LONDON--(BUSINESS WIRE)--The global beverage packaging market is expected to grow by USD 35.42 billion during 2020-2024, according to Technavio. The rapid spread of COVID-19 had compelled market vendors to partially shut down their operations. Also, the closure of restaurants, cafes, cinemas, and clubs due to lockdowns have negatively affected the market growth. However, many developing countries such as China, India, Indonesia, and Thailand are exhibiting significant growth in the consumption of packaged beverages. In addition, factors such as rising disposable incomes and an increase in average global temperature are increasing the consumer preference for bottled and canned water. This is expected to open new growth opportunities for vendors during the forecast period.
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The beverage packaging market is driven by the rising consumption of bottled water. In addition, other factors such as the growing adoption of stand-up pouches and bag-in-box packaging for beverages are expected to trigger the beverage packaging market toward witnessing a CAGR of almost 5% during the forecast period.
The beverage packaging market demand will show an at par growth during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Beverage Packaging Market Participants:
Amcor Plc operates its business through segments such as Flexibles and Rigid Packaging. The company offers PET containers and Round PET for liquor products.
Ardagh Group SA
Ardagh Group SA operates its business through segments such as Metal Packaging Europe, Metal Packaging Americas, Glass Packaging Europe, and Glass Packaging North America. The company offers a wide range of beverage cans in many shapes and sizes to high volume segments of the drinks market including beers, flavored alcoholic beverages (FABs), wine, soft drinks, energy drinks, and tea.
Ball Corp. operates its business through segments such as Beverage Packaging, North and Central America, Beverage Packaging, South America, Beverage Packaging, Europe, and Aerospace. The company offers Alumi-Tek bottles, aerosol cans, and beverage cans.
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Beverage Packaging Market 2020-2024: Segmentation
Beverage packaging market is segmented as below:
- North America
- South America
- Rigid Plastics
Based on material, the market witnessed maximum growth in the rigid plastics segment in 2019. Similarly, APAC offered maximum opportunities for vendors in 2019 with a market share of 41%. During the forecast period, the market will witness significant growth in APAC due to the rising adoption of stand-up pouches and bag-in-box packaging for beverages.
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- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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