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Beverage packaging market is slated to foresee a significant growth over the span of 2022-2028, driven by the rising emphasis towards eco-friendly and biodegradable packaging worldwide. In addition, increasing adoption for recyclable, biodegradable, and compostable packaging material amongst various manufacturers would potentially generate growth prospects for the global beverage packaging market throughout the coming years.
Another major factor supporting the growth of beverage packaging market is the rising consumption of non-alcoholic and dairy beverages. As per the FAO statistics, the global milk production reached nearly 906 million tons in 2021, which was 2% more than that from 2020.
Beverage packaging market growth is expected to be obstructed by various government directives by different countries to limit the production of packaging waste owing to the fact that packaging waste is deemed to be toxic for the environment.
However, ongoing developments in the industry to introduce recyclable and sustainable packaging alternatives to plastic are further likely to enhance the market outlook in the coming years. Recently, Coca-Cola announced revelation of its 100% plant-based PET beverage bottle that makes use of sugar, corn, and other forestry waste. This novel innovation by the company is expected to scale up its position in sustainable packaging market as well as strengthen its consumer base.
Based on the packaging material, glass packaging segment is expected to reap substantial proceeds through 2028. Glass is known to be an effective packaging material for taste, health, and environment. The material is also the only widely-used food packaging to have received the FDA status of ‘GRAS’. Some of the pivotal benefits associated with the use of glass as beverage packaging material include zero rates of chemical interactions securing the content of the beverage in the bottle like flavor, aroma, and strength and reducing health risks for consumers.
In terms of the packaging product, bottles are gaining ground worldwide. This can be ascribed to the rising use of bottles to serve alcoholic and non-alcoholic beverages. Subsequently, an increase in alcohol consumption would complement the demand for beverage bottles. The product provides exceptional convenience in carrying and storing beverages making it a preferable choice by consumers.
Packaging for non-alcoholic beverages is expected to record a substantial expansion in the global beverage packaging market through 2028, given the elevating consumption and production of non-alcoholic beverages like milk, fruit juices, energy drinks, and more. Dairy processors and various packaging firms are constantly challenged to introduce highly eco-friendly products that offer convenience to consumers and prompt product differentiation to brand owners.
Geographically, Asia Pacific beverage packaging market is likely to register considerable gains over the analysis time frame. The market growth can be characterized by increasing packaged food and beverage consumption in the region propelled by busy lifestyles. Moreover, rising urbanization and expanding population in the APAC economies would augment the regional market over the foreseeable span.
The global beverage packaging industry is highly consolidated and boasts the presence of Amcor Ltd plc, Sonoco Products Company, Alcoa Corporation, Tetra Laval International, Reynolds Group, Crown Holdings Inc., and Bemis Company, Inc. (Amcor), amongst others. These market vendors are taking up efforts to gain a competitive edge in the global market including mergers and acquisitions, partnerships, and novel product launches.
Global beverage packaging market growth had been negatively influenced by SARS-CoV-2 infection spread during 2020. Stringent lockdown norms, reduced workforce in industries, disruptions in raw material supply chain, and movement restrictions have slowed down the product development and innovation in the space, adversely affecting the beverage packaging market growth.