According to Precision Business Insights (PBI) latest report, the global beverage packaging market is expected to be worth USD 160.8 Billion in 2022, growing at a 5.7% CAGR from 2022 to 2028. Global Beverage Packaging Market segmented into the following types, By Material Type (plastic, glass, metal, paperboard, others), packaging (bottles, cans, cartons, pouches, boxes, and others), by application (Non-alcoholic beverages, Alcoholic beverages, functional drinks, juices, tea & coffee, bottled water, soft drinks, Dairy beverages) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast to 2028. Key player’s profiles in the Beverage Packaging market report are Amcor plc, Ball Corporation, Crown Holdings, Inc, Mondi plc, Orora Limited, Reynolds Group Holdings Limited, SIG Combibloc Group AG, Smurfit Kappa Group plc, Stora Enso Oyj, Tetra Laval International S.A., Ardagh Group S.A.,Verallia SA, and Tetra Pak Group. The growing popularity of energy drinks is likely to boost demand for beverage packaging. Most of the packaging sector in the market is made up of carbonated and non-carbonated beverage packaging. Overall market benefits accrue to beverage packaging providers that engage in the expansion of manufacturing capacity. The demand for the industry is also boosted by advances in packing machines and equipment. The worldwide packaging market is seeing increased demand as demand for sustainable products and awareness of environmentally friendly packaging grows.
Bottles Segment Expected to Dominate the Beverage Packaging Market:
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. Consumer’s preference for convenience and the low prices of large family packs in CSD are driving the strong growth of plastic bottles. Packaging requirement from the alcoholic drinks market is driving the market of glass bottle packaging. Moreover, the rising popularity of lightweight packaging is likely to provide attractive market prospects. Sidel, an Italian manufacturer of PET solutions, for example, created a 500 ml PET water bottle that weighs 7.95 g, compared to normal bottles of the same size that weigh 12 gm. It also outperformed the lightest commercial bottles by 32 percent in top-load performance, resulting in raw material cost reductions of up to US$ 1.9 million per year.
Asia Pacific Leads Beverage Packaging Market:
The Asia Pacific held the largest share in the global beverage packaging market and the market is expected to grow at significant growth rate over the forecast years owing to increased demand for beverages such as soft drinks, beer, and wine, among other things. The demand for beverage packaging in growing economies like as India and China is considerable, boosting market expansion in this area. PET beverage cans and bottles are in significant demand in this region because to their low cost and thriving end-use businesses such as RTD juices, tea, and coffee. North America is expected to have the highest CAGR due to increased beer consumption and the implementation of cutting-edge packaging technologies are two factors driving market growth in this area. Beverages are produced in large quantities in this region.
Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=35047
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players
The Global Beverage Packaging market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliance to improve market revenue share and gain significant geographic presence across the region. For instance,
- In March 2021, Ardagh Group S.A. and Bragg Live Food Products partnered to introduce a new 16oz glass bottle for its line of apple cider vinegar beverages
- In December 2020, Amcor Group GmbH partnered with Nutrea to offer its rupro protein juice in a newly developed hot-fill Polyethylene Terephthalate (PET) bottle
- In December 2020, Vetropack Holding Ltd compsleted the acquisition of Moldovan Glassworks. This would help the company strengthen its market position in Europe.
Based on material type:
Based on the packaging type:
Based on the application:
- Non-Alcoholic Beverages
- Alcoholic Beverages
- Functional Drinks
- Tea & Coffee
- Bottled Water
- Soft Drinks
- Dairy Beverages
Based on Geography:
- North America
- Asia Pacific
- Latin America
Precision Business InsightsTM | Toll Free: +1 866 598 1553
Kemp House, 152 – 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747