Alcohol Packaging Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2796
Alcohol Packaging Market size is forecast to witness a high growth rate by 2025 owing to the increasing consumption of liquor beverages around the globe.
Increasing urbanization coupled with rising per-capita income of the consumer in developing nations including India is likely to increase the alcohol production which further made a significant contribution to soaring profit of the alcohol packaging market. The liquor industry is one of the most gainful market around the globe. It generated a revenue of about USD 1.4 trillion in 2015 and will grow at a substantial rate during the forecast time spell. This industry will also witnesses shifting of sales from western countries to emerging market including Africa and Asia Pacific. For instance, in 2015, the alcohol consumption per capita in Australia and U.S. was around 12.6 and 9 liters respectively. High volume of liquor beverages along with shifting consumption patterns towards developing nation will drive the liquor beverage demand. This will further create a positive influence on alcohol packaging market in next seven years down the line.
The constant launch of different flavored alcoholic beverages will increase the liquor consumption which will foster the alcohol packaging demand by the end of 2025. Moreover, millennials are adopting alcoholic beverages at the faster rate than other generation. They have variation in brand loyalty and keen to explore distinct taste beverages from different regions, in different packing. For instance, in 2014, U.S. has approximately 60% of the liquor consumption population aged between 18 to 30 years. This factor will drive the liquor consumption and will bolster the alcohol packaging market.
The implementation of stringent regulation regarding packaging will hinder the product market. For instance, The Federal Alcohol Administration Act (FAAA) provides the regulation for beer, wine, and distilled spirits packaging. It regulates the structure or form of the package raises problems with respect to the bureau carrying out its statutory duties and innovative package composition contemplated for a specific liquor is an approved type of packaging. Moreover, the Internal Revenue Code of 1986 authorizes regulations on the size and kind of containers for distilled spirits. The rising raw material and energy cost to produce product will also hamper alcohol packaging market growth.
Based on packing material, the alcohol packaging market can be segmented as glass, metal, plastic, paper & paperboard. The glass segment will lead the product market owing to 100% recyclability and maintain the product quality. In 2016, The Wine Institute of America produce more than 4.7 billion wine bottles in the U.S. Moreover, growing beer industry in Europe will foster the glass packaging segment. Metal packing segment will also hold the substantial market share owing to its light weight with high mechanical strength which act as a barrier against air and water hence, preserve the beverage quality.
On the basis of packing type, the alcohol packaging market is fragmented into bottles, metal cans, cartons, and pouches. The other niche packing type include bag in box, growlers, etc. The bottle segment will cover the major chunks of the product market owing to various packing innovation created with bottles regarding size and shape. Pouches and metal cans will also grow at significant rate during the forecast spell.
Based on application, the product industry is classified as beer, wine, spirit and others. Spirit and beer are the most consumable alcoholic drinks around the world. In 2018, around 50% of the total liquor consumed is in the form of spirit, followed by beer, accounting for nearly 35%. The increasing trend in consumption of liquor beverage will spur the alcohol packaging market by the end of 2025.
Asia Pacific emerge as the fastest growing region which is majorly driven by the rising population and growing living standards in India, and China, which will favor the growth of alcoholic beverages consumption. Europe may hold a major chunk in the product segment, because the liquor market in this region valued approximately USD 480 billion in 2015. This will further increase the demand of alcohol packaging in next seven years.
The major players of the alcohol packaging market are Ball Corporation, Amcor limited, Smurfit Kappa Group, Owens Illinois Inc., Ardagh Group S.A., DS Smith Plc, WestRock LLC, Vidrala S.A., Mondi PLC, Crown Holding Incorporation, Bemis Company Inc., Krones AG, Tetra Laval, Gerresheimer AG, and Stora Enso Ojy.
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