Newark, July 12, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global food & beverage metal cans market is expected to grow from USD 24.4 billion in 2020 to USD 48.52 billion by 2028 at a CAGR of 8.4% during the forecast period 2021-2028.
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The high recyclable aluminum rates, growing number of health-conscious customers and growing awareness of nutrients in food & beverages have contributed to the rising demand for metal cans. Increasing awareness of the drawbacks of using single-use plastics and government intervention in restricting the usage of plastics that negatively impact the environment has greatly accelerated the growth of the global market of metal cans for food & beverages.
Metal cans are clean, empty metal containers constructed of aluminium, tin-plated or zinc-plated steel, which are commonly used for packaging foods, beverages or other items. Such cans are containers constructed of thin metal for the delivery or storing of goods. Some cans need to be opened by cutting the end off; some have removable cover. Cans have a variety of contents: food, drinks, oil, chemicals etc.
Factors such as the rising demand for canned food & beverages and ready-to-eat snacks across the globe are related to the growth of the food& beverage metal cans industry. However, availability of alternative packaging options such as plastic and glass may restrain the market growth.
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Key players operating in the global food & beverage metal cans market include Alcoa Inc., Ball Corporation, Ardagh Group, CAN-PACK S.A., CPMC Holdings Limited, Crown Holdings, Inc, Silgan Holdings Inc., Kian Joo Group, Sonoco Products Co. and Toyo Seikan Kaisha Ltd.KG among others.The major players are now focusing on introducing strategies such as embracing innovative technologies, product developments, mergers & acquisitions, joint ventures, collaborations and partnerships to enhance their market position in the global food & beverage metal cans industry.
• For instance, In July, 2019,Ardagh Group introduced a 187 ml slimlinecan that can be specifically designed to protect wine and wine-based drinks. The launch will help the company broaden its portfolio of products.
The 2-piece cans segment held the largest market share of around 58.5% and a market value of around USD 14.29 billion in 2020.
The type segment is divided into 2-piece cans and 3-piece cans. 2-piece cans can deliver easy and secure packaging, so that food products can be stored in a safe manner. A technique known as double seaming is used to attach the can lids (top and bottom) and can body, ensuring that the products are safe from outside contamination. Therefore, the 2-piece cans segment held the largest market share of around 58.5% and a market value of around USD 14.29 billion in 2020.
The beverages segment is anticipated to grow at the highest CAGR of around 10.4% over the forecast period.
The application segment includes food and beverages. Due to the heavy consumption of non-carbonated, carbonated, sports & energy drinks, the beverages segment is anticipated to grow at the highest CAGR of around 10.4% over the forecast period.The increase in alcoholic beverage intake adds to the demand for beverage cans.
The aluminum cans segment held the largest market share of around 61.2% and a market value of about 14.95 billion in 2020.
The material segment includes aluminum cans and steel cans. Aluminium is primarily used raw material in the production of metal cans. It is acost-effective raw material utilized in the food & beverage industry that can modify the packaging with 3D printing, colors, and embossing. Therefore, the aluminum cans segment held the largest market share of around 61.2% and a market value of around 14.95 billion in 2020.
The pressurized cans segment is anticipated to grow at the highest CAGR over the forecast period.
The degree of internal pressure segment includes vacuum cans and pressurized cans. Pressurized cans are used extensively in the beverage sector.These are lightweight and minimize logistics expenses, which is why they are pushing the food & beverage metal cans industry forward. Such cans are suitable for packaging non-carbonated and carbonated beverages like wine, beer, fruit juices and energy drinks. Hence pressurized cans have strong demand in the beverage metal cans industry. Therefore, the pressurized cans segment is anticipated to grow at the highest CAGR over the forecast period.
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Regional Segment Analysis of the Food & Beverage Metal Cans Market
• Europe (Germany, U.K., France, Italy, Spain, Rest of the Europe)
• North America (U.S. , Mexico, Canada)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• South America (Brazil and Rest of South America)
• Asia-Pacific (China, Japan India, Rest of APAC)
It is anticipated that strong food and beverage industry growth in the Asia Pacific region coupled with an ever-growing consumer base in countries like Japan, India, and China would fuel demand for suchmetal cans in the coming years. Moreover, the lower price of metal cans and their potential to improve the self-life of canned food products would hold demand for such cans considerably strong in the immediate future. Therefore, the Asia-Pacific region is anticipated to grow at the highest CAGR over the forecast period.
About the report:
The global food & beverage metal cans market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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