A comprehensive study conducted by Future Market Insights (FMI) discloses critical factors facilitating growth in the drink cans market. It discovers upcoming opportunities across various segments on the basis of capacity, product type, and content for leading players to capitalize on them with a ten-year analysis
DUBAI, UAE, Nov. 22, 2021 /PRNewswire/ -- As per a detailed analysis by FMI, the global drink cans market is projected to top US$ 107.8 Bn by 2031. Rising production output from the food & beverage industry owing to increasing demand for ready-to-eat food and drink products is favoring the sales in the market.
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.
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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 72.5% 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.
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
- Key Restraints
- Volatility in the cost of raw material, due to lack of imports, for the production of drink cans is expected to hamper the growth.
- High cost of metal and availability of low-cost alternative such as plastic is hindering the sales of metal cans.
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Competitive Landscape
The top five players in the global drink cans market are Ab-InBev, Novelis Inc., Ball Corp., Crown Holdings Inc., Toyo Seikan Group Holdings Ltd. These companies are expected to account for nearly 20% to 25% of the total sales in the market by 2021.
Leading manufacturers are focusing on capacity expansions and partnerships with other players to increase their product portfolio, product manufacturing capabilities, and global presence. For instance:
- In 2021, Ball Corporation, an American company, announced its plan to build a new aluminum can production plant near Pilsen, Czechia. This will assist the company to expand its production capacity and market share.
- In April 2021, Novelis Inc., a leading aluminum rolling and recycling company, announced complete acquisition of a global supplier of rolled aluminum products, Aleris Corporation. The acquisition will assist the company to expand its innovative product portfolio and deepen its commitment to sustainability, safety, quality and partnership.
Some of the key players operating in the market profiled by FMI are:
- Ab-InBev
- Novelis Inc.
- Ball Corp.
- Crown Holdings Inc.
- Toyo Seikan Group Holdings Ltd.
- SHOWA DENKO K.K.
- Silgan Holdings Inc.
- Can Pack S.A.
- Cpmc Holdings Ltd.
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More Valuable Insights on Drink Cans Market
A new report published by FMI offers a detailed analysis of the global drink cans market, uncovering vital dynamics accelerating the market growth through 2021 and beyond. The survey reveals sales projections in drink cans market across several countries and regions with detailed segmentation:
By Capacity:
- Up to 200 ml
- 201 - 450 ml
- 451 - 700 ml
- 701 - 1000 ml
- More than 1000 ml
By Product Type:
- 1 - Piece Cans
- 2 - Piece Cans
- 3 - Piece Cans
By Content:
- Alcoholic Beverages
- Beer
- Wine
- Spirits
- Others Alcoholic Beverages (Cider, etc.)
- Non-Alcoholic Beverages
- Carbonated Drinks
- Tea & Coffee
- Juices
- Soft drinks
- Dairy Drinks
- Soda
- Other Beverages (Energy & Sports drinks, Electrolytes, etc.)
By Region:
- North America
- Latin America
- Europe
- MEA
- East Asia
- South Asia
- Oceania
Key Questions Covered in the Report
- The report offers insight into drink cans market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for drink cans market between 2021 and 2031
- Drink cans market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Drink cans market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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