Food and Beverages

Beverage Cans Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : May 2024

Format :Pdf Ppt Xls

Report ID:KR696

Author : Ashim L.

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Base Year

2023

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Forecast Year

2024-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 22.88 Billion

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Forecasted Value (2031)

USD 36.55 Billion

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CAGR (2024 - 2031)

6.04%

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Fastest Growing Region (2024 - 2031)

Asia Pacific

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Largest Region

North America

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By Type

Carbonated Soft Drinks, Alcoholic Beverages, Fruits Juices, Others

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By Sales Channel

Hypermarket/Supermarket, Specialty Store, Online Retail, Other Retail Format


Beverage Cans Market Size

The global Beverage Cans Market size was valued at USD 22.88 billion in 2023 and is projected to reach USD 36.55 billion by 2031, growing at a CAGR of 6.04% from 2024 to 2031. The growth of the market is primarily driven by increasing consumer demand for convenience and sustainability, with a notable shift toward on-the-go consumption and recyclable packaging solutions. Furthermore, advancements in manufacturing technologies and growing awareness of environmental concerns are influencing market growth. Additionally, the beverage industry's focus on product differentiation and brand promotion through innovative packaging is contributing to market expansion.

The market is experiencing substantial growth and innovation due to the ongoing emphasis on recyclability and sustainability. Manufacturers are exploring new materials and processes to create eco-friendly product offerings. Moreover, the expanding consumer base for canned beverages, including energy drinks, alcoholic beverages, and non-alcoholic beverages, offers a promising outlook for market expansion. The convenience and portability of beverage cans are further contributing to their popularity among consumers.

The beverage cans market refers to the industry segment involved in manufacturing, distributing, and selling metal containers primarily used for packaging different types of beverages. These cans are typically made from aluminum or steel and are designed to preserve the quality, taste, and freshness of beverages, enhancing convenience for consumers. The market encompasses a wide range of beverage categories and is influenced by factors such as consumer preferences, sustainability concerns, and technological innovations in packaging.

Analyst’s Review 

The beverage cans market is experiencing steady growth, propelled by increasing consumer demand for convenient and sustainable packaging. The market demonstrates resilience despite facing challenges, such as fluctuations in raw material costs. Manufacturers are adopting strategies such as innovations in can design and smart packaging technologies to sustain their position in the industry. Furthermore, companies are investing toward incorporation of eco-friendly practices and product innovation to address evolving consumer demands positioning the beverage cans industry for continued growth.

Beverage Cans Market Growth Factors

Increasing consumer preference for sustainable packaging solutions is driving the expansion of the beverage cans market. Consumers are actively seeking environmentally friendly options, prompting beverage companies to adopt eco-friendly practices. This trend is bolstered by regulations that promote recycling and aim to reduce carbon footprints. Companies are investing heavily in research and development to create innovative and recyclable can designs using materials such as aluminum, which can be easily recycled. Emphasizing the environmental benefits of cans compared to other packaging options is contributing to increased consumer awareness and demand, leading to sustained growth of the market.

The rising costs associated with raw materials, such as aluminum, pose a key challenge to the development of the industry. This impacts profit margins for manufacturers and leads to price hikes for consumers. To overcome this challenge, companies are implementing several strategies such as reducing material usage by making lightweight cans, optimizing production processes for efficiency, and exploring alternative materials that offer cost savings without compromising quality or sustainability. Collaborating with suppliers and investing in supply chain resilience further helps mitigate cost fluctuations and maintain competitive pricing in the market.

Beverage Cans Market Trends

The ongoing trend for slim and sleek can designs is driven by rising consumer preferences for portable and convenient packaging, especially among urban populations and on-the-go consumers. Beverage companies are responding to this demand by introducing narrower can formats, often incorporating eye-catching graphics and ergonomic features. These slim cans are favored for their use in energy drinks, flavored water, and alcoholic beverages, particularly among younger demographics and lifestyle-oriented consumers who value aesthetics and ease of consumption. This trend reflects the industry's focus on innovation and meeting evolving consumer needs.

The integration of smart packaging technologies is another key trend shaping the market landscape. Companies are exploring ways to incorporate digital features into can designs, such as QR codes for interactive content, NFC (Near Field Communication) for mobile connectivity, and temperature-sensitive labels for freshness indicators. These smart packaging solutions enhance consumer engagement, provide product information, and enable brands to track inventory and monitor supply chains more effectively. The rise of IoT (Internet of Things) applications offers opportunities for smart beverage cans manufacturers to implement enhanced marketing strategies and improve customer experiences in the competitive market landscape.

Segmentation Analysis

The global beverage cans market is segmented based on type, sales channel, and geography.

