According to a new report published by Allied Market Research, titled, " Beverage Packaging Market by Packaging Material, Beverage Type, and Packaging Type: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global beverage packaging market size is expected to reach $133.3 billion in 2026, from $86.1 billion in 2018, growing at a CAGR of 5.6% from 2019 to 2026. In 2018, Asia-Pacific dominated the market, in terms of revenue, accounting for over 39.4% share of the global beverage packaging market.
The beverage packaging process is an important part of the food and beverage industry. A well-designed package increases the shelf life, quality, and overall sales of the beverage. The beverage packaging utilized for alcoholic and non-alcoholic beverages are glass, metal, plastic, paperboard along with their combinations. The chemical composition of the beverage also helps in determining the type of packaging to be used.
For instance, for carbonated beverages, the cans or bottles should be manufactured using non-corrosive materials to increase the life of the beverage and also maintain the food quality standards. The packaging manufacturers are adopting convenience packaging principles to boost the sales and thereby, drive the beverage packaging market growth. Also, the declining drinking water qualities and increasing living standards are motivating the consumption of bottled water, which is propelling the market growth of beverages and beverage packaging industry. However, rising obesity problems in many developed countries, has made many governments to consider plain packaging for alcoholic and sugary drinks, which can restrain the market of beverage packaging during the forecast period.
The growing environmental problems due to plastic pollution has made it necessary to find alternatives for beverage packaging. In this context, the technological advancements in bio-plastics is projected to create growth opportunities for the market during the forecast period. Moreover, as per the beverage packaging market trends, the replacement of virgin plastic with recycled plastic or rPET is expected to create better opportunities for the beverage packaging companies to curb plastic pollution in the near future.
Asia-Pacific accounted for the highest revenue in 2018 compared to other regions due to new innovations and technological advancements for plastic alternatives. In Asia-Pacific and LAMEA, the increasing consumption of bottled water and growing popularity of nutritional drinks is anticipated to boost the growth of beverage packaging in the near future.
The increased adoption of automation and internet of things (IoT) in beverage packaging has propelled the manufacturing capacities of major players. With the help of automation, packaging manufacturers are now able to maintain product qualities while also reducing the production time. Also, the constant research in the beverage packaging industry is boosting the growth of the market significantly.
The global beverage packaging market is segmented on the basis of packaging material, beverage type, packaging type, and region. By packaging material, the market is divided into glass, metal, polymers, and paperboard. By beverage type, it is classified into alcoholic beverages and non-alcoholic beverages. By packaging type, the market is classified into bottles, cans, cartons, and others. The others segment includes pouches and bag-in-box type of packaging. The bottles segment holds the highest contribution in the overall beverage packaging market share.
The global beverage packaging market is analyzed across four geographical regions that include North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings of the Beverage Packaging Market :
- By beverage type, the non-alcoholic segment dominated the global beverage packaging market in 2018, in terms of revenue.
- By packaging material, the plastic segment is expected to be the largest production material employed by the beverage packaging market players globally.
- By packaging type, the bottles segment dominated the non-alcoholic beverages sector, in terms of usage.
- By region, Asia-Pacific is projected to be one of the most dominant regions and is expected to witness a high growth rate during the forecast period.
The major players operating in the beverage packaging industry include Amcor plc, Ball Corporation, Crown Holdings, Inc, Mondi plc, Orora Limited, Reynolds Group Holdings Limited, SIG Combibloc Group AG, Smurfit Kappa Group plc, Stora Enso Oyj, and Tetra Laval International S.A.