Beverage Cans Market Size, Share & Trends Analysis Report By Material (Aluminum, Steel), By Application (Carbonated Soft Drinks, Fruit & Vegetable Juices), By Region (North America, APAC), And Segment Forecasts, 2020 - 2028

Report Overview

The global beverage cans market size was valued at USD 35.72 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2020 to 2028. The demand for highly portable and superior packaging solutions for protection from the external environment is primarily contributing to the market growth. The demand for beverage cans is expected to be driven by the rising consumption of non-alcoholic products among health-conscious consumers. In addition, the introduction of fruit juices and sports drinks coupled with the growing consumption of Ready-to-Drink (RTD) products in can packaging is expected to benefit the market growth. The U.S. is the biggest market for beverage cans with the highest per capita can consumption in the world.

The market has witnessed continuous product innovations due to the strong presence of major companies in the U.S., such as Ball Corp. The superior physical properties of metals over their counterparts are also expected to drive market growth during the forecast period. These properties include easy labeling & printing on the metal surface, high malleability, and design innovations to appeal to the millennial.

With the increasing health consciousness among consumers globally, beverage manufacturers are also improving and innovating products with a focus on natural, low-calorie, and low-sugar ingredients, such as stevia, in their products. This is expected to attract an increased number of health-conscious customers.

Packaged beer sales increased drastically as restaurants and bars began offering alcohol on the go due to the COVID-19 pandemic. The surge in demand for alcoholic products through off-premise locations, such as supermarkets, hypermarkets, and departmental stores, led to high demand for metal cans.

With an increase in health consciousness among consumers owing to the COVID-19 outbreak, the consumption of healthy foods and beverages increased, which, in turn, augmented the sales for functional and energy drinks. This, in turn, supported the overall market growth.

Material Insights

The aluminum material segment dominated the market with a revenue share of 96.0% in 2020 as a result of the high usage of aluminum as it offers extended shelf life to packaged beverages. In addition, the material can be easily cooled & heated for sterilization and maintains the structure & the integrity of packaged products.

Aluminum cans are the most recycled beverage containers globally. An average aluminum can contains 70% recycled metal. These are lightweight and stackable, which results in a reduction in the overall carbon emissions during their transportation. They also improve the storage and shipping efficiency of logistic companies.

An increase in the global consumption of beverages, coupled with a surge in demand for packaging solutions that offer sustainability, has led to the increased adoption of aluminum cans. Moreover, these cans can be customized in terms of colors and 3D prints, as well can be embossed, making them aesthetically appealing to customers.

Steel cans also extend the shelf life of beverages, thereby reducing wastage. The relatively high thermal conductivity of steel allows cans made from it to be chilled quicker than PET bottles. However, properties of aluminum, such as high ductility& recyclability, low weight, versatile printing, and lesser potential toxicitythan steel, have drawn manufacturers towards the high utilization of aluminum material for producing cans.

Application Insights

The alcoholic beverages segment accounted for the maximum revenue share of more than 38% in 2020 dominated the application segment in 2020. The high share is attributed to the increasing demand for alcoholic beverages among millennials, increasing disposable income, and a rise in consumer demand for premium/high-quality alcoholic products.

Moreover, the easy access to a variety of alcoholic beverages in supermarkets is expected to drive consumption, thereby benefitting the segment growth. Furthermore, high visibility and attractive assortment of alcoholic beverages, efforts by manufacturers for strengthening distribution channel network along with new product launches are expected to drive the segment over the forecast period.

The carbonated soft drinks segment is estimated to account for the second-highest revenue share by 2028. High per capita consumption of carbonated soft drinks in countries, such as Mexico, Brazil, and China, due to the rapid urbanization, growing disposable income, and new product launches by key manufacturers, such as PepsiCo, The Coco-Cola Company, to gain market share drive the segment growth.

