DUBLIN--(BUSINESS WIRE)--The "Beverage Packaging Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The beverage packaging market is expected to grow with a CAGR of 6.20%, over the forecast period 2019-2024. According to the Flexible Packaging Association, the beverage sector in the US accounted for nearly 50% of the packaging market.
The increasing importance of preserving the quality of the content has made effective packaging a necessity in the beverages industry. Growing demand for extended shelf life has directed beverage manufacturers to emphasize on developing sustainable and durable packaging solutions, which can essentially reduce the storage cost, and complement the beverage packaging market.
A prospering beverage industry in emerging markets such as Brazil, India, and China, buoyed by the presence of a large consumer base is expected to drive the beverage packaging market over the forecast period.
Protein-based beverages and herbal drinks are another very popular type of drink among athletes and common people. The increasing consumption of these drinks adds on to the market demand. However, the market is anticipated to be challenged by stringent environmental norms associated with the use of plastics and its additives, in packaging.
Scope of the Report
Beverage manufacturers are focusing on offering a better product with the packaging that is easy-to-handle, eco-friendly, and keeps the product fresh for a long time. Packaging innovation is becoming a norm for beverage companies with smaller package size, situational package types, and multi-packs. Different types of the product depending upon the beverages are packed using various materials.
Key Market Trends
Growing Beverage Consumption is Driving the Market
- The beverage industry encompasses drinks, primarily ready-to-drink alcoholic and non-alcoholic beverages. The industry is witnessing a strong growth due to evolving efficient distribution and packaging mechanism, the introduction of new innovative products, and increased consumption frequency and trials, achieved with persuasion from traditional advertising and digital media.
- The market is witnessing new segments, like energy and sports drinks, vitamin water, flavored water, flavored tea and coffee, and vegetable juices, over the years. These new segments are helping to grow the market further, by providing more variants that lead to an increase in consumption.
- Milk, aerated drinks, alcoholic beverages, and juices are the traditional categories that have well-defined consumption, while the new segments, like sports and energy drinks and vitamin water, offer targeted proposition and benefit for specific consumption.
- The distribution systems are evolving, leading to deeper market penetration in a cost-effective way. Installation of automated vending machines, development in robotics, process automation, franchising, and licensing are helping this volume-driven market to attain high volumes, and overall profitability and growth.
Asia-Pacific to be the Fastest Growing Market
- The Asia-Pacific region holds significant potential for development, in terms of the most prospective countries. The market holds a major share in retail packaging, estimating to nearly 75%, as major manufacturing is done in China.
- The demand for beverages, and hence the demand for beverage packaging, is expected to grow faster in the Asia-Pacific region, due to a rise in income and ongoing population shift from rural to urban, in major countries such as China, Japan, and India.
- Change in lifestyle and a growing young population lead to a higher demand for branded and packaged substances. At the same time, growing health awareness and more concern towards environmental sustainability, lead to innovations in beverages packaging in the region.
- Moreover, on the go consumption in countries like India, China, Japan is fuelling demand. With two of the world's populous countries China and India, the beverage demand is always on a higher side, subsequently driving the beverage packaging market.
The beverage packaging market is fragmented due to many players are entering into the packaging market. Moreover, innovation and development by players are making the market competitive. Some of the key players include Amcor Limited, Bemis Company, Inc., Mondi PLC, Tetra Laval International SA, RPC Group PLC, Alcoa Inc., Westpack, Rexam Inc., Reynolds Group Holdings, Sonoco Products Company, Crown Holdings Incorporated, and Ardagh Group.
- April 2019 - Amcor launched Amite Ultra Recyclable, its first packaging product made from the company's revolutionary and more sustainable high-barrier polyolefin film. It can reduce a pack's carbon footprint by about 64%.
- April 2019 - Ardagh Group announced the planned expansion of production at its Jacare and Manaus can and end facilities, respectively in Brazil. These projects aim to meet its customers' growing demand for infinitely-recyclable and sustainable aluminum packaging.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Beverage Consumption
4.3.2 Technology Advancements Serving the Development of Innovative Products
4.4 Market Restraints
4.4.1 Environmental Norms Against Certain Types of Plastics
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Material
5.1.5 Other Materials
5.2 By Product Type
5.2.6 Other Product Types
5.3 By Type of Beverage
5.3.1 Carbonated Drinks
5.3.5 Energy Drinks
5.3.6 Alcoholic Drinks
5.3.7 Other Types of Beverages
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amcor Limited
6.1.2 Bemis Company Inc.
6.1.3 Mondi PLC
6.1.4 Tetra Laval International SA
6.1.5 RPC Group PLC
6.1.6 Alcoa Inc.
6.1.7 Rexam Inc.
6.1.8 Sonoco Products Company
6.1.9 Crown Holdings Incorporated
6.1.10 Ardagh Group
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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