The global metal can market is expanding at a steady pace owing to the increasing demand for plastic alternatives for packaging, according to a study from Future Market Insights (FMI). The firm found that the metal cans market reached $52.37 billion in 2020 and is anticipated to surpass a valuation of $62.82 billion by 2031. The market is projected to grow at a CAGR of 3.5% during the forecast period 2021 to 2031.
The study finds that aluminum cans are dominating the material segment because they emit 95% less greenhouse gas and utilizes 95% less energy compared to other alternatives. As per a study by Packaging Machinery Manufacturers Institute (PMMI), over 6,000 microbreweries have started using aluminum cans in the U.S. This increasing shift toward the usage of aluminum cans is expected to bolster the growth of the market.
The coronavirus pandemic has adversely affected the market resulting in declining sales of metal cans. The outbreak has disrupted the supply chain and compelled market players to close their manufacturing units amid lockdown. Nonetheless, the need for efficient eco-friendly packaging alternatives for food and beverage is propelling market growth.
North America is dominating the global metal cans market with the largest market share. High consumption of aerated and other alcoholic beverages is boosting the demand for metal cans in the region.
"Leading manufacturers are making continuous efforts for developing next-generation inner can linings such as acrylic and polyester that will help maintain the flavor and quality of the food packed inside and meet their sustainability goals," says the FMI analyst.
Key Takeaways
- The U.S. is dominating the metal can market in North America owing to increasing frozen food and beer consumption.
- The UK is anticipated to emerge as a lucrative market for metal cans due to the presence of breweries and other aerated drinks manufacturers.
- Asia Pacific metal cans market is projecting a rapid growth on the back of its flourishing economy coupled with rising disposable income and increasing demand for processed food & beverages.
- Surging demand for canned energy drinks and cold coffee is expected to drive market growth in Latin America.
- Non–alcoholic beverages accounts for the largest market share due to the increasing consumption of carbonated soft drinks and juices.
Key Drivers
- Increasing demand for plastic alternatives for packaging will spur the growth of the metal cans market.
- Growing awareness regarding the environment will propel the demand for metal cans.
- Booming packaged food and beverages industry will provide sales opportunities for metal cans.
- Easy recyclability and resistance to transportation are the factors bolstering the market growth.
Key Restraints
- Increasing use of biodegradable plastic in food and beverage packaging will hamper the demand for metal cans.
- Fluctuating cost of raw materials is a factor restraining the growth of the metal cans market.
- Lack of microwaveable capacity of metal compared to other alternatives is negatively affecting the market growth.
Visit https://www.futuremarketinsights.com/reports/sample/rep-gb-6372 for more information