Global beverage packaging market to reach $200 billion in 2017
Market research and consulting firm forecasts 3.3% CAGR through 2025 as plastics continue to dominate.
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The global beverage packaging market is expected to be worth nearly $200 billion in 2017, up from $186 billion in 2015, according to a recent report from Future Market Insights.
The report identifies key trends shaping the beverage packaging landscape during the forecast period from 2015-2025:
● The shift from glass to plastic
● Increasing emphasis on personalization
● Increase in packaging designed for one-person households
● Next-generation packaging, including active packaging, intelligent packaging, and modified atmosphere packaging
According to the report, beverage packaging manufacturers will continue to rely on plastic for the bulk of production, with glass, metal, and paperboard among other key raw materials. Overall, plastics will account for more than 50% of revenue share, with metal a distant second at approximately 24% market share. Benefits of plastic packaging—such as low production costs, easy transportation, and lower weight—will continue to make it a preferred raw material for manufacturers. PET, polystyrene, and polypropylene will remain the highest-selling plastics in the beverage packaging market—collectively, they are expected to account for $52.64 billion in revenues in 2017.
Asia Pacific excluding Japan (APEJ) will continue to be the largest market for beverage packaging in 2017, according to the report. Increasing demand for packed food products will continue to fuel market revenues in the region. The APEJ beverage packaging market is expected to surpass $50 billion in revenues by 2017 and continue to be the largest market for beverage packaging globally.
North America and Western Europe – the other leading markets for beverage packaging – will continue to post moderate gains. Adoption of advanced packaging technology will witness higher growth in these two regions as compared to APEJ. Collectively, North America and Western Europe will account for nearly half of global beverage packaging market revenues in 2017.
Carbonated soft drink (CSD) manufacturers will remain the largest application segments in the global beverage packaging market, followed by dairy and juice/soft drinks. Demand for beverage packaging from the CSD/soda segment is anticipated to be worth $58 billion in 2017, up from nearly $55 billion in 2015. Plastics will remain the largest product type for CSD/soda, followed by cans and glass bottles.
The report suggests leading players in the global packaging market are focusing on creating functional and sustainable packaging that caters to the swiftly changing needs of consumers. Increasing investment in R&D to develop next-generation packaging solutions and strengthening of distribution networks in emerging nations remain key strategic endeavors of beverage packaging brands. The key players profiled in the report include Ampac Holdings, LLC, Amcor Limited, Alcoa Inc., Ball Corporation, Crown Holdings, Inc., Owens-Illinois, Inc., Rexam PLC, Reynolds Group Holdings Limited, SIG Combibloc, Ardagh Group S.A., Tetra Laval International S.A. and Compagnie de Saint-Gobain.
During the forecast period, 2015-2025, the global beverage packaging market is expected to grow at 3.3% CAGR through 2025, totaling $257.5 billion in revenues.
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