The alcohol packaging market is projected to grow at a CAGR of 5.87% to reach US$85.774 billion by 2025, from US$60.914 billion in 2019.
Rising disposable income among the individuals in the population is leading to an increase in the number of alcohol drinkers and thereby encouraging alcohol manufactures to opt for better packaging solutions in order to maintain the beverage quality until they reach the consumers.
The rise in the disposable income among the individuals belonging to the middle-income and low-income population over the past few years has led to an increase in the number of the individuals in working population to spend more on alcoholic beverages for recreational and other purposes.
These factors are thereby, causing an increase in the demand for enhanced and advanced alcoholic beverage packaging solutions by the alcohol manufacturers in order to keep the quality of the beverages intact until they reach the consumers and thus, is bolstering the market growth over the forecast period.
Product Launches by Major Market Players in the alcohol packaging market space
The launch of better and advanced varieties of alcohol packaging materials with enhanced features such as quality and durability among other properties by existing and new players in different markets is estimated to lead to increased adoption by the alcohol manufacturers and to propel the market growth further over the forecast period.
Some of the examples of Product launches are as follows:
The North American region to hold a considerable share over the forecast period.
The North American region is expected to hold a significant share over the forecast period owing to the fact that there is an increasing demand for beer and craft beer among the younger and the middle-aged population. In addition, there are increasing investments and expansion projects being undertaken by the market players in order to accelerate their operations to cater to the rising demand for alcoholic beverages. For example, recently in February 2020, Crown Holdings, which is among one of the leading companies dealing in the provision of packing solutions announced that they are planning to expand their beverage can manufacturing facility in Bowling Green, Kentucky, USA, in order to satisfy the rising demand for craft beer and beverage cans in North America. The facility is opening up in Kentucky Transpark and is spread over 327,000 square feet and is estimated to begin the operations in the second quarter of 2021.
Moreover, the Asia Pacific region is estimated to witness a significant increase in its market share over the forecast period. This is attributable to the fact that there are an increasing number of market players involved in providing enhanced and advanced solutions in order to boost the beverage packaging industry in the countries like India and Australia among others. This is due to the increasing demand for different alcoholic beverages, among the younger and middle-aged population in these countries.
Alcoholic beverage cans to hold a noteworthy market share over the forecast period owing to the increasing demand and the enhanced offerings by the market players.
Alcoholic beverage cans are estimated to hold a noteworthy market share over the forecast period owing to the fact that many individuals prefer beverage cans, as they are portable and are easier to dispose off, than glass bottles. Moreover, there are many market players that are offering disposable alcoholic beverage and attractive cans which are causing no harm to the environment as well as are appealing to the customers as they are available in different designs. For example, In November 2019, Smurfit Kappa announced that is has launched its new fully recyclable beverage packing solution specifically for canned and bottled beverages and comes under the corrugated range. It is called the “GreenClip” and easily replaces the plastic rings that reused to bundle a group of cans together in the secondary packaging process, and thus, is adding to the already propelling market growth.
Wine to grow at a considerable rate over the forecast period owing to the increasing popularity of wine globally.
Wine is an alcoholic beverage that is gaining popularity and traction in the different parts of the world and is consumed by many women in the European region in countries such as Spain, and Italy among others. On the other hand, beer is an alcoholic beverage, which is consumed by a majority of the men if different regions with the U.S being among one of the highest consuming countries, Hence, these factors are aiding beer and wine to grow at a considerable pace over the forecast period.