Due to the increasing consumption of alcoholic and non-alcoholic beverages, such as beer and carbonated drinks, in the European region, there is significant demand for metal cans. The rise in consumer awareness concerning the application of non-carcinogenic materials in packaging and increased demand for lightweight packing is generating high growth prospects for the metal cans market.
NEWARK, Del, March 14, 2024 (GLOBE NEWSWIRE) — The global metal can market value is expected to rise from US$ 40.4 billion in 2024 to US$ 49.3 billion by 2034. This market is expected to be driven by a CAGR of 2.0% over the next decade.
Consumer lifestyles are evolving and customers are increasingly seen opting for easy-to-cook food. Individually living consumers and the younger population are especially consuming more canned food as they are budget-constrained and have limited time.
Metal cans are finding significant demand owing to their high recyclability rate. Aluminum cans in particular offer higher extended lives than the other packaging cans. Additionally, these cans offer several benefits like stability, rigidity, and high barrier properties.
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Surging consumption of alcoholic and non-alcoholic beverages like carbonated drinks and beers is a prominent driver in the metal can market. In Germany, especially, the production of beer products is rising and exceeding the production observed in other European countries.
Growing customer awareness about the application of non-carcinogenic materials in packaging, along with the rising demand for lightweight packaging, is sprouting significant growth prospects in the metal can industry.
“Key players are expanding their capacities to meet the growing demand for canned food and beverages, especially in emerging economies like India where the food industry is booming and attracting investments by leading brands and conglomerates,” says a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Metal Can Market Report
- The metal can market gathered a share of US$ 37.1 billion in 2018, which expanded to US$ 39.8 billion in 2023. Throughout this period, the market expanded at a CAGR of 1.4%.
- By product type, the F-style steel cans accumulated a market share of 28.7% in 2024.
- Based on material type, the steel segment captured a value share of 45.5% in 2024.
- The United States metal can industry attained a valuation of 0.7% through 2034.
- The market in Spain is estimated to register a CAGR of 2.3% from 2024 to 2034.
- India is emerging as a frontrunner in the Asia Pacific metal can industry, expanding at a CAGR of 4.1% through 2034.
- China’s metal can industry is projected to record a 3.3% CAGR over the forecast period.
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Competitive Scenario in the Metal Can Market
The metal can industry is highly consolidated with the presence of few established players. Mergers and acquisitions remain a go-to expansion strategy for established as well as new industry players. Leading players in the market are making substantial investments to set up research institutes in various regions to enhance their offerings.
Certain business strategies adopted by metal can market players are:
- Sales contracts
- Acquisition of technical expertise
- Strategic alliances
- Collaborations
- Joint ventures
- Patents and events
- Product approvals
- Digital marketing
- Capacity expansion
- Technological advancements
- Partnership agreements
Developments in the Metal Can Market
- In March 2021, Amcor announced its partnership with Alliance. This initiative aims to end plastic waste at the Executive Committee level. This partnership additionally aligns with Amcor’s 2025 Sustainability Pledge to create recyclable packaging.
- Ardagh Group revealed its new facility in Huron in January 2020 that manufactures metal cans. The company decided to produce beverage cans in varying sizes for multiple categories like soft drinks, alcoholic beverages, teas, and sparkling water, in this facility.
Manufacturers and Suppliers in the Metal Can Market
- Rexam PLC
- Silgan Containers LLC
- Kian Joo Can Factory Berhad
- Independent Can Company
- Trinity Holdings
- Berlin Packaging Company
- Crown Holdings, Inc.
- SKS Bottle & Packaging, Inc.
- Caira Can Company Limited
- Toyo Seikan Group Holdings, Ltd.
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Metal Can Market Research by Categories
By Material Type:
By Fabrication Type:
- Two Piece Can
- Three Piece Can
By Application:
- Alcoholic Beverages
- Non-Alcoholic Beverages (Aerated and Non-Aerated Beverages)
- Processed Dairy Food Products
- Other Processed Food Products
- Edible Oil
- Medicinal Tablets and Syrups
- Personal Care and Cosmetic Products
- Industrial Chemicals
By End User:
- Food and Beverages
- Pharmaceutical Industry
- Consumers Goods
- Chemical
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Originally published at https://www.einpresswire.com/article/695967871/growing-demand-for-alcoholic-and-non-alcoholic-drinks-is-driving-demand-for-metal-cans-fmi-forecasts-us-49-3-billion-valuation-of-metal-can-market
