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Beverage Packaging Market value is slated to foresee a significant growth over the span of 2023-2032, driven by the rising emphasis towards eco-friendly and biodegradable packaging worldwide. As per a study, 54% of consumers aged 44 years and less consider sustainable packaging while purchasing a product.
In addition, increasing adoption of recyclable, biodegradable, and compostable packaging material amongst various manufacturers would potentially generate growth prospects for the global beverage packaging market throughout the coming years. For instance, in 2023, Starwest Coffee announced partnership with Pachamama Coffee to provide organic farmer-owned coffee in eco-friendly packages. Made from 60% renewable wood pulp, the bags could easily be disintegrated into healthy compost.
The beverage packaging market growth could further be propelled by the increasing consumption of dairy and non-alcoholic beverages. As per FAO statistics, more than 6 million people consume milk and milk products worldwide.
The growing prices of raw packaging materials, given an increase in energy, transportation, and labor costs could be reasoned to the negative influence of inflation on beverage packaging demand.
Beverage packaging market from glass packaging segment is expected to reap substantial proceeds through 2032. 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 fact, approximately 48% of Europeans recognize glass as the best packaging material for addressing climate change.
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 industry through 2032, given the elevating consumption and production of non-alcoholic beverages such as 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.
North America beverage packaging market is likely to register considerable gains by 2032 end. The regional market growth can be characterized by increasing packaged food and beverage consumption, propelled by busy lifestyles. Moreover, rising urbanization and expanding population in the American 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. The market vendors are taking up efforts to gain a competitive edge in the global market including mergers and acquisitions, partnerships, and novel product launches.