The global Cans Industry is on a growth trajectory, with an estimated size set to reach a significant valuation of US$ 36.99 billion by the year 2023. Manufacturers operating in the cans industry can anticipate a noteworthy Compound Annual Growth Rate (CAGR) of 3.9% spanning from 2023 to 2033. By the culmination of 2033, the Cans Industry is projected to expand even further, attaining an impressive valuation of US$ 54.23 billion.
Several key factors are anticipated to fuel the demand for cans throughout the forecast period. These factors include increased consumption of processed foods and beverages, the extension of product shelf life, and the rising disposable income of consumers. These drivers are expected to have a compelling impact on the Cans Industry, driving its growth.
Analysis conducted by FMI reveals that among the various types of cans, aluminum cans emerge as the most reliable product. In 2023, this segment dominated the global cans industry, holding a substantial share. Aluminum cans, known for their lightweight properties and their ability to withstand internal pressure generated by carbon dioxide, are predominantly used as beverage cans. This popularity contributes significantly to their market dominance.
Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-15563
Market Drivers:
- Increased Consumption of Packaged Foods and Beverages: The growing demand for convenience foods and beverages, including carbonated drinks, beer, and ready-to-eat meals, drives the demand for cans as a convenient and portable packaging solution.
- Sustainability and Recycling: The recyclability of aluminum and steel cans is a significant driver, as environmental concerns lead consumers and companies to choose eco-friendly packaging options.
- Product Shelf Life Extension: Cans provide an effective barrier against light, air, and moisture, helping to extend the shelf life of products and reduce food waste.
- Rising Disposable Income: The increase in disposable income in emerging markets has led to higher consumption of canned beverages and foods, boosting the Cans Industry.
- Convenience and Portability: Cans are lightweight and easy to transport, making them a preferred choice for on-the-go consumption, picnics, and outdoor activities.
- Brand Differentiation: Packaging plays a crucial role in brand differentiation, and companies often use unique can designs and labeling to attract consumers.
- E-commerce Growth: The rise of e-commerce has increased the demand for cans, as they are suitable for shipping and online retail packaging.
Market Restraints:
- Competition from Other Packaging Materials: Cans face competition from alternative packaging materials such as plastic bottles, glass containers, and cartons, which may be preferred for specific products or applications.
- Raw Material Price Volatility: Fluctuations in the prices of aluminum and steel, key materials for can production, can affect production costs and pricing.
- Environmental Concerns: While cans are recyclable, concerns about the energy-intensive production of aluminum cans and the mining of bauxite (used to make aluminum) can impact their sustainability profile.
- Consumer Health Trends: Changing consumer preferences for healthier beverages, such as bottled water and natural juices, can affect the demand for canned sugary and carbonated drinks.
- Regulatory Compliance: Compliance with regulations related to food safety, labeling, and recycling standards can pose challenges for manufacturers.
- Packaging Innovations: New packaging technologies and innovations may provide alternatives to traditional cans, impacting market demand.
- Global Economic Conditions: Economic fluctuations and uncertainties can affect consumer spending and, consequently, the demand for canned products.
- Single-Use Plastic Alternatives: The movement away from single-use plastics has led to increased use of alternative packaging materials, potentially impacting the Cans Industry.
For any Queries Linked with the Report, Ask an Analyst: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-15563
Key Cans Manufacturers Are Prioritizing Sustainability
Participants in the global Cans Industry are primarily focusing on adopting new packaging formats that would have less influence on the environment and generate relatively lower carbon footprints when converted into waste. Therefore, some of the manufacturers are taking initiatives and investing more on research & development activities to accelerate material or product innovations. Additionally, they are focusing on manufacturing new facilities for the recycling of scrap cans.
As per a recent report published by the American Iron and Steel Institute, steel food cans consist of the highest recycling rate out of all food packaging that is equivalent to 58%. This rate is significantly higher than alternative food packaging that includes plastic (13%), glass (33.9%), cartons (16%), and pouches (2%). Nearly 30,000 food cans are recycled every minute in the U.S. Steel cans made of recycled steel results in 75% less greenhouse gas emission than making food cans with virgin steel. Thus, FMI estimates that various initiatives by market players will significantly increase the demand for cans in the next decade.
Key Market Players
- Novelis Inc.,
- Crown Holdings, Inc.,
- Silgan Holding Inc.
- Ardagh Group S.A
- Orora Packaging Australia Pty. Ltd.
- The Olayan Group
- Ardagh S.A.
- Canpack
- CPMC Holdings Ltd.
- Bangkok Can Manufacturing
- Nampak Ltd.
- Mahmood Saeed Beverage Cans & Ends Industry Company Ltd.
- Kian Joo Can Factory Berhad
- Swan Industries (Thailand) Company Ltd.
- GZ Industries Ltd.
- Toyo Seikan Co., Ltd.
Purchase this report to Uncover Segment-specific Information, Identify Key Trends, Drivers, and Challenges: https://www.futuremarketinsights.com/checkout/15563
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube