According to the report, published by Zion Market Research, global demand for beverage packaging market was valued at USD 108.4 billion in 2015, is expected to reach USD 138.7 billion in 2021 and is anticipated to grow at a CAGR of 4.2% between 2016 and 2021.
Packaging plays an important role in the beverage industry. Proficient packaging solutions offer advantages such as disposability, ease of use and improved user experience. These advantages have to lead to an increase in demand for beverage packaging solutions. The main purpose of packaging is to preserve, protect, and promote the product.
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Beverage packaging market is directly proportional to growing demand for various types of beverages. Beverage packaging market is driven by several factors like increase in beverage consumption, and the growing demand for long shelf life of the product. Lightweight packaging material has become an essential factor in the market and having significant influence in beverage bottles and cans segment. This is further driven by environmental pressures from government, and low material usage for packages means low costs, which are always beneficial for both brands and retailers. Moreover, stringent government regulation for environmental safety may affect the market growth.
On the basis of packaging type market is divided into bottles, cans, pouch, and carton. Bottles and cans represented the significant share in global beverage packaging market. The material segment includes glass, plastic, metal, and paperboard. Plastic continues to represent the highest growing beverage packaging material due to rising consumer demand and portability. Alcoholic, non-alcoholic, and dairy are key application segment of beverage packaging market.
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Beverage packaging market in Asia-Pacific is expected to show massive opportunities for market owing to rapidly growing beverage consumption in the region. Large population coupled with increasing income levels in developing economies such as China and India are expected to drive the beverage consumption in the region. Furthermore, availability of skilled workers, low cost of production and government funding are expected to further boost the market growth in the region. North America was the leading market player in 2015 owing to the presence of a large number of key players in the region.
Ball Corporation, Rexam PLC, Amcor Limited, Reynolds Group Holdings Limited, Saint-Gobain S.A., Tetra Laval International S.A. and Owens-Illinois, Inc. are some of the leading players in the beverage packaging market.
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