Regionally, the global beverage packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed to the significant change in the perception of people toward social drinking and escalation in the wine consumption. For instance, in 2020, the gross production of wine was projected to reach approximately 690 million gallons in the USA which was further estimated to be about 8% of the wine production across the globe. All these factors are expected to propel the market growth in the region over the forecast period.
The global beverage packaging market is further classified on the basis of region as follows:
Rising Consumption of Cider to Boost the Market Growth- As of 2020, it was observed that around 10% of cider was taken by the population living in the North America region.
Cider is one of the highly consumed liquids and gets fitted in the definition of a beverage since it is a liquid intended for human consumption. Cider is typically made by expressing apples and pears. Cider comprises polyphenols that are helpful for the human body to prevent certain types of heart diseases, diabetes, and cancer. Additionally, it also helps the body to fight against inflammation and cell damage. Hence, the consumption of cider is very high and is estimated to boost the growth of the market over the forecast period.
Growing Sales of Bottled Water - It was estimated that in 2019, around 14 billion gallons of bottled water sold out up from nearly 12 billion gallons in 2018.
Increment in the Sales and Production of Beer - In 2021, around 1.8 billion hectoliters of beer were produced which was an increase from 1 billion hectoliters in 2018.
Increasing Awareness Toward Environment Change - Based on the data released by the United States Environment Protection Agency (EPA), it was stated that in 2018, nearly 292.4 million tons of municipal solid waste (MSW) was produced per person.
The global beverage packaging market is segmented and analyzed for demand and supply by product type into dairy, alcoholic, and non-alcoholic beverage, out of which, the dairy segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the higher consumption and distribution of dairy products across the globe. For instance, in 2020, the production of milk was estimated to reach approximately 900 million tonnes.
Our in-depth analysis of the global beverage packaging market includes the following segments:
By Packaging Type
By Product Type
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising consumption of cider and increment in the sales and production of beer is estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Ans: The presence of alternatives in the market and disrupted supply-chain on account of COVID-19 are estimated to challenge the market growth.
Ans: The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are CPMC Holdings Limited, O-I Glass, Inc., Toyo Seikan Group Holdings, Ltd., Crown Holdings, Inc, Vidrala, S.A., Ardagh Group S.A., Ball Corporation, Tetra Pak Group, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by packaging type, material, product type, and by region.
Ans: The dairy segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.