LONDON, Jan. 4, 2017 /PRNewswire/ -- The global beverage cans market size is expected to reach USD 60.92 billion by 2024, according to a new report by Grand View Research, Inc. owing to increasing demand for compact beverage packaging solutions.
Increasing demand for energy drinks and canned cold coffee and iced tea in Europe and Latin America is expected to drive growth over the forecast period. Increasing consumption of canned beverages in major sports tournaments such as Major League Baseball, Barclays Premier League and La Liga owing to increased convenience in handling the beverage is expected to propel the demand for beverage cans over the forecast period.
Increasing demand for carbonated soft drinks and other flavored soda drinks in North America is expected to positively influence the demand for metal cans over the forecast period. In addition, the growth is expected to be driven by extensive promotional programs undertaken by soft drink manufacturers such as Coca-Cola is expected to have a positive impact on market growth.
Further key findings from the report suggest
Carbonated soft drinks application segment is expected to witness the highest growth of over 5% from 2016 to 2024 owing to growing demand for the aerated drinks in developing economies such as India, Mexico, and Thailand
High demand for beverage cans in the distribution of fruits & vegetable juices is expected to have a positive impact on growth. Rise in consumption of packaged fruit juices owing to consumers leading a healthier lifestyle is expected to propel demand.
Europe beverage cans market, was valued at more than USD 9 billion in 2015 which is expected to grow at a CAGR of over 4% from 2016 to 2024 owing to increased recycling activities undertaken by the regulatory bodies including European Commission and national governments of France, Germany, and UK
Asia Pacific is expected to register a CAGR growth of over 5% from 2016 to 2024 owing to increased demand for carbonated soft drinks, energy drinks and sports drinks owing to increasing disposable income in the developing economies such as China, India, and Indonesia
The major players in the industry adopt mergers and acquisitions as a key strategy for increasing the market presence. Crown Holdings Inc. acquired EMPAQUE; a leading aluminum can manufacturer in Mexico to expand its market share in the region.
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