All the fun, with no hangover
According to a new research study by The Insight Partners, the non-alcoholic beverages market size is expected to grow at a CAGR of 6.2% from 2022 to 2028 (from US $1,247.20 billion in 2021 to $1,888.57 billion by 2028).
The market growth is attributed to the changing lifestyle of consumers and increasing demand for convenience food and beverages, as well as rapidly emerging health and wellness trends.
Within this research, The Insight Partners also noted that the cans segment is expected to grow at the fastest CAGR over the forecast period, which is good news for those wanting a more sustainable packaging option for their products, be they carbonated beverages, juices and nectars, smoothies, energy and sports drinks, water, dairy and non-dairy beverages, RTD tea and coffee, and others. The beverage metal cans market is projected to reach US $47,852.42 million by 2028 from $34,363.14 million in 2022 (5.7% CAGR).
In addition to the above, taste and nutrition company Kerry has also recently released a report that notes the trends involved with and the importance of limited time offerings (LTOs) in the beverage industry. LTOs can help manufacturers in making their brand stand out and increase demand for more unique products. The three trends in LTOs Kerry has identified are ‘travel through taste,’ ‘natural refreshment’ and ‘health and nutrition focus’. The Kerry report also states that in 2023, “sustainable nutrition will continue to gain traction with consumers more concerned with both their physical and mental health post-pandemic and the health of the planet.”
The younger generation in particular seem more confident about opting for alcohol-free choices now, choosing products that are set out to refresh and do something new. With a plethora of options out there, metal packaging is well-poised to meet growing demand for drinks offering something a bit different, as well as leaning on nutritional benefits and eco-friendly credentials.
I’ve also noticed a shift towards drinks aimed specifically at gamers – a craze which seemed to have its origins in Asia and has now spread globally. In fact, the Asia Pacific region held the largest share of the global non-alcoholic beverages market in 2021, and is estimated to register the highest CAGR in the metal beverage can market during the 2022-28 forecast period.
It will be interesting to see if some non-alcoholic beverage cans are entered into our Asia CanTech awards this year. If you have a product you’d like to enter, fill out the submission form here or contact us today.
To read further findings from The Insight Partners’ report on non-alcoholic beverages, click here.
- Alex Rivers (she/her), CanTech International editor
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