The beverage container market was valued at USD 204.02 billion in 2019 and is expected to reach USD 283.98 billion by 2025, at a CAGR of 5.08% over the forecast period 2020 – 2025. The growth of this market is fueled by increasing applications, technological advancements, and the growing demand in developing regions, such as the Asia-Pacific and Latin America. This growth can be attributed to rising disposable incomes, growing population, and increasing dependence on the consumption of beverages.
– Improvements in technology indicate sustainable growth in the beverage container market. The manufacturers are now able to offer similar strength with reduced thickness, weight, and material used. This enables them to provide better solutions while maintaining a lower cost. The lower price is significant because it operates in very low-profit margins of nearly 8% to 10%. For instance, glass packaging is 100% recyclable, making it a desirable packaging option from the environmental point of view. Six metric tons of recycled glass directly saves six metric tons of resources and reduces the emission of CO2 by one metric ton.
– The rising trend for reusability of beverage bottles and containers is termed as re-commerce. Re- commerce has enabled packaging players to supply their products in glass bottles. This is expected to bolster the adoption of reusable beverage bottles and containers over the forecast period. For instance, in January 2019, the launch of Loop, a durable packaging initiative run by New Jersey-based recycling company, TerraCycle, that debuted at the World Economic Forum, allows the use of steel, glass, and durable plastic reusable packaging for everyday items. The initiative enables the user to order products made by the participating companies, which are delivered in special reusable packaging, with manufacturers redesigning product containers for some of their most popular products.
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Key Market Trends
Plastic Packaging Holds a Significant Market Share
– Recyclability and the ability to be molded into different shapes makes plastic an attractive choice for beverage manufacturers. In addition, the material is also capable of enabling beverage companies to enhance convenience(low weight). Further, eco-friendly initiatives by many beverage companies, are expected to fuel the demand for PET containers over the next four years.
– The growing consumer preference for a recyclable plastic bottle is also forcing vendors to innovate new products in the market. For instance, in October 2019, Coca-Cola introduced a new plastic bottle made of plastic from the sea. About 300 sample bottles were produced using 25% recycled marine plastic retrieved from the Mediterranean Sea and beaches.
– The food and beverage industry is one of the biggest consumers of plastic. In the beverage industry, the adoption of recyclable PET (rPET) witnessed a tremendous increase, owing to the sustainable packaging policies of US-based beverage majors, such as Coca Cola and PepsiCo. For instance, in 2018, Nestle rolled out its first 100% rPET (recycled polyethylene terephthalate) bottle. The company plans to move to 25% rPET bottles by 2021 and 50% rPET packaging by 2025. Moreover, Danone pledged that its Evian brand water bottles would have 100% recycled PET by 2025.
– Plastic remains the most preferred container type for packaging water, besides carbonated drinks and juices. Nestle, a prominent company in the packed water segment, recently pledged to increase its use of recycled plastics, including 25% rPET (recycled PET) in its bottles, across Europe, by 2025.
– Growth in the PET bottled water market is aided by the developing economies of China, India, and Brazil, which have registered an increase in the adoption of bottled water, besides the growth in dominant regions such as the United States and the United Kingdom, among others.
North America to Hold Maximum Market Share
– The packaging is the most critical factor that plays an essential role in the widespread consumption of beverages around the world. The strong demand for sustainable and convenient packaging solutions will drive the demand for beverage containers in North America. According to the Association for Packaging and Processing Technologies (PMMI) 2018 Beverage Report, the North American beverage industry is expected to register a growth of 4.5% during the period 2018-2028.
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