Beverage Packaging Market size is estimated to be valued at USD 153.6 billion in 2021 and is poised to grow at a significant CAGR of 5.7% over 2022-2028. Beverage packaging is the packaging of beverages that are done by using a bottle, can, pouches, paperboard, and pallets of plastic films. Based on packaging type the global beverage packaging market is segmented by bottles, cans, cartons, pouches, boxes, and others. The bottling segment is anticipated to hold a major market share in the forecasting period due to packages are utilized in accordance with the beverages offered. Non-alcoholic drinks are typically served in bottles, while alcoholic beverages are served in cans. The need for bottles in beverage packaging is expected to rise as non-alcoholic beverage consumption rises. Bottles are also more convenient to transport and store, making them a popular choice among customers. These factors are expected to boost bottle packaging demand in the global market. Moreover, players are focusing on launching and researching new products to maintain growth in the market example In July 2020, Diageo, Johnnie Walker, Smirnoff, and Guinness’s parent company, announced the creation of the 100% plastic-free, paper-based spirit bottle. The bottle is expected to source from sustainable wood and would launch in early 2021. Increasing demand for carbonated drinks, alcoholic beverages, energy drinks, and juices, among others, is indicative of rising PET bottles and metal cans for packaging purposes are the key factors for the growth of global beverage packaging.
Recent Market Developments:
In July 2020, Diageo, Johnnie Walker, Smirnoff, and Guinness’s parent company, announced the creation of the 100% plastic-free, paper-based spirits’ bottle. The bottle is expected to source from sustainable wood and would launch in early 2021.
In February 2020, Ball Corporation is expected to expand United States Metal Can production by 2021. Its specialty beverage plant can commence operations in Arizona and the north-eastern US, in line with the company’s previous commitment to add at least 8 billion units of capacity by the end of 2021