Global Beverage Cans Market Size By Material (Aluminium, and Steel), Application (Carbonated Soft Drinks and Alcoholic Beverages), and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030

Market Perspective

The global Beverage Cans Market size was recorded at around USD 29.88 billion in 2022 and is anticipated to grow to nearly USD 44.82 billion by 2030, depicting a CAGR of about 5.20% over 2023 - 2030.

The beverage cans market is experiencing strong growth due to various factors such as the convenience, portability, and extended shelf life offered by canned beverages. The market is also driven by the increasing demand for eco-friendly packaging and the recyclability of cans. Innovations in can design and printing technologies have made cans an appealing choice for branding and marketing purposes. Market trends include the emergence of slim and sleek can designs, a focus on sustainable packaging, and the use of digital printing techniques for more customizable packaging. The future of the beverage cans market looks promising, with further innovations, sustainability efforts, and expansion into emerging regions expected to drive growth.

Moreover, the growth of emerging regions and the overall market is expected to be supported by market players entering multiple regions or countries through strategic business models and policies. This expansion allows companies to tap into new markets and capitalize on the opportunities presented by these regions. By establishing a presence in emerging regions, market players can benefit from the increasing consumer demand and growing economies in these areas. Additionally, entering new markets allows companies to diversify their revenue streams and reduce dependence on specific regions or countries. Strategic policies enable market players to effectively navigate the complexities and challenges of operating in different regions, such as cultural differences, regulatory frameworks, and supply chain logistics. By successfully expanding into emerging regions, market players can drive growth not only in these specific areas but also contribute to the overall development of the beverage cans market.

Key Insights

• Based on material, the aluminum segment held the dominating position in 2022
• Based on application, the carbonated soft drinks segment is expected to grow with the highest CAGR through the forecast period
• On the basis of region, North America accounted for the largest market share in 2022

The Rise of On-the-Go Lifestyles and Easy-to-Use Packaging Solutions for Increasing Consumer Convenience to Drive Market Progress

The beverage cans market is experiencing significant growth, largely due to increasing consumer preference for convenience. Nowadays, consumers are constantly on the move and seek hassle-free options for their beverages. Beverage cans provide a practical and portable packaging solution that perfectly aligns with the demands of on-the-go consumers. For instance, during outdoor activities like picnics, sporting events, or barbecues, consumers can easily pack their favorite canned beverages, ensuring they have refreshing drinks readily available without the need for additional equipment or preparation. Moreover, the rise of single-serve and ready-to-drink beverages has fueled the popularity of beverage cans. Due to their availability in various sizes and formats, beverage cans cater to this trend, offering consumers versatility and convenience in their preferred serving sizes.

Shifting Focus to PET Bottles Will Hinder Beverage Cans Industry Growth

The beverage industry's shift towards PET bottles is expected to impede the growth of the global beverage cans market. Beverage manufacturers are increasingly favoring PET and glass bottles due to their similarities to metal cans, including reusability, durability, lightweight, and oxygen gas barrier properties. In comparison to metal cans, PET bottles offer a more cost-effective packaging option for beverage manufacturers. Additionally, the production of PET bottles requires less energy and cost compared to the manufacturing process for metal cans. These factors mentioned above will impose limitations on the expansion of the beverage cans market.

Recent Development

January 2021- Crown Holdings announced its plans to build a new beverage can facility in Kentucky. The new facility is expected to cater to the increased demand for beverage cans in North America for drinks such as sparkling water, energy drinks, craft beer, and cocktails, among others.

Segmentation Analysis

Based on material, the global beverage cans market has been categorized into aluminum and steel. The aluminum segment dominated the market share in 2022 due to its widespread usage and long shelf life for beverage cans. Aluminum cans are the most commonly used globally, primarily because they can be easily recycled. The growth of the beverage cans market is driven by the high flexibility, lightweight, and impermeability of aluminum. For instance, the Aluminum Association reported that, in the United States, approximately 75% of aluminum cans are recycled, while glass bottles and plastic have much lower recycling rates at 26% and less than 8% respectively.

Based on application, the global beverage cans market has been categorized into carbonated soft drinks, alcoholic beverages, fruit & vegetable juices, and others. Carbonated soft drinks held the largest market share in the global beverage cans market, mainly driven by the growing demand for soft drinks. This demand is fueled by the introduction of new flavors and fruit combinations that appeal to younger customers. For example, the sales of mini cans of Coca-Cola have increased, indicating a trend toward adopting Diet Coke cans. On the other hand, alcoholic beverages are expected to exhibit the highest compound annual growth rate (CAGR) through the forecast period in the global beverage cans market. This is attributed to the increasing preference of millennials for alcoholic beverages and the rising consumer demand for high-quality and premium alcoholic products.

Regional Landscape

North America emerged as the dominant region in the beverage cans market in 2022. This dominance can be attributed to several factors, including the strong consumer preference for canned beverages, a well-established recycling infrastructure, and a thriving craft beer industry. Additionally, the region has seen a surge in the demand for innovative packaging solutions, such as slim and sleek cans, which have gained popularity among consumers. Looking ahead, North America is expected to maintain its lead due to sustained consumer demand, technological advancements, and a focus on sustainable packaging solutions.

Asia-Pacific is poised to be the fastest-growing region in the global beverage cans market, with the highest CAGR over the review timeline. This growth is driven primarily by the region's expanding middle class, urbanization, and changing consumer preferences. As more consumers in Asia-Pacific embrace the convenience and quality preservation offered by beverage cans, the market is experiencing robust demand. Additionally, increasing awareness of environmental sustainability is leading to higher recycling rates in the region, further fueling the growth of the beverage cans market. This dynamic market is expected to continue flourishing as beverage manufacturers increasingly target the Asian market and adapt to local preferences.

Competitive Landscape

The global beverage cans market is fragmented with key players such as Ball Corporation, Crown Holdings Inc., Orora Packaging Australia Pty. Ltd., Ardagh Group S.A, CPMC Holdings Limited, Toyo Seikan Group Holdings Ltd., Can-One Berhad, Can-Pack S.A, Envases, Universal Can Corporation, Interpack Group Inc., GZ Industries, Showa Denko K.K, Swan Industries (Thailand) Limited, and Nampak Bevcan Limited. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

The global Beverage Cans Market is segmented as follows:

By Material

• Aluminum
• Steel

By Application

• Carbonated Soft Drinks
• Alcoholic Beverages

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific
• Middle East & Africa
• GCC
• South Africa
• North America
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America