holdings Inc. invented Crown’s Global Vent™, a unique beverage technology. It has a dual aperture opening which facilitate a smooth pour from the beverage can, thus enhances the consumer experience.