LONDON--(BUSINESS WIRE)--Technavio analysts forecast the food and beverage metal can market in North America to grow at a CAGR of almost 2% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the food and beverage metal can market in North America for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The food and beverage metal can market in North America is expected to grow steadily, but at a slow rate during the forecast period. The major markets, such as the US and Canada, have reached a mature state, leading to stable growth at a slow pace. Thus, the demand must match the capacity, owing to slow growth in the volume of production.
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Technavio analysts highlight the following three factors that are contributing to the growth of the food and beverage metal can market in North America:
- Increased demand for packaged food and beverages
- Environmental benefits due to recyclicity
- Convenience and ease of use
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Increased demand for packaged food and beverages
The rising consumption of packaged food has boosted the demand for metal can packaging. With better economic conditions and surge in the level of disposable income, consumers have started opting for packaged food and beverages. The global packaged food sales in 2016 increased by more than 5% compared with 2015.
Shakti Jakhar, a lead packaging research analyst at Technavio, says, “One of the best methods for packaging these products is using metal cans. These cans retain the freshness and quality and protect the food from the influence of external factors like temperature and humidity, thereby drawing more customer preference. Metal cans are resistant to breakage and tear during transportation. Hence, they preserve the food in appropriate conditions.”
Environmental benefits due to recyclicity
One of the major aspects of the rising demand for metal can packaging is the environmental benefits associated with its use. Metal cans are easily recycled compared with glass and plastic, with minimal ecological footprint. This helps in the reduced metal extraction from the earth's surface, thereby decreasing the over exploitation of non-renewable resources.
“The recycling of metal cans reduces the extent of greenhouse gas emissions that occur during the processing of metal ores. In addition, the amount of energy required for the processing is less compared with the actual processing and smelting process. The energy saved from aluminum recycling is more than 90%, while in the case of steel it is more than 55% compared with the production of cans from natural ore,” adds Shakti.
Convenience and ease of use
The demand for metal cans has grown because of the lifestyle of people in North America. People are busy with their hectic schedules, which gives them less time for cooking and preliminary preparations. In addition, they prefer nutritious food that is ready-to-eat and can be prepared easily. Canned food serves this purpose by providing convenient packaging and ready-to-use food items.
Metal cans are preferred because of their ability to preserve the freshness and quality of food for a long time. The shelf life of canned food on an average is 2 to 5 years. This helps the consumers to store the food in large quantities, if needed, and consume when required, without fearing spoilage of the food as is the case with fresh food.
Top vendors:
- Amcor
- Ardagh Group
- Ball Corporation
- Crown Holdings
- Silgan Holdings
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