Beverage Packaging Market size is poised to reach USD 150 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of beverage packaging was USD 85 Billion. The growth of the market can primarily be ascribed to the growing demand for spirits alcohol across the globe. As of 2021, around 4% of the spirits alcohol was consumed while approximately 15 billion liters of spirits were sold out globally.
Global beverage packaging trends such as, rising disposable income across the globe are projected to influence the growth of the market positively over the forecast period. World Bank published a report showing that the adjusted net national income dropped to about USD 8,784 per capita in 2020. Additionally, the growing inclination of the global population toward soft drinks and rising innovation in beverage packaging methods are further anticipated to push the growth of the market during the forecast period. For instance, the soft drink segment was projected to generate total revenue of approximately USD 3 billion. Therefore, all these factors are projected to propel the growth of the market over the forecast period.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
5% |
|
Base Year Market Size (2022) |
USD 85 Billion |
|
Forecast Year Market Size (2033) |
USD 150 Billion |
Product Type (Dairy, Alcoholic, Non-Alcoholic Beverage)
The global beverage packaging market is segmented and analyzed for demand and supply by product type into dairy, alcoholic, and non-alcoholic beverage, out of which, the dairy segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the higher consumption and distribution of dairy products across the globe. For instance, in 2020, the production of milk was estimated to reach approximately 900 million tonnes.
Our in-depth analysis of the global beverage packaging market includes the following segments:
|
By Packaging Type |
|
|
By Material |
|
|
By Product Type |
|
Regionally, the global beverage packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed to the significant change in the perception of people toward social drinking and escalation in the wine consumption. For instance, in 2020, the gross production of wine was projected to reach approximately 690 million gallons in the USA which was further estimated to be about 8% of the wine production across the globe. All these factors are expected to propel the market growth in the region over the forecast period.
Ardagh Group S.A.’s unit Ardagh Glass Packaging to collaborate with B&B Studio and Belvoir Farm. The collaboration of these companies took place to manufacture a new line of glass bottles for non-alcoholic and sophisticated sodas.
Amcor Limited to be recognized by two accolades for its sustainable packaging innovation. The company has been awarded a silver award and a Design Award (PIDA) at the 2022 Australasian Packaging Innovation.
Author Credits: Abhishek Anil
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?