Visiongain has published a new report entitled Beverage Packaging Market Report 2023-2033: Forecasts by Format (Single Serve, Multi-Pack, Bulk Packaging), by Material (Paper and Board, Plastic, Flexible, Other), by Type (Bottles, Cans, Pouches, Cartons, Other), by Beverage Type (Alcoholic Beverages, Carbonated Soft Drinks, Bottled Water, Juices, Energy Drinks, Ready-to-Drink (RTD) Products) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global beverage packaging market was valued at US$144.3 billion in 2022 and is projected to grow at a CAGR of 4.6% during the forecast period 2023-2033.
Convenience and Portability: On-the-Go Lifestyles
Consumer lifestyles have evolved to become faster-more paced, with a focus on convenience. This shift is a substantial driver in the beverage packaging market. Single-serve containers, resealable caps, and compact packaging designs cater to consumers seeking convenient, on-the-go beverage options. The growth of ready-to-drink beverages, including energy drinks, bottled water, and iced coffee, is a testament to this trend.
Portable packaging not only appeals to busy individuals but also aligns with changing work and leisure habits. People are looking for beverages that can accompany them during commutes, workouts, and outdoor activities. Consequently, beverage companies invest in packaging innovations that make it easier for consumers to enjoy their products anywhere, at any time.
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How has COVID-19 had a significant negative impact on the Beverage Packaging Market?
The COVID-19 pandemic had profound and multifaceted impacts on the beverage packaging market. Initially, the industry faced disruptions in supply chains due to lockdowns and restrictions on movement, affecting the availability of packaging materials and components. This led to challenges in maintaining production schedules and meeting consumer demand, particularly for essential beverages like bottled water and beverages with longer shelf lives.
Consumer behaviours underwent rapid shifts during the pandemic, altering the demand for various beverage types and packaging formats. With widespread closures of restaurants, cafes, and entertainment venues, there was a surge in demand for packaged beverages for at-home consumption. This trend prompted a shift towards larger pack sizes and multipacks, as consumers sought to reduce shopping frequency.
E-commerce experienced a significant boost as lockdowns limited physical retail access. This led to an increased demand for packaging that could protect products during shipping and enhance the unboxing experience. Companies that adapted their packaging to meet the unique requirements of e-commerce gained a competitive advantage.
How will this Report Benefit you?
Visiongain’s 383-page report provides 118 tables and 189 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global beverage packaging market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for beverage packaging. Get financial analysis of the overall market and different segments including format, material, type, beverage type and capture higher market share. We believe that there are strong opportunities in this fast-growing beverage packaging market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Health and Wellness Trends: Functional Beverages
The global health and wellness trend has spurred the development of functional beverages, such as sports drinks, enhanced water, and herbal teas. This trend is fueled by consumers' growing awareness of the health benefits associated with certain beverage ingredients. To preserve the integrity of these ingredients and ensure product quality, specialized packaging solutions are required.
Beverage packaging must now incorporate advanced technologies, such as barrier materials, to protect the functional properties of the product. Aseptic packaging techniques are also employed to extend shelf life without the need for preservatives. These innovations meet the demands of health-conscious consumers seeking beverages that offer more than just refreshment.
E-commerce Growth: Safe and Convenient Packaging
The growth of e-commerce and online grocery shopping has reshaped the beverage packaging landscape. Packaging must now ensure the safe delivery of products to consumers' doorsteps. Leak-proof and break-resistant packaging materials are essential to prevent damage during transit. Efficient packaging shapes are designed to optimize storage and reduce shipping costs.
Moreover, e-commerce has created opportunities for premium and niche beverage brands that might not have had shelf space in traditional brick-and-mortar stores. Packaging plays a crucial role in presenting these brands effectively to online shoppers, making it a significant driver in the evolving beverage market.
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Where are the Market Opportunities?
Customization and Personalization: Meeting Diverse Tastes
Consumer preferences for personalized and customized beverages are on the rise. This trend extends to packaging, where companies offer options for personalized labels, packaging sizes, and even beverage formulations. Customization allows consumers to tailor their beverages to their unique tastes and preferences, fostering consumer engagement and loyalty.
Beverage companies are leveraging digital printing and labelling technologies to create personalized packaging, adding names, messages, or unique designs to bottles and cans. Customization also extends to limited-edition packaging, capitalizing on seasonal and promotional opportunities. This trend in customized and personalized packaging addresses the desire for uniqueness and individuality among consumers.
Technological Advancements: Packaging Innovation
Advancements in packaging technology are driving innovation in the beverage industry. Smart packaging, incorporating QR codes, augmented reality labels, and interactive packaging, enhances consumer engagement and provides valuable information about products. Such technologies are becoming increasingly important in a digitally connected world, where consumers seek more than just a physical product.
Competitive Landscape
The major players operating in the beverage packaging market are Amcor plc, Tetra Pak, Crown Holdings, Inc., Ball Corporation, O-I Glass, Inc., DS Smith plc, Huhtamäki Oyj, Sonoco Products Company, Gerresheimer AG, Berry Global Group, Inc., Graham Packaging International, Vidrala SA, International Paper Company, Greif, Inc., Rexam plc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 03 Aug 2023, The purchase of Helvetia Packaging AG, a beverage can and end production factory in Saarlouis, Germany, by Crown Holdings, Inc. (NYSE: CCK). With a capacity of about one billion cans per year, the Saarlouis factory will allow Crown to expand its European beverage can platform into Germany.
- 21 June 2023, Stora Enso, a multinational packaging manufacturer with headquarters in Helsinki, and Tetra Pak, a packaging solutions provider with headquarters in Switzerland, have teamed together to spend a combined 29 million euros (or around $31.7 million) in a new recycling line for post-consumer beverage cartons in Poland.
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To find more Visiongain research reports on the packaging sector, click on the following links:
- Cosmetics Packaging Market Report 2023-2033
- Aseptic Packaging Market Report 2023-2033
- Alcoholic Beverages Market Report 2021-2031
- Healthcare Packaging Market Report 2023-2033
- Deep Frozen Packaging Logistics Market Report 2023-2033
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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