The beverage packaging market is on a robust growth trajectory, with market valuation projected to secure USD 142.3 billion in 2024 and reach an impressive USD 194.3 billion by 2034. According to the latest market analysis, sales are anticipated to rise at a compound annual growth rate (CAGR) of 3.2% over the forecast period from 2024 to 2034. The industry generated revenue of USD 138.6 billion in 2023 and is expected to exhibit a year-on-year (Y-o-Y) growth of 2.7% in 2024.
Key Market Trends and Highlights:
- Decorative Techniques and Digital Printing: Advanced decorative techniques and digital printing are emerging as pivotal elements in beverage packaging, enabling brands to safeguard their products effectively while communicating their unique brand identity to consumers.
- Product Diversification and Packaging Design: Beverage brands are diversifying their product offerings to cater to a wide consumer base, with packaging design playing a pivotal role in influencing consumer preferences and choices.
- Efficient Packaging Systems: Efficient packaging systems are indispensable for the beverage industry, ensuring product protection, quality preservation, and minimizing risks associated with transportation and storage.
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Beverage Packaging Market Shaping Dynamics:
- Customized Packaging Solutions: Tailored beverage packaging solutions, catering to individual preferences in size, texture, color, and design, foster customer loyalty by adding distinctive value to the consumer experience.
- Health and Hygiene: Consumer emphasis on health and hygiene is driving demand for reliable and safe packaging solutions. Various container types, including cans, bottles, and liquid cartons, made from materials like plastic, glass, cardboard, and metal, cater to diverse beverage segments.
- Digitalization and Intelligent Technologies: Intelligent technologies are ushering in a new era of digitalization in the beverage industry, with mobile scanning of QR codes, smart labels, and embedded information on packaging offering consumers added security and convenience, thereby contributing to market growth.
- Sustainable Practices: Environmental awareness and regulatory pressures are propelling beverage packaging companies towards sustainable practices, including the adoption of recyclable, biodegradable, and reusable materials. These sustainability initiatives resonate strongly with eco-conscious consumers and contribute significantly to market expansion.
Key Takeaways from the Beverage Packaging Market Study
- The market valuation in 2022 was US$ 930.4 million.
- The valuation of the market in 2018 was US$ 810.88 million.
- Based on product type, liquid cartons will likely register a market share of 33.5% by 2033.
- The beverage packaging market size expanded at 3.49% CAGR between 2018 and 2022.
- Japan is estimated to reach a market share of 6.5% in 2023.
- Canada experiences significant growth, with a projected market share of 15% in 2023.
Competitive Landscape and Recent Developments in the Beverage Packaging Industry
The sector possesses a considerable assortment of market contributors. Innovation and research assume a crucial role among these entities, primarily emphasizing incorporating environmentally sustainable product ranges as a fundamental element of their production initiatives.
Key players deploy various expansion tactics, such as partnerships, corporate mergers and acquisitions, and thorough examination of regulatory authorizations, to reinforce their foothold in the market.
Key Innovations
- In September 2022, a deal worth US$ 530 million was successfully concluded between Ball Corp and Arnest Group, involving the beverage packaging business in Russia. Following Russia’s invasion of Ukraine in March, the sustainable metal packaging manufacturer downsized its operations, including five production facilities in Russia.
- In October 2022, as an industry leader, Berry Global continuously innovated and invested in working toward the world goal of a net-zero economy. The company tried to reduce greenhouse gas emissions and increase renewable energy use.
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Key Segments Profiled in the Global Beverage Packaging Market
By Product Type:
- Liquid Cartons
- Beverage Cans
- Glass Bottles
- Plastic Bottles
- Others
By Material:
- Glass
- Plastic
- HDPE
- LDPE
- PET
- PP
- Metal
- Paper/Paperboard
By Application:
- Alcoholic Drinks
- Beer
- Wine
- Spirits
- Other Alcoholic Beverages
- Non-Alcoholic Drinks
- Fruit Juices
- Carbonated Drinks/Soda
- RTD Beverages
- Bottled Water
- Tea & Coffee
- Milk Products
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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