LONDON--(BUSINESS WIRE)--Technavio market research analysts, in their latest report, have predicted the global alcoholic beverage packaging market to grow at a CAGR of nearly 5% during the forecast period.
This market research report on the global alcoholic beverage packaging market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In addition to this, another key factor driving the market’s growth is the rising consumption of alcohol. The global consumption of alcoholic beverages has been increasing because of the growth in the urban population and disposable incomes in emerging economies such as India and Vietnam. The increase in disposable income has led to people exploring new forms of leisure and entertainment such as night parties, bars, and lounges. Additionally, manufacturers of alcoholic beverages are continuously launching new products and additional flavors. This is increasing the consumption of alcoholic beverages, thereby driving the global alcoholic beverage packaging market. As of 2016, in the US, over 70% of adults consumed alcoholic beverages, which is an increase of more than 5% over the 2001 level.
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In this report, Technavio analysts highlight the rising popularity of metal packaging for alcoholic beverages other than beer as one of the key emerging trends driving the global alcoholic beverage packaging market:
Rising popularity of metal packaging for alcoholic beverages other than beer
Metal cans are usually used for alcoholic beverages such as beer. One of the key factors driving the growth of cans is the increased demand. The increasing preference for metal packaging for alcoholic beverages over other types of packaging is attributed to the various advantages that metal packaging provides. The alcoholic beverage market is experimenting with cans to increase the sales of spirits and wine as the sales of wine have been declining.
“In the US, the per capita wine consumption dropped in 2016 after a period of 20 years due to a shift in the consumer preferences. Therefore, some companies have started offering wines in cans to attract prospective consumers. Consequently, the sales of canned wine in the US increased by more than 100% during 2016,” says a senior analyst at Technavio for research on packaging.
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Global alcoholic beverage packaging market segmentation
This market research report segments the global alcoholic beverage packaging market based on raw materials (glass and metal) and key regions (the Americas, APAC, and EMEA).
EMEA led the global alcoholic beverage packaging market in 2017, contributing a market share of more than 44% to the global market. The market share occupied by this region will decrease to some extent by 2022. But, EMEA will dominate the global market throughout the forecast period.
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