According to the new market research report published by MarketsandMarkets, the beverage cans market size is estimated to account for a value of $23.7 billion in 2021 and is projected to grow at a rate of 5.6% from 2021, to reach a value of $31.2 billion by 2026.
Factors such as the increasing demand for recyclable packaging and lower cost of recycled cans than newly manufactured cans have supported the market growth of beverage cans.
Moreover, there is an increase in the use of beverage cans for packaging of non-alcoholic beverages such as carbonated soft drinks, still water, and sparkling water. In addition, cans help and improve the appearance of beverages as well as increase their shelf life and maintain the freshness of the product, thereby maintaining the quality of the food.
By material type, the aluminum segment is expected to hold a higher share as compared to the steel, and PET segments
Aluminum is seen as a very cost-effective raw material used in the industry and can customise the packaging with colors, 3D prints, and embossing. Therefore, technological developments have led the manufacturers to remodel their strategies by using various sizes of cans, along with different shapes. Aluminum cans are also convenient to keep in the fridge and ovens, further leading to the segment holding a significant share in the overall market for beverage cans.
The non-alcoholic beverages application segment among the other beverage type is expected to hold one of the largest share in the beverage cans market, in terms of value, in 2021.
The increase in consumption of carbonated soft drinks in emerging economies like India and China has supported the growth of non-alcoholic beverages segment. Beverage cans prevent deterioration of carbonated soft drinks, which is usually seen if these drinks are packed in glass bottles.
Moreover, increasing health awareness has led to the growth in demand for energy and sports drinks. These drinks are commonly consumed on regular basis by young population. These factors are fuelling the growth of non-alcoholic beverages segment in beverage cans market.
North America is projected to dominate the majority market share, in the global beverage cans market, in terms of value, in 2021
North America is a key manufacturer in the beverage industry. The region is mainly dominated by many consumers for canned beverages across the globe. North America is the biggest consumer of aluminum cans, accounting for more than one-third of the total global consumption. However, the cans market for beverages is expected to witness a steady growth rate during the forecast period.
