Beverage Cans Market Size, Dynamics, Growth Rate and Forecast

The global beverage cans market is estimated at nearly USD 23.7 Billion in 2021 and is projected to reach nearly USD 31.2 Billion by 2026, growing at a CAGR of 5.6%. The key drivers of the market are the recyclable and reusable properties of cans which makes them eco-friendly. Cans are tamper-proof and keep the contents within them intact and stable for a longer period. This has further supported the growth of beverage cans market.

On the basis of material type, the market is segmented into aluminum, steel, and PET. Aluminum is a very ductile material. Its reduced weight, impermeability, and high flexibility make it a perfect packaging material. Aluminum has vast applications in the beverage industry. It cuts down the transport cost and works as an excellent barrier against air, light, and microorganism. It can be molded in an infinite number of shapes. Aluminum is 100% recyclable and contains 35% of recycled content. It can tolerate temperatures ranging from 40 degrees Celsius to 350 degrees Celsius. Aluminum cans have a better carbon footprint than other packaging materials used in the food & beverage industry. This has resulted the aluminum to hold the largest market share in the beverage cans market.

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Based on beverage type, the beverage cans in market is divided into water, alcoholic beverages, and non-alcoholic beverages. The non-alcoholic beverages category is expected to hold a larger market share and is also expected to grow at a higher growth rate. Earlier, carbonated soft drinks were packaged in glass bottles sealed with crown cork, which often deteriorated the taste and texture of drinks. The two major deteriorative changes that occur in carbonated drinks are loss of carbonation and rancidification of essential flavoring agents. These deteriorative changes can be reduced by providing effective packaging. In recent years, due to a rise in the consumption of carbonated beverages, the can packaging industry has seen tremendous growth. These are a few primary reasons that has boosted the market for non-alcoholic beverages segment in beverage cans.

The global beverage cans market, on the basis of structure has been segmented into 2-piece and three piece. 2-piece cans are suitable for the packaging of carbonated and non-carbonated beverages, such as beer, wine, sports drinks, and fruit juices. 2-piece cans have several advantages over 3-piece cans, one of which is that its body has no side seam between the body and bottom end. Therefore, the can is tightly sealed with less consumption of raw materials. The process of manufacturing a 2-piece can is easy and efficient than 3-piece cans. All these factors have contributed the 2-piece segment to hold the largest market share.

The beverage cans market in North America is projected to hold a significant market share in the beverage cans market. The region is mainly dominated by many consumers for canned beverages across the globe. North America is the biggest consumer of aluminum cans, accounting for more than one-third of the total global consumption. Since the region is developed, the consumption of beverages is mostly high in the region compared to developing regions, such as Asia Pacific and South America. Moreover, the major key players of metal packaging, such as Crown Holdings, Inc. (US) and Ball Corporation (US), have a significant market share in the US, which has further contributed to the steady growth of cans. This has helped the market for beverage cans to grow in North America region.

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