Westford, USA, Oct. 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global beverage packaging market will attain a value of USD 196.23 billion by 2031, with a CAGR of 4.7% over the forecast period 2024 to 2031. Rapidly increasing industrialization and advancements in chemical manufacturing technologies are forecasted to bolster the sales of beverage packaging over the coming years. High demand for agrochemicals in the wake of rapidly increasing global population also offers lucrative opportunities for beverage packaging companies.
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Browse in-depth TOC on "Beverage Packaging Market" Pages – 197, Tables – 95, Figures – 76
Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $144.1 Billion |
| Estimated Value by 2031 | $196.23 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Packaging, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Development of sustainable and eco-friendly Beverage Packaging |
| Key Market Drivers | Growing use of Beverage Packaging in different manufacturing applications |
Versatility of Plastic Allows it Remain the Preferred Material for Beverage Packaging
Plastic has emerged as a popular choice for packaging liquid and beverages since the 1970s and its popularity has never slowed down. From being cost-effective to lightweight, plastic helps companies deliver their beverages in a safe way while being highly profitable. Easy branding and marketing opportunities offered by versatility of plastic material will also help the dominance of this segment.
Demand for Beverage Packaging for Water is Slated to Surge at Notable Pace
Growing awareness regarding the importance of hydration among people and rising consumption of different types of water ranging from spring to black are helping create new opportunities in the market. Demand for sustainable and eco-friendly beverage packaging is estimated to surge at an impressive pace over the coming years. Use of recycled materials for water packaging will be a major trend for beverage packaging companies in the long run.
Presence of Key Beverage Manufacturers Helps Asia Pacific Emerge as Leader
Evolving consumer preferences and changing lifestyles are expected to bolster the demand for new beverages thereby also driving beverage packaging market growth. Rapidly increasing population in the Asia Pacific region, rising disposable income, and supportive government initiatives for manufacturing industries make this a highly rewarding market for beverage packaging companies. Consumerist economies of India and China are slated to spearhead the demand for beverage packaging in this region.
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Beverage Packaging Market Insights:
Drivers
- Rising demand for different types of beverages
- Evolving consumer preferences and lifestyle changes
- Growing beverage manufacturing activity
Restraints
- Ban on use of plastic in different countries
- Fluctuations in availability and pricing of raw materials
Prominent Players in Beverage Packaging Market
- Amcor Limited
- Ardagh Group S.A.
- Ball Corporation
- Berry Global Inc.
- Crown Holdings, Inc.
- Mondi plc
- Orora Packaging Australia Pty Ltd
- SIG Combibloc Group AG
- Smurfit Kappa Group PLC
- Sonoco Products Company
Key Questions Answered in Beverage Packaging Market Report
- What drives the global market growth?
- Who are the leading beverage packaging providers in the world?
- Which region leads the demand for beverage packaging in the world?
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This report provides the following insights:
- Analysis of key drivers (rising demand for different types of beverages, evolving consumer preferences and lifestyle changes, growing beverage manufacturing activity), restraints (fluctuations in raw material pricing, bans on use of plastic), and opportunities (development of eco-friendly and sustainable beverage packaging), influencing the growth of Beverage Packaging market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Beverage Packaging market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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