The global beverage cans market is anticipated to expand at a compound annual growth rate (CAGR) of five percent across the 2021-2031 forecast period, according to the European Society for Opinion and Marketing Research's (ESOMAR) recently published market intelligence report. A valuation of US$70b is projected for the market. Manufacturers are capitalizing on the surging popularity of aluminium cans to garner heightened revenue shares.
Historically, from 2016 to 2020, sales of beverage cans expanded at over four percent CAGR, closing in at over US$45b by the end of the said period. Demand has especially surged since the outbreak of COVID-19, as consumers tended towards the consumption of ready-to-drink carbonated, energy and alcoholic beverages across key regions.
Manufacturers are focusing on advanced technologies and smart augmented reality packaging innovations. Delivering a wide range of content and stories through a unique AR code printed on aluminium cans is becoming a prevalent trend in recent years. The industry is constantly adapting and innovating changes to keep the cans colourful, attractive, and easy to use by inventing temperature-sensitive inks. Hence, increasing aesthetic appeal while simultaneously imparting strength and robustness is influencing current manufacturing practices in the beverage cans industry.
“Growing demand for aluminium cans as an alternative for plastic contains and recyclable, sustainable cans for the beverage industry is growing demand for aluminium cans in the industry,” said a Senior Research Analyst.
Global Beverage Cans Market: Competitive Landscape
Strategic collaborations enable beverage industries to increase revenue and market share. New products and technologies will enable the growth of beverage cans in the food and beverage industry.
- CANPACK, a major producer of aluminium cans, analyzes market trends and drivers to produce design solutions for beverage producers that take product branding to the next level. With CANPACK’s Quadromix technology the firm is capable of creating four different designs in a single production run.
- SNSTECH develops a resealable can designed for reusing content over and over again. SipNShut, a 100 percent aluminium resealable beverage cans be developed by SNSTech, has the added benefit of running on existing canning lines with ease and is described as having a smooth pour like a standard beverage can.
Key Takeaways from the Market Study
- By material, aluminium beverage cans to account for 70 percent of global demand through 2031
- Two-piece beverage cans are to sell like hotcakes, accounting for over three out of five sales
- Carbonated soft drinks are to be most widely marketed beverages, accounting for two-fifths of overall demand
- The US is to emerge as a promising market, expected to grow at a CAGR of five percent until 2031
- Asia to represent substantial growth prospects, yielding 60 percent of total demand, primarily spurred by India and China