The global beverage packaging market analysis size is predicted to reach USD 177.04 billion by 2026 on account of the rising adoption of inexpensive and lightweight packaging materials in the food and beverage industry. Beverage packaging can be utilized for a variety of products such as water, beer, soft drinks, spirits, coffee, wine, sports drinks, energy drinks, dairy products, juice, hard drinks, and others. As per the needs of consumers, they can be packaged in various shapes and sizes. Materials used for beverage packaging includes plastics, metal, and glass. The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Multiple industries are facing unprecedented economic loss owing to the lockdown announced by the governments across the globe that has resulted in the complete shutdown of businesses. The crippling economy, however, is being revived through collective efforts from the government, as well as the industries and is expected to bounce back in the near future.
What are the Objectives of the Report?
The report is based on a thorough analysis of the market and factors boosting, repelling, obstructing, and creating opportunities for the market. It also discusses the table of segmentation of the market, a list of leading segments, and their attributed factors. The report also throws light on the competitive landscape of the market, a list of key players, and their key strategies adopted to earn the lion’s share in the market. Besides this, the report talks about the significant industry developments of the market, current beverage packaging market trends, and other interesting insights into the market.
Increasing Demand for Carbonated Drinks will Propel Market
Rapid modernization and urbanization and the rising popularity of on-the-go food and drinks have propelled the beverage packaging market growth. Ban on the use of plastic and the current trend of using bio-degradable packaging products has increased the demand for other beverage packaging products such as metal cans, glass bottles, and others, thereby boosting the market. Furthermore, the increasing tax imposed on sugar drinks has propelled the demand for carbonated drinks, ultimately driving the market for beverage packaging.
However, the high price of materials such as glass and metals used for making beverage packaging products may cause the market to face rough waters. Nevertheless, the use of recyclable aluminum cans for packaging liquids are expected to create lucrative growth opportunities for the market in the long run.
Browse Summary of This Research Report with TOC: https://www.fortunebusinessinsights.com/beverage-packaging-market-102112
List of Players operating in the Beverage Packaging Market include:
Berry Global Group, Inc.
Sonoco Products Company
Novio Packaging Group
Asia Pacific, followed by North America will Dominate Market with Large Production Units
Based on geographical segmentation, Asia Pacific is holding the dominant beverage packaging market share on account of the rapid urbanization demanding packaged beverage products and significant support from emerging economies such as India, Malaysia, Taiwan, Indonesia, Thailand, and China. On the other side, the ban on plastic by many countries such as Japan, India, China, and South Korea has propelled the demand for other packaging materials such as non-degradable bags, glass bottles, and others. Despite this ban, Asia Pacific will continue to dominate the market in the coming years.
On the other side, the markets in Europe, North America, and other regions will also witness significant growth in the coming years, with North America holding the second position in the market. This growth is attributed to the increasing use of bottled water, dairy products, energy drinks, juice, spirit and wine, and other beverage products, and a large number of production of packaging materials for beverage items.