By Type

Based on type, the market is segmented into carbonated soft drinks, alcoholic beverages, fruits juices, and others. The alcoholic beverages segment led the market in 2023, reaching a valuation of USD 12.78 billion. The segment is experiencing significant expansion within the beverage cans market due to the growing popularity of ready-to-drink cocktails and canned wines among consumers seeking convenience and variety. Additionally, the trend toward premiumization, wherein consumers demonstrate a willingness to pay higher prices for high-quality alcoholic beverages in attractive packaging, has significantly contributed to segment growth.

By Sales Channel

Based on sales channel, the market is divided into hypermarket/supermarket, specialty store, online retail, and other retail format. The hypermarket/supermarket segment secured the largest revenue share of 52.00% in 2023. This expansion results from increased consumer preference for one-stop shopping convenience, competitive pricing, and diverse product offerings. Additionally, these stores often employ effective marketing strategies and offer loyalty programs, enhancing customer retention. The segment's robust supply chains and efficient inventory management further bolster its appeal. Additionally, the increasing preference for online retail channels has boosted sales, with hypermarkets/supermarkets leveraging omnichannel strategies to capture both offline and online sales.

Beverage Cans Market Regional Analysis

Based on region, the global beverage cans market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Beverage Cans Market Size & Share, By Region, 2024-2031

North America emerged as the leading region in the beverage cans market in 2023, attaining a valuation of USD 7.35 billion. The region's well-established beverage industry, as well as the presence of prominent players in carbonated soft drinks, alcoholic beverages, and energy drinks, substantially drives demand for beverage cans. Additionally, consumers in North America prioritize convenience, sustainability, and premium packaging, thus boosting the adoption of beverage cans. Moreover, stringent regulations promoting recycling and eco-friendly packaging practices are contributing to the dominance of North America in the market, with a robust infrastructure supporting efficient manufacturing and distribution processes.

The Asia-Pacific beverage cans market is poised to experience significant growth at a CAGR of 6.88% over the forecast period. The region's burgeoning population, particularly in emerging economies such as China, India, and Southeast Asian countries, presents a vast consumer base for beverages, driving the demand for packaging solutions such as beverage cans. Furthermore, rapid urbanization, rising disposable incomes, and shifting consumer preferences toward convenience and on-the-go consumption are supporting the regional market growth.

Competitive Landscape

The global beverage cans market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

List of Key Companies in Beverage Cans Market

  • ALTEMIRA Can Co., Ltd.
  • Ardagh Group
  • Ball Corporation
  • Can-One Berhad
  • CANPACK 
  • CPMC HOLDINGS LIMITED
  • Crown Holdings, Inc.
  • Envases Group
  • Resonac Group
  • Toyo Seikan Group Holdings, Ltd. 

Key Industry Developments 

  • February 2024 (Partnership): São Geraldo partnered with CANPACK Brazil to introduce its flagship beverage, Cajuína São Geraldo, in 350ml infinitely recyclable aluminum cans, thus transitioning from traditional glass and PET bottles. This collaboration underscores São Geraldo’s focus on promoting regional tastes and adopting sustainable packaging solutions.
  • November 2023 (Launch): Akzo Nobel's Packaging Coatings business launched the first two products in its new AccelstyleTM range. These products are designed specifically to optimize the exterior coatings of aluminum beverage cans and ensure that they are free from styrene, bisphenols, and PFAS. This follows the earlier launch of AccelshieldTM 700, a bisphenol-free internal coating for beverage can end.

The Global Beverage Cans Market is Segmented as:

By Type

  • Carbonated Soft Drinks
  • Alcoholic Beverages
  • Fruits Juices
  • Others

By Sales Channel

  • Hypermarket/Supermarket
  • Specialty Store
  • Online Retail
  • Other Retail Format

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
CHOOSE LICENCE TYPE
CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 36.55 billion by 2031, growing at a CAGR of 6.04% from 2024 to 2031.
The global market was valued at USD 22.88 billion in 2023.
The factors impacting the market include consumer preferences for sustainability, economic conditions affecting disposable income, advancements in can technology, and regulatory changes influencing packaging materials.
Top manufacturers of beverage cans market are ALTEMIRA Can Co.,Ltd., Ardagh Group, Ball Corporation, Can-One Berhad, CANPACK, CPMC HOLDINGS LIMITED, Crown Holdings, Inc., Envases Group, Resonac Group, Toyo Seikan Group Holdings, Ltd. and others.
Asia-Pacific is the fastest growing region with the CAGR of 6.88% in the forecast period (2024-2031) with the market value forecast to reach at USD 8.57 billion.
By type, alcoholic beverages will hold the maximum share in the beverage cans market with the revenue value of USD 19.98 billion in 2031.
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