31 October 2019
Visiongain has launched a new Consumer Goods report Beverage Packaging Market Report 2019-2029 Forecasts by Product (Can, Bottles & Jars, Pouch, Cartons), by Material (Plastic, Glass, Metal, Others), by Application (Alcoholic, Non-Alcoholic, Dairy), PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global Beverage Packaging market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include the increasing demand for convenient and environment friendly packaging solutions, incorporation of intelligent and advanced packaging solutions, and growing uptake of beverages. However, the concerns associated with environmental concerns regarding certain plastics may pose as market restraints. The beverage packaging market can be segmented based on product, material, application, and region.
Factors such as increasing demand for high quality products with an extended shelf life, growing uptake of different type of beverages such as energy drinks, protein based drinks, and herbal drinks, and rising disposable income are expected to fuel the market growth. Furthermore, a large consumer base and availability of ease to handle and eco-friendly packaging products are also anticipated to propel market growth.
By material, glass segment is anticipated to contribute the largest share of revenue. The large size of the segment can be attributed to its high usage as packaging material for bottles and jars. Plastic segment is expected to gain maximum traction driven by an upsurge in demand for environment friendly and water soluble grade of plastics. Several challenges for the market include stringent regulations regarding the usage of stringent regulations regarding the usage of certain grade of plastics. North America led the market in 2018 and is expected to continue to dominate during the forecast period. Asia Pacific is projected to be the most lucrative region. Factors such as a large population, high demand, rising disposable income, and growing awareness among consumers are contributing to the large share of the region.
The global Beverage Packaging market is highly competitive with many players entering the market in order to cater to the growing consumer demand. Some of the players such as The Coca Cola Company, DS Smith, Nestle, Amcor Ltd., Crown Holdings, Inc., Bemis Company, and Sonoco Products Company are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. For instance, in April 2019, Amcor Limited launched Amite Ultra Recyclable packaging product made from a highly sustainable high-barrier polyolefin film. The product is expected to reduce carbon footprint of a pack by almost 60-65%. Some of the other companies operating in the market include Ball Corporation, Saint-Gobain S.A., Mondi PLC, and Smurfit Kappa Group. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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