Global beverage packaging market to reach $118.8 billion by 2017
|The global beverage packaging market is dominated by the United States, Europe and Asia-Pacific.|
The global market for beverage packaging is set to reach $118.8 billion by 2017, as beverage consumption trends and environmental issues will play a significant part in developing the market over the next few years. This is according to new research by Global Industry Analysts, Inc., which found that as technology continues to develop, innovative and convenient packaging formats that require minimal use of resources is likely to boost demand for various beverage packaging materials.
At present, beverage packaging on the market is available in a few different formats, including plastic bottles, metal cans, paperboard, cartons and pouches. These are used for a wide range of beverages, from soft drinks and beer to milk and juice. A major driving factor for the global beverage packaging market will be the evolution of consumption trends and consumer preferences, Plastemart reported.
The past few years have seen continuous economic instability in the majority of developed countries and this has an impact on consumer behavior regarding overall expenditure. Among other retail categories, commercial beverages were also affected by this trend, the research noted. As a result, many consumers are now interested in low-cost products and this trend is likely to persist after the end of the recession. Bearing this in mind, many companies have started to develop and produce new packaging designs, specifically designed to meet the needs of financially conscious consumers.
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Meanwhile, another factor has been playing a role in shaping consumer preferences for beverages -- consumers have become increasingly interested in personal health and wellness, thus spurring a move towards sustainability and organic products. This has also let to a shift toward materials reduction, weight-reduction and environmental performance.
According to Global Industry Analysts, the global beverage packaging market is dominated by the United States, Europe and Asia-Pacific. However, over the coming years it is predicted that emerging economies will account for the biggest part of the industry growth, fueled by increasing income and changing consumer lifestyles that bolster packaged drinks consumption. Countries like China and India provide huge opportunities for market growth, the research noted.
In terms of materials used in beverage packaging, plastics is leading the way, mostly because of a rise in demand for single-serving portions, visual appeal and comfortable portability. Packaging manufacturers have focused on pouches and plastic bottles because these materials are light and recyclable. Metal containers are also commonly used, mainly in the packaging of beer and soft drinks, with growth anticipated in the growing categories of 8-ounce soft drink cans and energy drinks. Demand for glass bottles is also predicted to grow by 2017, because on the one hand glass preserves all qualities of the product, while on the other it is fully recyclable.
In conclusion, the research found that the global beverage packaging market is a steadily growing market and over the next few years it is expected to grow at a modest rate in developed countries and above-average rates in developing countries.