LONDON--(BUSINESS WIRE)--The metal cans market for food and beverage industry is expected to grow by USD 8.92 billion during 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. In addition, the gas produced during the production of steel is recycled into the system and used for heating up the furnace, 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, the 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 influence market growth over 2020-2024.
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. Further, food and beverage companies are partnering with metal can manufacturing companies to offer 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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Metal Cans Market For Food And Beverage Industry: Segmentation Analysis
This market research report segments the metal cans market for food and beverage industry by end-user (beverage and food) and geographic landscape (APAC, Europe, MEA, North America, and South America).
North America was the largest market for metal cans in 2019, and the region will offer the maximum growth opportunities to market vendors during the forecast period. Factors such as increasing demand for sustainable packaging among consumers and the rising number of new food and beverage launches in metal cans are contributing to the growth of the market.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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