Rising consumer preference towards eco-friendly and sustainable packaging solutions owing to the growing concerns to curb carbon footprints is increasing continuously. Hence, as metal cans made of aluminum, and steel are recyclable, they are gaining immense traction, especially across the beverage industry.
As per FMI, the drink cans market is estimated to expand at a robust CAGR of 8.5%, with sales expected to total 524 Bn units through 2021 & beyond. Further, rapid penetration and expansion of the food and beverage services are anticipated to create tremendous growth opportunities for drink can manufacturers.
For instance, as per the India Brand Equity Foundation (IBEF), by 2025, the fast-moving consumer goods (FMCG) market in India is estimated to expand by 200%. This will augment the sales of non-alcoholic beverages, consequently, propelling the demand for drink cans.
On the basis of content, the non-alcoholic beverage segment is projected to account for more than 63% of the overall sales in 2021. Increasing consumption of carbonated drinks, canned juice, tea & coffee, and energy drinks across the U.S., China, India, Japan, and others are the factors driving the growth in the segment.
“Surging adoption of novel printing technologies such as three-dimension (3D) printing owing to growing demand for customized manufacturing drink cans is expected boost the market. Hence, to capitalize on this trend, key manufacturers are focusing on providing customized packaging solutions as per customer requirements,” says a FMI analyst.
Key Takeaways from Drink Cans Market Study
- The market in the U.S. is estimated to hold the largest revenue share in North America, accounting for nearly 5% of the sales by 2031-end.
- China is projected to account for around 42% sales in East Asia, owing to the increasing consumption of beverages in the country.
- India is anticipated to emerge as the dominant market in South Asia, accounting for more than 31% of the regional demand share through 2031.
- Based on content, non-alcoholic beverages are forecast to remain a leading segment, projecting growth at 2.2x through 2031.
- In terms of product type, 2-piece cans are expected to emerge as the most attractive segment, accounting for over 66% of the sales in 2021.
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Key Drivers
- Increasing consumption of alcohol-based flavored drinks across North America, Latin America, and Europe as an alternative to high-alcohol beverages is estimated to drive the growth in the market.
- Growing inclination towards using sustainable and eco-friendly owing to stringent regulations towards curbing the carbon footprint is propelling the demand for 2 – Piece drink cans
