The metal cans market was valued at USD 52.21 billion in 2018 and is expected to reach USD 60.03 billion by 2024, registering a CAGR of 2.23% over the forecast period of 2019
NEW YORK, Nov. 12, 2019 /PRNewswire/ --
Market Overview
The metal cans market was valued at USD 52.21 billion in 2018 and is expected to reach USD 60.03 billion by 2024, registering a CAGR of 2.23% over the forecast period of 2019-2024. The product is gaining prominence due to its distinct features, such as resistance to transportation, hermetically sealed cover, and irregular handling, and easy recyclability.
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- The high recyclability of metal cans is one of the significant drivers of the market. Making products from recycled metals uses less energy, reduces carbon emissions, and uses less water compared with using raw materials.
- The rise in consumer awareness concerning the application of non-carcinogenic materials in packaging and increased demand for lightweight packing is generating high growth prospects for the metal cans market.
- However, due to the replacement possibility of polymer-based packaging materials, including polyethylene and polyethylene terephthalate (PET), metal cans are witnessing a challenge in their usage.
Scope of the Report
The metal can is a container for the distribution or storage of goods. It is composed of thin metal, which is prominently propelled by its growing use in food and beverage packaging. Due to changing lifestyle, growing alcoholic and non-alcoholic beverages requirement, rising disposable income, and rising need for processed foods are marking the growth of this market.
Key Market Trends
Canned Food Consumption to Drive the Market Growth
- The growing trend in the canned food market is innovations in packaging. With an increase in demand for chemical-free canned foods, manufacturers are focusing on innovations in packaging. Many brands of canned food products have started offering food in BPA-free containers.
- The demand for sealed and tamper-proof steel container food is high, as they protect food from harmful bacteria. Also, due to hectic and busy lifestyles of consumers, canned food is expected to gain more importance.
- Canada has created a huge variety of products, ranging from ready-mixed frozen vegetables to concentrated fruit juices to frozen french fries. The demand for Canada's pre-packaged, fresh-cut fruits and vegetables has soared in recent years. Current trends are driving the development of new products with longer shelf life and excellent sensory and processing qualities and the Canadian industry are in continuous improvements in its manufacturing processes to provide customers with the safest, premium quality products.
- Due to innovations in packaging, less preparation time and free from harmful bacteria, the canned food product is a good source of nutrients and will enhance the growth of metal can market in future.
North America to Hold a Significant Share in the Market
- Due to the rising demand for various healthy beverages, carbonated soft drinks, health drinks, and sucralose juices, North America is projected to positively impact the metal cans market demand over the forecast period. Also, industry growth is influenced by widespread promotional activities and research developments by various key players.
- In the United States, the food and retail industry is the key source driving the demand for the product. The number of superstores and grocery stores in the country is increasing and the increasing number of smaller households is the key factor for the growth in the food and retail sector of the country. Thus, it is directing the demand for smaller packaging units.
- The demand for metal cans has grown because of the lifestyle of people in the United States. People are busy with their hectic schedules, which gives them less time for cooking preparations and they prefer nutritious food that is ready-to-eat and can be prepared easily. Canned food serves this purpose by providing convenient packaging and ready-to-use food items. The growth of metal cans market will increase in future because of their ability to preserve the freshness and quality of food for a long time.
Competitive Landscape
The metal cans market is highly fragmented, owing to the presence of various global and local industry player. Vendors in this market participate on the basis of product portfolio, differentiation, and pricing. Key players in the market are SKS Bottle & Packaging, Inc., Silgan Containers LLC, Ball Corporation, etc. Recent developments in the market are -
- Jan 2019 - Ball Corporation introduced a new technology at the ADF&PCD exhibition in Paris in January 2019, an event for the aerosol, dispensing, perfume and cosmetic packaging community. The company introduced its 360° aerosol can, that brought another dimension to can contouring, using a process that allowed custom shaping, symmetrically or asymmetrically, up to the full circumference of the can, ultimately benefiting both, brand owners and end consumers.
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