Industry Outlook and Trend Analysis
The Beverage Packaging Market was worth USD 108.20 billion in 2014 and is expected to reach approximately USD 161.63 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 4.56% during the forecast period. Changing consumer inclinations are bringing about an expanded utility of packaging materials to improve quality, smell maintenance, warm protection, fixing, and obstruction against dampness. Increasing interest for little packs is giving a solid push to the interest for flexible sacks and pockets. Consolidation of dynamic and savvy frameworks in refreshment packaging is likewise anticipated to enable the market to increase exceptional energy. The packaging business is receiving canny frameworks on an expanding scale to give greatest security and additionally to keep up healthful substance of refreshments.
Drivers & Restrains
The refreshment business envelops drinks, essentially prepared to-drink alcoholic and non-mixed refreshments. The business is expected to gain solid development because of advancing proficient appropriation and packaging system, presentation of new inventive items, and expanded utilization recurrence and preliminaries, accomplished with influence from conventional publicizing and computerized media. The market is seeing new sections, similar to vitality and games drinks, vitamin water, seasoned water, enhanced tea and espresso, and vegetable juices, throughout the years. These new fragments are developing the market further, by giving more variations that prompt an expansion in utilization. Milk, aerated beverages, mixed refreshments, and juices are the customary classifications that have all around characterized utilization, while the new portions, similar to games and caffeinated beverages and vitamin water, offer focused on recommendation and advantage for particular utilization.
Regional Outlook and Trend Analysis
Asia Pacific is expected to show highest development to the market over the forecast period. Refreshment jars and contains made of PET are encountering huge request in the area because of low expenses and thriving end client ventures, for example, RTD juices, tea and espresso, and filtered water. The locale likewise holds enormous potential by virtue of rising interest for beverage packaging from developing economies, for example, India and China.
The leading players in the market are Bemis Company, Inc., Sonoco Products Company, Saint-Gobain S.A, Mondi plc, Amcor Ltd, Alcoa Corporation and others. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Beverage Packaging Market is segmented as follows-
Bottle & jars
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?