LONDON--(BUSINESS WIRE)--The global metal cans market size for food and beverage industry is expected to grow by USD 8.92 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Increasing demand for sustainable packaging is one of the critical factors anticipated to drive market growth during the forecast period. This has also boosted the demand for recyclable metal cans made of steel and aluminum. Metal cans used for packaging food and beverages can be recycled and returned to the store shelf as a new can in about 60 days. Furthermore, the gas produced during the production of steel are recycled into the system and used for heating up the furnace, thus, reducing the need for additional energy. Thus, the growing adoption of metal cans as an effective and sustainable packaging solution will drive their demand in the food and beverage industry.
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As per Technavio, rise in adoption of reusable packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global Metal Cans Market for Food and Beverage Industry: Rise in Adoption of Reusable Packaging
Rising concerns about environmental pollution have increased the adoption of reusable packaging among consumers. Metal cans can be reused multiple times without losing out on the quality of the material. In addition, the need to minimize the use of plastic packaging has also led to an increase in the demand for reusable packaging. This has also encouraged major players in the market including TerraCycle Inc. to introduce circular delivery services to replace single-use disposable packaging with durable, reusable packaging. Furthermore, food and beverage companies are partnering with metal can manufacturing companies to offer their products in reusable containers. These initiatives by metal can manufacturers are further expected to drive market growth during the forecast period.
“Growth of organized retail and the launch of several campaigns supporting the use of metal cans will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Metal Cans Market for Food and Beverage Industry: Segmentation Analysis
This market report segments the global metal cans market for food and beverage industry by end-user (beverage and food) and geography (APAC, Europe, MEA, North America, and South America).
North America led the metal cans market share for food and beverage industry in 2019 followed by APAC, Europe, South America, and MEA. The growth of the market in this region can be attributed to the increased demand for sustainable packaging owing to rising concerns about environmental pollution. In addition, vendors in the market are launching new food and beverage products in metal can packaging, which will boost growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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