The market for beverage packaging was estimated to be worth US$ 114 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2032, reaching US$ 185.70 billion.
The growing demand for preserving the quality of the beverage being packed with an extended shelf life, are driving factors of the market growth. Another factor influencing the growth is new distribution and packaging mechanism that reduces the storage cost and works with the global Beverage Packaging Market standards.
Among the Beverage Packaging Industry, the plastic segment is predicted to grow at a high rate. This is majorly due to rise in growth of population and the urban lifestyle, availability of raw material and growing importance to create innovative design. Plastic is preferred instead of glass bottles owing to its various features. Plastic is often preferred by producers looking for less weight, fast transportation and less packaging cost option. Polyethylene terephthalate (PET) bottles have been growing in the market steadily and is predicted to grow during the forecast period.
In the Beverage Packaging Industry there are new segments coming up like energy and sports drinks, flavored water, vitamin water and vegetable juices which are helping the growth of beverage packaging market size. The new segments have targeted customer base and are popular among the masses. They are meant to be consumed by specific customers. Also, new means for distribution of beverages has led to market penetration and in a pocket-friendly way. Automatic vending machines, innovation in robotics, automation of process and licensing are assisting increase in beverage packaging market size. In terms of market revenue share, jars and bottles contribute the maximum amount owing to the rise of demand in bottled water.
The market is predicted to be influenced by the environmental norms related to plastics and its additives in packaging. These restrictions are predicted to negatively affect the growth of beverage packaging market size. Another factor that might influence the market growth negatively is the rising health awareness among people.
The Global Beverage Packaging Industry is segmented on the basis of product, packaging material, packaging application and regional. Segmentation on the basis of product is done as Can, Bottle & jars, Pouch, Carton and others. On the basis of material it is segmented as Plastic, Glass, and Metal and other. Segmentation on the basis of application is Alcoholic and Non-Alcoholic. Segmentation on the basis of region is North America, Europe, Asia-Pacific, Central and South America, Middle East and Africa.
Asia-Pacific is predicted to grow at a significant pace and is expected to keep growing over the forecast period. China contributes maximum to beverage packaging market size, as major amount of manufacturing is also done in China. Demand for beverage packaging is high owing to increased spending power of the people and consumption of beverage.
Key players of Beverage Packaging Industry are Sonoco Product Company; Mondi PLC; Alcoa Corporation; Bemis Company Inc.; and Stora ENSO and many others.
Beverage Packaging Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 185.70 billion.|
|Growth Rate||CAGR of 5.6 % during 2022-2032|
|Segment Covered||By Product, By Material, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Sonoco Product Company; Mondi PLC; Alcoa Corporation; Bemis Company Inc., Stora ENSO|
The various segments of Beverage Packaging Industry are,
- Bottle & jars
- North America
- Central and South America
- Middle East and Africa