The global beverage packaging market is set to experience steady growth over the next decade, with an estimated valuation of USD 142.3 billion in 2024, and projections indicating a rise to USD 194.3 billion by 2034. This expansion is driven by a projected compound annual growth rate (CAGR) of 3.2%, following revenue generation of USD 138.6 billion in 2023. Year-on-year growth in 2024 is anticipated to reach 2.7%, reflecting consistent demand across the sector.
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Key Trends Driving Market Growth
- Bottles Leading the Beverage Packaging Format
Among the various product types in beverage packaging, bottles are expected to maintain their dominance, holding nearly 70% of the market share through 2034. Bottles offer superior convenience, durability, and versatility, making them the most preferred packaging format for the beverage industry. Their ability to securely contain liquid products, ease of transport, and aesthetic appeal are key factors contributing to their widespread use. - Rise in Demand for Glass Bottles
Glass bottles are particularly favored in the packaging of alcoholic and carbonated beverages due to their non-reactive properties, which help preserve the quality and taste of premium products. The superior preservation capabilities of glass, coupled with growing consumer preference for eco-friendly packaging, are anticipated to further drive their adoption in the beverage packaging market. - Convenience for On-the-Go Consumption
Bottles are not only convenient for storage and transportation but also ideal for on-the-go consumption, which is increasingly important in today’s fast-paced lifestyles. Consumers’ preference for ready-to-consume beverages has played a crucial role in boosting the demand for bottle packaging, especially for non-alcoholic drinks and bottled water.
Core Concepts in the Beverage Packaging Industry
- Projected Growth Rate : The global beverage packaging industry is expected to witness a CAGR of 3.2% between 2024 and 2034.
- 2023 Market Value : In 2023, the global beverage packaging industry was valued at USD 138.6 billion.
- 2034 Market Projection : By the end of 2034, the global beverage packaging industry is anticipated to reach USD 194.3 billion.
- Fastest-Growing Region : South Asia and the Pacific region is set to record the highest CAGR of 5.4% during the forecast period.
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.
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
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 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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