NEWARK, Del, March 01, 2023 (GLOBE NEWSWIRE) -- The global drink cans market is expected to be worth US$ 56,891.1 million in 2023, with sales increasing at a 7.7% CAGR during the forecast period. By 2033, the market is anticipated to be worth US$ 119,208.6 million.
The global drink cans industry is witnessing a steady growth trajectory, driven by the growing demand for convenient and eco-friendly packaging solutions for beverages. The increasing consumer preference for canned drinks, the rising popularity of energy and sports drinks, and the growing demand for sustainable packaging materials are some of the key drivers of the market.
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One of the key drivers of the drink cans market is the convenience and portability that it can offer. With consumers leading increasingly busy lives, on-the-go beverage consumption has become increasingly popular. Cans are lightweight and easy to carry, making them ideal for consumers who need to stay hydrated on the go. In addition, the use of cans helps to minimize the risk of spills or breakage, which makes them especially popular for outdoor activities and events.
Another factor driving the growth of the drink cans industry is the increasing demand for sustainable packaging. Consumers are becoming more environmentally conscious and are seeking out packaging solutions that are eco-friendly and can be recycled. Aluminum cans are 100% recyclable, making them a popular choice for brands looking to reduce their carbon footprint. Additionally, the use of cans helps to reduce food waste and extends the shelf life of the products they contain.
Despite the growth opportunities in the drink cans industry, manufacturers face some challenges in terms of production costs and supply chain logistics. The cost of aluminum, which is the primary material used in the production of drink cans, can be volatile and subject to fluctuations in the global commodity markets. In addition, the production process for cans requires a significant amount of energy, which can contribute to high manufacturing costs.
Overall, the drink cans industry is poised for strong growth in the coming years. The convenience, portability, and sustainability benefits of cans, combined with the growing popularity of energy and sports drinks, will continue to drive demand for this packaging solution. While manufacturers face some challenges in terms of production costs and supply chain logistics, innovations in materials and manufacturing processes are helping to make the production of drink cans more efficient and cost-effective.
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Key Takeaways from the Drink Cans Market:
- In the United States, the drink cans industry was worth US$ 8,496.6 million in 2022, or 15.7% of the total market.
- During the forecast period, the China drink cans industry is predicted to grow at a CAGR of 8%. In 2022, drink can sales in China were accounted to be valued at US$ 8,741.3 million.
- In 2022, the Indian drink cans industry was worth US$ 7,804.4 million. Throughout the assessment period, the nation is anticipated to see a notable CAGR of 8.5%.
- Due to their high degree of recycling, 2-piece drink cans are extensively used by beverage manufacturers. Nearly 66.5% of the overall drink cans industry was accounted for by this sector in 2022.
- In 2022, 61% of the market for drink cans was dominated by the non-alcoholic beverage category.
Competition Landscape in Drink Cans Market
The global drink cans industry is highly competitive and fragmented, with a large number of players operating in the market. The market is dominated by a few major players, with the remaining players operating in regional or local markets. Some of the leading players in the global drink cans industry include Ball Corporation, Ardagh Group, Crown Holdings, Inc., Silgan Holdings Inc., and Toyo Seikan Group Holdings, Ltd.
The market is highly competitive due to the presence of numerous regional and local players, who offer products at lower prices, giving tough competition to the leading players. The market players compete based on product innovation, price, and quality, which can differentiate their offerings from the competitors. The players are investing in R&D activities to develop eco-friendly packaging solutions and to increase the shelf life of the products.
Innovation is the key driver of competition in the drink cans industry, as manufacturers strive to meet the changing consumer preferences and market demands. Players are also investing in developing innovative packaging solutions that are lightweight, sustainable, and can be easily recycled. The players are expanding their product portfolio by offering a wide range of drink cans for different types of beverages, including alcoholic and non-alcoholic drinks.
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Drink Cans Market by Category
By Capacity:
- Up to 200 ml
- 201 to 450 ml
- 451 to 700 ml
- 701 to 1000 ml
- More than 1000 ml
By Product Type:
- 1–Piece Cans
- 2–Piece Cans
- 3–Piece Cans
By Content:
- Alcoholic Beverages
- Beer
- Wine
- Spirits
- Other Alcoholic Beverages (Cider, etc.)
- Non-Alcoholic Beverages
- Carbonated Drinks
- Tea & Coffee
- Juices
- Soft drinks
- Dairy Drinks
- Soda
- Other Beverages (Energy & Sports drinks, Electrolytes, etc.)
By Region:
- North America
- Latin America
- Europe
- MEA
- East Asia
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Table of Content
1. Executive Summary | Drink Cans Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology 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
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, and 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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