The global beverage packaging market size was valued at US$ 129.8 billion in 2020 and is expected to hit US$ 241.3 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2030.
The global beverage packaging market is primarily driven by the growing demand for the various alcoholic and non-alcoholic beverages across the globe. The beverage packaging plays a crucial role in the overall growth of the beverages industry. There are numerous types of beverages each are packaged using varied materials and in different sizes. This is a key factor responsible for the growth of the beverage packaging market across the globe. The increased consumption of carbonated beverages, sports drinks, fruit juices, and other various beverages have played a significant role in the increased utilization of the beverage packaging materials across the globe. Packaging has also become a tool for the marketing of products. Innovative packaging solutions are also used to attract the customers to make a purchase.
The demand for the sustainable packaging solutions is rising across various industries. The growing popularity of compostable, recyclable, and bio-degradable packaging is expected to boost the market growth during the forecast period. The rising environmental concerns owing to the extensive use of conventional plastics in the past have led to a serious threat to the global environment as a huge amount of plastic wastes have already been generated that would take thousands of years to decompose. Hence, growing government initiatives to reduce the usage of plastic is expected to foster the adoption rate of biodegradable and recyclable plastics across the globe. Moreover, several nations have banned the use of petroleum based plastic to reduce the carbon footprint. Hence, the rising support from the government will drive the growth of the sustainable packaging solutions in the global beverage industry.
By material, the glass segment led the global beverage packaging market with remarkable revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the increased production of soft drinks and increased usage of glass for packaging. Further the usage of glass materials for packaging of various products such as wine, oil, sauces, beers, and juices have significant contribution in the growth of the segment.
On the other hand, the plastic is estimated to be the most opportunistic segment during the forecast period. The low cost of plastic and higher demand for PET bottles among the consumers is expected to drive the segment growth in the foreseeable future. The growth in the demand for the eco-friendly packaging plastics is expected to boost the segment growth in the upcoming future.
By product, the bottles segment led the global beverage packaging market with remarkable revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. The extensive demand for the glass bottle from the alcoholic beverages industry has augmented the segment growth. The reusability is a major factor propelling the growth of this segment by providing sustainable packaging solutions to the global beverage industry.
On the other hand, the carton segment is estimated to be the fastest growing segment during the forecast period. Cartons are generally made up of paperboard that helps in the packaging of various beverages. It also facilitates transportation of numerous products such as milk, juices, and various other non-alcoholic beverages.
By application, the alcoholic segment led the global beverage packaging market with remarkable revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. The growth of the beverage packaging segment has been extensively influenced by the growth of the alcoholic beverage industry. The alcohol beverages are mainly packaged to preserve it for a longer period of time. Therefore, the usage of glass bottles is extensive in the alcoholic beverage industry.
On the other hand, the non-alcoholic beverage segment is expected to be the most opportunistic segment during the forecast period. The increased consumption of various non-alcoholic drinks such as soft drinks, water, juices, seltzer, and sports and energy drinks are expected to augment the segment growth in the upcoming years.
Based on the region, the Asia Pacific dominated the global beverage packaging market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributable to the higher volume of consumption of beverages due to the presence of large population in the region. Further, the PET bottles and cans are witnessing increased demand in the region owing to the various benefits it offers such as cheap price, safe packaging solution, lightweight, durability, and ease of transportation. Further, the growing penetration of fast-food chains that offer various beverages in their affordable meal packs are boosting the consumption of juices and soft drinks, thereby propelling the consumption of beverage packaging in the region.
On the other hand, North America is anticipated to be the most opportunistic market during the forecast period. North America is the home to the top beverages companies such as The Coca Cola Company, JBS, PepsiCo, Nestle, and Kraft Heinz Co. These companies consumes huge amount of packaging products in the region. Furthermore, the introduction of the eco-friendly packaging solutions such as bio-degradable plastic, compostable plastic, and water soluble grade plastic is attracting the consumers and various beverage industry players that is expected to boost the growth of the beverage packaging market in North America.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improvedsolutions. Moreover, they are also focusing on maintaining competitive pricing.
In July 2021, the parent company of Johnnie Walker and Smirnoff announced to develop 100% paper-based bottles for the spirits packaging. The source of this paper based packaging would be sourced from the sustainable wood.
The various development strategies adopted by the packaging industry players in today’s time is majorly associated with the development of innovative sustainable packaging solutions that would create growth opportunities during the forecast period.
Some of the prominent players in the beverage packaging market include:
Report Scope of the Beverage Packaging Market
|Market Size in 2020||US$ 129.8 billion by 2030|
|Growth Rate||CAGR of 6.4% from 2021 to 2030|
|Market Size||US$ 241.3 Billion by 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Product Type, Application Type, Material Type, Region Type|
|Companies Mentioned||Mondi Plc, Vidrala S.S, Amcor Plc, RPC Group, Berry Global, Inc., Tetra Laval International, Saint-Gobain S.A., Sonoco Products Company, Crown Holdings, Inc., Ball Corporation, Ardagh Group S.A.|
Segments Covered in the Report
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