As per the report published by Kings Research, the Global Beverage Cans Market was valued at USD 22.88 billion in 2023. The market is projected to reach USD 36.55 billion by 2031, growing at a CAGR of 6.04% from 2024 to 2031.
The beverage cans market is experiencing robust growth, driven primarily by the increasing demand for sustainable packaging solutions. With consumers becoming more environmentally conscious, aluminum cans are being favored due to their recyclability and lightweight nature. Additionally, the expansion of the craft beverages sector, including beer and soft drinks, has further fueled product demand. Innovations in can design and an emphasis on customization and branding are further impacting the growth of the market.
Key Insights
- Based on type, the alcoholic beverages segment accounted for the largest market share of 55.84% in 2023
- Based on sales channel, the online retail segment is estimated to register a CAGR of 7.11% between 2024 and 2031
- On the basis of region, Asia-Pacific obtained a market share of 22.02% in 2023
Ardagh Metal Packaging (AMP) Partners with Cargo Service Europe (CSE) to Revamp Supply Chain and Distribution Network
August 2023: Ardagh Metal Packaging (AMP) announced a partnership with Cargo Service Europe (CSE) to enhance its supply and delivery network across Europe. CSE provides a state-of-the-art zero-emissions distribution lane that enables eco-friendly can delivery from AMP's production facilities to its beverage supplier facilities. CSE accomplished this by utilizing commercial Battery Electric Vehicles (BEV) supplied by Volvo. This partnership enables the company to align with its sustainable goals while improving its distribution network.
Expansion of the Craft Beverage Sector to Result in Increasing Demand in the Industry
The expanding craft beverage sector is generating substantial opportunities for beverage cans market growth. Craft brewers and artisanal drink manufacturers are continuously seeking innovative packaging solutions that align with their brand's unique aesthetic and environmental values.
Aluminum cans provide excellent recyclability and are lightweight, serving as an attractive option. This demand increases the volume of cans and further encourages the development of specialized can sizes and designs. As more consumers gravitate towards craft beverages, the need for differentiated, high-quality can packaging is rising, presenting growth opportunities for manufacturers and designers in the market.
Incorporation of Sustainable Packaging Solutions to Drive Market Progress
The market is witnessing significant growth opportunities driven by the increasing demand for sustainable packaging solutions. Consumers are becoming more environmentally conscious, leading to a preference for recyclable materials such as aluminum cans. This trend is pushing beverage companies to adopt eco-friendly packaging options to meet consumer expectations and reduce their environmental footprint. As a result, the market for innovative and sustainable packaging solutions is growing, creating opportunities for companies to capitalize on this trend and gain a competitive edge.
Asia-Pacific to Be the Fastest-Growing Region, Exhibiting the Highest CAGR of 6.88% Between 2024 and 2031
Based on region, the global beverage cans market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is projected to display the fastest growth due to the region's burgeoning population and rising disposable incomes that is driving increased consumption of beverages, particularly among the younger demographic.
Additionally, growing awareness and adoption of sustainable packaging solutions in countries such as China and India are fueling the demand for aluminum cans. Furthermore, the expanding presence of multinational beverage companies and investments in manufacturing infrastructure are contributing to the region's robust growth trajectory.
Companies Focus on Innovating Packaging and Printing Solutions to Expand Their Market Reach
The global beverage cans market reveals a fragmented landscape featuring prominent companies including ALTEMIRA Can Co.,Ltd., Ardagh Group, Ball Corporation, Can-One Berhad, CANPACK, CPMC HOLDINGS LIMITED, Crown Holdings, Inc., Envases Group, Resonac Group, and Toyo Seikan Group Holdings, Ltd., and others. Companies are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.