The global cans market exhibited growth at a CAGR of 2.5% during the historic period of 2015-2021. Increasing utilization of cans in various end-use sectors such as beverages, pharmaceuticals, and cosmetics & personal care is anticipated to boost the market. The historic period witnessed the entry of various market players and product innovations.
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Initially, glass bottles were considered to be the most convenient packaging option by end users. However, since the last decade, product safety has become the major concern of consumers, as glass bottles are delicate and have high a risk of accidental breakage in case of mishandling.
Utilization of cans among end users significantly increased in the past decade attributed to the urgent need to minimize inclusion of over-sized and excess material-based packaging formats.
Cans are available in various sizes that are suitable for single-time beverage consumption or bulk storage of health supplements and baby food. As per the consumer survey conducted by FMI, nearly 78% of end users, including beverage, food, pharma, and homecare product manufacturers shifted to cans from traditional packaging options.
Furthermore, consumer inclination towards hygiene and high barrier packaging formats is expected to push the cans market across various regions. As cans protect the product from numerous environmental factors and provide spill-proof packaging, most of the end users are considering them as ideal packaging solutions for liquid and powdery products. Besides, cans made of aluminum, tin/steel, or plastic are tamper proof and offer good resistance against sudden impacts & damage during material handling and transportation.
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Top Trend Spurring Sales Of Cans
- High Demand for Recyclable Packaging Solutions
It is observed that the most commonly used packaging type for beverages is single-use plastic bottles that are difficult to recycle. Increasing levels of global warming and pollution across the globe is compelling government bodies to ban products made out of single-use plastic. To mitigate the environmental problems of single-use plastic bottles, manufacturers are looking for alternate solutions such as aluminum cans.
These type of cans are infinitely recyclable without losing product integrity. As per the Maine Department of Environmental Protection, companies can have an aluminum can back on store shelves as a brand new can in as little as 60 days of being recycled. Owing to the increasing demand for recyclable, reusable, and sustainable packaging solutions, the global cans market is expected to witness significant growth in the next decade.
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Country-Wise Insights
What is the Demand Outlook for China Cans Market?
“High Demand for Ready-to-cook Food in China to Drive Sales of Metal Cans”
The China cans market is anticipated to generate a share of around 19.47% in the forecast period, finds FMI. Growing inclination towards packaged and processed food products in the country is pushing growth in the market.
As per key insights published by the Government of Canada, in 2020, retail sales of packaged food in China was valued at US$ 284 Bn. The top packaged food categories responsible for heightening up value sales are dairy, savory snacks, and noodles.
Additionally, China is considered to be the second-largest importer of processed agri-food and seafood products that represented a total value of US$ 75.8 Bn in 2020. Growing demand for easy-to-cook food items among young urban consumers is also expected to boost the market in China.
As cans offer a good barrier against light and oxygen, they ensure the quality and taste of packed food. Thus, demand for canned food in China is expected to increase twice than what it was in the past decade, thereby fostering the cans market.
Will the U.S. Emerge as a Remunerative Cans Market?
“Demand for Beverage Cans to Surge in the U.S. with Presence of Leading Manufacturers”
At present, the U.S. cans market size is US$ 5.9 Bn. The U.S. is home to some of the world’s most renowned can manufacturers such as Ball Corporation. The company is well known for its primary manufacturing of glass jars, lids, and related goods used for home canning. The first ever aluminum stewardship initiative (ASI) and chain of custody standard approved beverage containers were released jointly by Ball Corporation and Damm in March 2021.
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Crown Holdings, Inc., formerly known as Crown Cork & Seal Company, is another major player in the metal packaging industry based in the U.S. It specializes in beverage & food cans, aerosol containers, closures, and specialty packaging. Since its inception, it has witnessed significant growth in terms of additional facilities.
As per FMI, the U.S. cans market is expected to accelerate at a CAGR of 3.7% during the forecast period and reach a valuation of US$ 8.6 Bn by 2032.
Category-Wise Insights
Which is the Most Preferred Type of Material in Cans Market?
“Recyclable Cans Made of Aluminum to Gain Impetus Worldwide”
By material type, the aluminum segment is set to generate a market share of nearly 74% in the upcoming decade. Aluminum cans are highly durable and light in weight, as compared to tin and steel cans. These cans do not rust, are resistant to corrosion, easy to fill, and can withstand pressure without rupturing. Hence, aluminum cans provide 100% protection against oxygen, light, moisture, and other contaminants.
Further, aluminum cans are used in the packaging of a wide range of food and beverage products. Apart from that, they are utilized in other packaging applications, including aerosol products, paint, cosmetics, and pharmaceuticals. The segment is thus expected to observe an incremental growth of 1.5x during the forecast period in the global cans market.
Which End Use Segment is Expected to Generate the Largest Share in the Cans Market?
“High Demand for Non-alcoholic Beverages to Spur Growth in the Market”
Based on end use, the beverages segment accounted for the largest cans market share in 2021 and is poised to maintain its dominance during the forecast period. As per FMI, the beverages segment is expected to accelerate at a CAGR of 4.0% in the global cans market during the forthcoming years.
Growth is attributed to the launch of new sports drinks & fruit juices, rising consumption of non-alcoholic products, and surging demand for low-calorie beverages across the globe.
Which Capacity of Can will Remain Highly Sought-After?
“Increasing Shift towards Portion Packs to Fuel Demand for 201-750 ml Food Cans”
As per FMI, the 201-750 ml segment is set to remain at the forefront in the global cans market during the assessment period. These cans are extensively used across the globe owing to rising inclination of consumers towards portion packs and packaging with easy handling.
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