According to the report, global 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 is a process of covering, wrapping of goods into a package. Packaging involves designing and producing the covering for a product. Packaging is played the vital role for offering goods in a safe and secured position to consumers. With growing worldwide trend and economic support, beverage products are now finding new consumers and market. Materials that have conventionally been used in beverage packaging include metal, glass, paper, paperboard, and plastic. The precise selection of the packaging material plays an important role in maintaining product freshness and quality during distribution and storage. Modernization in beverage packaging has contributed to increasing the shelf-life of products with the help of improved new packaging systems.
Beverage packaging market is mainly driven by increasing consumption of beverages in emerging countries coupled with growing disposable income of the middle-class population. Currently, market trends are witnessing an up flow in the demand for beverages; therefore market exhibits a bright opportunity for the beverage packaging industry. Furthermore, health awareness among consumers, development in new packaging material, recycling infrastructure of packaging material and increasing the requirement for convenience among consumers drives the market growth. Leading beverage packaging vendors are focusing on acquiring local players to expand their business worldwide. However, strict environmental rules related with usage of packaging materials may hamper the market growth. The demand for recyclable and eco-friendly packaging material is growing as a result of stringent environmental regulations.
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The beverage packaging market is segmented based on type, material, application, and geography. On the basis of type beverage packaging market is classified into the bottle, can, pouch, and carton. Among all type segment, bottles and cans dominated the beverage packaging market in 2015. The majority of dairy drinks are sold in pouches but flavored and drinkable yogurt is driving demand for alternative packaging forms. The packaging material segment includes glass, plastic, metal, and paperboard. Glass emerged as largest packaging material supported by its superior attributes such as sterility, reusability, durability, and non permeability. Plastic continue to represent the fastest growing beverage packaging material due to rising consumer demand for single serve portion, enhanced visual appeal, and portability.
Alcoholic, non-alcoholic, and dairy are key application segment of beverage packaging market. The alcoholic beverage was the leading segment in 2015. Dairy beverage packaging is expected to be the fastest growing segment in years to come owing to awareness about nutrition value and rising health concerns.
Geographically, beverage packaging market was dominated by North America followed by Europe. Asia-Pacific is expected to grow at highest growth rate among all regions due to increased beverage consumption. North American market is thought to be a matured business sector with the presence of a large number of beverage packaging vendors.
Key players in this market are Ball Corporation, Rexam PLC, Amcor Limited, Reynolds Group Holdings Limited, Saint-Gobain S.A., Tetra Laval International S.A. and Owens-Illinois, Inc. Leading companies involved in the manufacturing of packaging materials are continuously investing in research & development to establish new packaging designs for a beverage packing to expand their business.