NEWARK, Del, Oct. 14, 2022 (GLOBE NEWSWIRE) -- The global Can Holders Market is expected to reach $399.4 million in 2022 and expand at an annual rate of 3.6% over the next ten years before reaching 567.7 Mn by 2032
The can holders are used for carrying and holding more than one can together this helps in carrying or holding multiple cans at a time. The can holders are made from different materials such as plastic or paper or metal. The can holders are made available in rigid as well as semi-rigid form based on the requirement of end-users. The can holders are a cost-effective, durable, reusable, and rigid packaging solution that helps in saving time by carrying multiple cans at a time. The increasing demand for cans in the food & beverage industry propels the demand for can holders.
Moreover, the availability of customization such as printing on the can holders, varying carrying capacity, and others gain traction among the end-users. The increasing foodservice outlets, restaurants, hotels & motels, and cafes are projected to augment the sales of can holders. Overall, based on the benefits offered by can holders as well as the expanding end-users base is estimated to propel the sales of can holders during the forecast period
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Future Market Insights forecast that there are various opportunities for the players operating in the can holders market in the coming future due to the innovation & customization offered by manufacturers of can holders. The growth of the can holders market seems rising across the various regions.
Key Takeaways from Can Holders Market
- Plastic is the dominant material with a 47% market share in 2021 which increases to 51% in 2032 and the same segment is projected to create an incremental opportunity of US$ 986.8 Mn during 2022-2032. It is anticipated to expand at a CAGR of 4.3% during the forecast period against the CAGR of 3.5% during the historic period.
- The hotels & motels industry is estimated to be a lucrative end-user for the can holders market. It is anticipated to accelerate with a CAGR of 3.0% in the global market and is expected to attract investors for can holders. The hotels & motels segment accounts for around 1/3rd portion of the total market share in 2021.
- North America and Europe region are estimated to remain the lucrative market for the can holders during the forecast period.
“Due to shifting customer demand towards canned products and expanding food & beverage industry along with various product development in canned products is anticipated to augment the sales of can holders among the end-users” –says FMI Analyst
Increasing Number of Hotels & Motels along with its Online Delivery Service Drives the Demand for Can Holders
The hotels & motels industry is seeing growth, especially in a post-pandemic world. The growth in the industry is due to the emergence of direct-to-customer food and beverages delivery apps as well as increased demand for canned food and beverages. The Millennials and Gen Z also believe in the philosophy of YOLO (You Only Live Once) leading to more expenditure on food & beverages. In addition to it, technology is also playing a crucial part in the hotels & motels growth journey. The greater the sales of hotels & motels the greater the opportunity for the global can holders market as the hotels & motels segment contributed 33% of the market share in 2021 so it can propel the growth of the can holders market.
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Impact of COVID-19 on Can Holders market
COVID-19 marked a negative growth impact for the global can holders market. The manufacturing activities in various end use industries shut down and the lockdown situations across the world in the first half of 2020, marked major losses and decline in the global can holders market. Due to the no or low demand for can holders from the end-users, shutdown of various hotels & cafes, improper supply chain, risk of getting infected, government restriction on stepping out, and others are the major factor that had an adverse impact on the can holders market during the COVID-19 pandemic.
Later, with the end-users started to operate along with providing online delivery services as well reduction in government restriction created a growth opportunity for the can holders market. Thus, the future outlook for the can holders market is anticipated to propel during the forecast period.
Can Holders Market Landscape
Smurfit Kappa PLC, Graphic Packaging International LLC, WestRock Company, Roberts PolyPro Inc, PakTech, E6PR, Fishbone Packaging Inc., Stora Enso, Easternpak (Napco Paper Containers) and others are manufacturers operating in the can holders market. The Tier 1 players in the market hold 20-25% in the global can holders market.
Can Holders Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global can holders market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the can holders based on the material (plastic can holders, paper can holder, and metal can holders), capacity (2 cans, 4 cans, 6 cans, more than 6 cans), packaging type (rigid can holder & semi-rigid can holder), and end-user (hotels & motels, restaurants, cafes, foodservice outlets, others (institutes, airport station, etc.)) across seven regions.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Material Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Impact of Covid-19
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
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About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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