The global beverage packaging market is expected to secure $156.7 billion in 2032 while expanding at a CAGR of 4.1%. The market is likely to hold a value of $104.8 billion in 2022. As the market develops, eco-friendly packaging initiatives are being implemented along with various technological innovations in the field of beverage packaging to meet the growing consumer demand.
Packaging plays a significant role in the beverage industry. Packaging goes beyond protecting and increasing the product's shelf life by utilizing advanced decorative techniques and communicating the company's brand. Digital printing has become one of the most popular beverage packaging methods in recent years.
According to a Future Market Insights (FMI) study, beverage packaging sales will rise 1.3 times from the base year value over the forecast period, generating investment opportunities for the manufacturers. A large share of 37.3% of the global beverage packaging market is expected to come from the Asia Pacific region by 2022.
To enhance beverage packaging sales, beverage brands develop a wide range of beverage products to cater to a wide range of consumers. A consumer’s decision is reportedly influenced heavily by packaging. A well-designed and efficient packaging system is crucial for the beverage industry to ensure that the product is protected during shipping, storing, distributing and final packaging. This method also ensures the product retains its quality, freshness, taste and appearance. The study also states that implementing this system reduces the need for recalls and hazards and the traceability of foods.
The beverage packaging industry continues to undergo rapid changes due to consumer demand for lightweight, convenient and sustainable packaging solutions in the market. Innovations in technology as well as the emergence of new packaging materials drive the beverage packaging market to grow at a rapid pace.
Key Factors Contributing to Market Growth
Customers are more likely to remain loyal when their needs are customized. Depending on the size, texture, color and design of the beverage packaging, the packaging solutions can be customized.
Personal touch in package design adds value to the consumer’s experience, strengthens the brand and helps the consumer learn more about the product. Brands stand out from their competitors by customizing products.
Health and cleanliness are reportedly becoming important to consumers, so they seek packaging solutions that are both reliable and safe in the market. Various container types are used for packaging beverages, including cans, bottles and liquid cartons. Both alcoholic and non-alcoholic beverages can be packaged with these solutions. Various materials are used for beverage packaging solutions, including plastic, glass, cardboard and metal.
Smart technologies are also reportedly bringing a new era of digitization to the industry. Consumers can have the convenience of mobile scanning QR codes, smart labels and other information on beverage packaging embedded directly into the package, providing more security and convenience for consumers. Manufacturers are introducing new technologies that enhance the consumer experience, contributing to the growth of the beverage packaging market.
Factors Limiting the Growth of the Global Beverage Packaging Market
A problem in the industry is its inability to decompose in a timely manner, further leading governments worldwide to take actions to address the issue. Strict laws are imposed on the beverage packing industry to address the issue as well, further hampering the market's growth. Considering the health and environmental issues associated with synthetic polymers, consumers are demanding sustainable solutions for beverage packaging. Using their available resources, beverage packaging companies are reportedly striving to ensure the product is high-quality and safe, but sustainability increases production costs and affects profitability. Increasing the cost of packaging might hurt the sale of products in the future.
Recently, there has been an increasing trend among consumers to search for products made from more economical materials, such as metals, glass and packaging for food and beverages. Several countries are introducing heavier regulations on plastic bans that are forcing brands to shift away from plastics, especially single-use ones, leading to increased prices for consumers and their products. These factors will contribute to the growth of the global beverage packaging market.