The beverage packaging market is expected to surpass $128.2 billion by 2027, growing moderately at a projected 4.1% CAGR during the assessment period, according to a study published in October 2022 by Future Market Insights.
Beverage packaging manufacturers have witnessed an increasing demand for smaller pack sizes, which has led to a rise in demand for beverage cans, as they are convenient for carrying. However, rising awareness regarding sugar content in soft drinks, and the resultant health effects has led to a meteoric increase in the consumption of bottled water in the beverage packaging market.
In the beverage packaging market, brand owners in developed countries such the US have been quick to capitalize on this growing demand and offer seasonal flavored water, such as chocolate peppermint.
High consumption of alcohol in developed and developing economies is expected to bolster the demand for beverage packaging, especially beer bottles and beverage cans, during the next ten years. High demand for flavoured alcoholic beverages, wine, soft drinks, and energy drinks are expected to bolster the sales of beverage cans in the beverage packaging market.
- Glass is expected to remain the top revenue generating segment in the beverage packaging market. However, it is expected to witness a decline during the forecast period, owing to the shift in preference for plastic packaging solutions, due to the brittle nature of glass.
- Growth in bottled water consumption is expected to continue as more consumers continue to make the shift from carbonated drinks to low-sugar drinks. This is attributed to rising consumer awareness regarding the health effects associated with the consumption of carbonated drinks.
- The Asia Pacific except Japan (APEJ) Beverage packaging market is identified as the most lucrative geographic region, wherein China & India represent a substantial total incremental opportunity over the forecast period.
According to an FMI analyst, “The beverage packaging industry is characterized by several design-level trends. One of the most prominent trends is an inclination of beverage packaging manufacturers towards packaging design innovation, keeping in mind consumer convenience. Many vendors focus on lightweight feature to help beverage packaging manufacturers in their efforts to reduce transit costs."