The fruit and vegetable juices segment is expected to witness the fastest CAGR during the forecast period. Juices fortified with functional ingredients, such as bioactive compounds, Omega-3, fiber, and probiotic bacteria, are gaining traction with an increase in awareness among consumers about the benefits of these ingredients. High demand for 100% natural fruit juices by millennials coupled with the growing consumption of vegetable juices for weight management is further expected to drive the segment growth.

Regional Insights

North America dominated the global market with a revenue share of more than 36% in 2020 on account of high product consumption in the U.S. and Mexico. High product adoption by consumers and increased per capita consumption of carbonated beverages & awareness regarding sustainability in the region are expected to emerge as the major factors driving the market.

In addition, the regulations on plastic packaging in countries, such as the U.S. and Canada, are likely to hamper the growth of plastic packaging in the region. Beverages manufacturers, such as PepsiCo, are focusing on reducing their plastic consumption by half by 2030, thus benefiting the growth of the market in the region.

The EU has adopted Circular Economy Action Plan under which, the focus is given on reusable products to increase sustainability in the region. On account of such initiatives, end-use beverage companies are also inclining towards adopting recyclable packaging solutions over glass and PET bottles, thus driving market growth.

The rising middle-class population, especially in countries, such as Brazil, Argentina, and Chile, is driving the consumption of packaged products, such as carbonated soft drinks, and functional & alcoholic drinks, in South America, thereby creating favorable growth prospects for beverage can manufacturers.

Asia Pacific has emerged as the major supplier of processed aluminum and steel sheets for the rest of the world. The region is characterized by the availability of abundant raw materials, such as aluminum and steel, and is distinguished by low-cost labor, high development rates, and well-established manufacturing bases that contribute to the growth of the market.

Asia Pacific also accounts for a high percentage share of the global population, leading to substantial consumption of beverages. In addition, rapid industrialization in developing economies, such as India and China, has led to increasing disposable income of the population, which, in turn, is expected to stimulate the demand for beverages; thereby positively affecting the market growth.

Key Companies & Market Share Insights

The global market is highly fragmented with the presence of a number of global companies. Competitive prices and advancements in technologies coupled with innovative packaging solutions are followed in the market to gain a competitive advantage. Most of the major companies have implemented numerous organic and inorganic growth strategies to strengthen their market position. In addition, production expansion in regions where sustainability awareness is increasing and new product launches are among the key business strategies adopted by these players to enhance their product portfolio and cater to the rising product demand. Some prominent players in the global beverage cans market include:

• Ball Corp.

• Orora Packaging Australia Pty. Ltd.

• The Olayan Group

• Crown Holdings, Inc.

• Ardagh S.A.

• Canpack

• CPMC Holdings Ltd.

• Bangkok Can Manufacturing

• Nampak Ltd.

• Mahmood Saeed Beverage Cans & Ends Industry Company Ltd.

• Kian Joo Can Factory Berhad

• Swan Industries (Thailand) Company Ltd.

• GZ Industries Ltd.

• Toyo Seikan Co., Ltd.

• Envases Group

Beverage Cans Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global beverage cans market report on the basis of material, application, and region:

• Material Outlook (Volume, Million Cans; Revenue, USD Million, 2017 - 2028)

  • Aluminum

  • Steel

• Application Outlook (Volume, Million Cans; Revenue, USD Million, 2017 - 2028)

  • Carbonated Soft Drinks

  • Alcoholic Beverages

  • Fruit &Vegetable Juices

  • Others

• Regional Outlook (Volume, Million Cans; Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

    • Belarus

    • Bulgaria

    • Czech Republic

    • Poland

    • Hungary

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Kazakhstan

    • Uzbekistan

    • Tajikistan

  • Central & South America

    • Brazil

    • Argentina

    • Peru

    • Chile

    • Colombia

  • Middle East & Africa

    • South Africa

    • Ghana

    • Nigeria

    • Kenya

    • Mauritius

    • Egypt

    • Iran

    • Kuwait

    • Israel

    • Saudi Arabia

    • UAE