The Beverage Packaging Market's Expected Worth Is More Than $125 billion
By Isaac Fletcher, contributing writer, Food Online
Driven by shifting preferences and the on-going hunt for alternative packaging methods and materials, the beverage packaging market is expected to show healthy growth in the coming years and into 2018
According to a new Markets and Markets report, Beverage Packaging Market by Beverage Types, Packaging Types, and Material - Global Trends and Forecast to 2018, the beverage packaging market is projected to be worth $125.7 billion by 2018. From the estimated 2012 value of $97.2, this means growth at a CAGR of 4.3 percent from over five years.
The beverage market includes manufacturers of dairy, non-alcoholic, and alcoholic beverages. Beverage and beverage packaging are two interdependent markets — a change or shift in one market may have a distinct and direct impact on the other. This is exemplified by the similar growth patterns between the two, with CAGRs of about 4.5 percent. Beverage market growth is driven by a growing consumption of alcoholic and non-alcoholic beverages, providing a strong consumer base for the global beverage packaging market.
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In order to preserve taste and prevent unwanted chemical reactions that could endanger consumer health, beverage manufacturers need to select the appropriate packaging type for their products. Manufacturers have a wide range of packaging types to choose from, and selecting packaging that is efficient and suitable is imperative for all beverages. Packaging types include bottles, cans, pouches, and cartons, from which manufacturers select depending on consumer preferences, product characteristics, and material compatibility. The alcohol segment, though currently showing strong preference toward bottles and cans, is beginning to explore alternative materials for bottling. Similarly, the non-alcoholic beverage segment is experiencing an increase in the demand for cartons and cans.
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The Asia-Pacific region holds the highest market share and is expected to be the fastest-growing market through 2018. Additionally India, China, and Brazil have a high potential for beverage packaging market growth in the coming years. As far as beverage type is concerned, dairy beverage packaging is the fastest-growing market thanks to increased health and nutritional concerns. Due to a rise in the consumption of non-alcoholic beverages, packaging for these beverages is estimated to be the second fastest-growing market. Lastly, while alcoholic beverage packaging currently has the highest market share, the market has plateaued and has a lower rate of growth compared to the other two segments.