Beverage Packaging Market Set To Bring In More Than US$130 Billion
Friday, February 23rd, 2018 | 630 Views
The global consumer beverage packaging market is expected to witness an expansion with sales increasing at a compound annual growth rate (CAGR) of 4.7 percent in terms of volume between 2018 and 2026, according to market intelligence company Transparency Market Research.
The market is expected to reach US$130 billion in revenue by the end of the forecast period.
The consumer beverage packaging is witnessing evolving trends that are likely to impact brand packaging design and also influence the way consumers interact with packaging for beverages.
Personalisation is one such trend that is growing in beverage packaging. Brands are engaging with customers on a more personal level by offering personalised experience. For instance, companies introducing personalised bottles with names for special occasions make consumers feel more connected with the brand. Meanwhile, lightweight bottles and cans are also becoming popular among various brands, thereby offering convenience to consumers and saving cost on the raw material for brands.
Manufacturers are also focusing on partnerships and acquisition of firms specialised in product design. This is expected to help in expansion of their product portfolio with unique offerings.
Advanced robotic machineries are also finding place in beverage packaging companies to reduce wastage, boost production processes and reduce errors with the help of real-time data collected on various stages in the production process. There is also an increasing focus on packaging that can keep beverages fresh for a long time with any preservatives. Bottles and cans in range of sizes with easy-to-open feature are also being introduced in the market. The trend of transparent packaging and clear packaging is also rising, enabling customers to actually see what product looks like.
The consumer beverage packaging market is slated to record the fastest expansion in North America in terms of value and volume through 2026. In terms of value, the market will register similar CAGRs in Asia Pacific excluding Japan and North America through 2026.
Paper and paperboard will continue to be sought-after among materials for consumer beverage packaging, followed by metal. Revenues from use of paper and paperboard for consumer beverage packaging will account for more than a 40 percent share of the market during 2017 to 2026 in terms of revenues.
Containers (plastic containers and metal cans) are anticipated to remain the preferred packaging type. Revenue from sales of containers (plastic containers and metal cans) is estimated to remain significantly larger than those from all the other packaging type segments combined.