The demand for beverage cans
A recent report by Fact.MR revealed that 70% of the demand for beverage cans is stimulated by aluminium cans.
The global beverage cans market is anticipated to expand at a CAGR of 5% from 2021to 2031 according to ESOMAR certified market research and the consulting firm’s recently published market intelligence report.
A valuation of US$70bn is projected for the market and manufacturers are capitalising on the surging popularity of aluminium cans to garner heightened revenue shares.
From 2016 to 2020, sales of beverage cans expanded at over 4% CAGR, closing in at over US$45bn by the end of that period. Demand has especially surged since the outbreak of Coved-19, as consumers inclined towards consumption of ready-to-drink carbonated, energy and alcoholic beverages across key regions.
Manufacturers are also focusing on advanced technologies and smart augmented reality packaging innovations. Delivering a wide range of content and stories through a unique AR code printed on aluminium cans is becoming a prevalent trend in recent years. The industry is constantly adapting and innovating changes to keep the cans colorful, attractive, and easy to use by inventing temperature-sensitive inks. Hence, increasing aesthetic appeal while simultaneously imparting strength and robustness is influencing current manufacturing practices in the beverage cans industry.
The key points from the market study are:
- By material, aluminium beverage cans to account for 70% of global demand through 2031
- Two-piece beverage cans to “sell like hot cakes,” accounting for over three out of five sales
- Carbonated soft drinks to be most widely marketed beverages, accounting for 2/5th of overall demand
- US to emerge as a promising market, expected to grow at a CAGR of 5% until 2031
- Asia to represent substantial growth prospects, yielding 60% of total demand, primarily spurred by India and China.
According to a senior research analyst, the growing demand for aluminium cans as an alternative for plastic containers and recyclable, sustainable cans for the beverage industry is growing the demand for aluminium cans in the industry.
The competitive landscape
Strategic collaborations enable beverage industries to increase revenue and market share. New products and technologies will enable the growth of beverage cans in the food & beverage industry. For example, Canpack, a major producer of aluminium cans, analyses market trends and drivers to produce design solutions for beverage producers that take product branding to the next level. With Canpack’s Quadromix technology the firm is capable of creating four different designs in a single production run. Meanwhile, Snstech develops a resealable can designed for reusing content over and over again. SipNShut, 100% aluminium resealable beverage cans developed by SnsTech, has the added benefit of running on existing canning lines with ease and is described as having a smooth pour like a standard beverage can.