According to a new report by Meticulous Research®, the global beverage packaging market is projected to reach $221.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. This growth is primarily driven by the increasing consumption of sports and performance drinks, the rising demand for functional beverages, and advancements in fill-finish manufacturing processes. However, stringent government regulations and guidelines pose challenges to market growth.
Opportunities for market expansion are bolstered by the growing availability of alcoholic ready-to-drink (RTD) beverages and the rapid development of the retail sector. Nevertheless, high investment costs for developing beverage packaging and the complexities involved in managing and recycling packaging waste are significant obstacles.
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Geography: Regionally, Asia-Pacific is expected to lead with over 39% of the market share in 2024, driven by urbanization and growing demand for packaged beverages. The region is also anticipated to register the highest CAGR of 6.0% during the forecast period.
Key Players: Major companies in the beverage packaging market include Amcor plc (Australia), Ball Corporation (U.S.), Tetra Laval S.A. (Switzerland), Verallia SA (France), Vetropack Holding AG (Switzerland), Crown Holdings, Inc. (U.S.), Silgan Containers LLC (U.S.), Vidrala Group (Spain), CCL Container Inc. (U.S.), Berry Global Group, Inc. (U.S.), Sonoco (U.S.), Ardagh Group (Luxembourg), Mondi Group (U.K.), Tetra Pack Group (Switzerland), and O-I Glass, Inc. (U.S.).
Key trends influencing the market include a focus on health and wellness, increasing demand for clean-label products, and product premiumization.
The beverage packaging market is segmented by material type, packaging type, beverage formulation, and beverage type:
Material Type: This includes plastic, glass, carton paperboard, aluminum, steel, foil, and other materials. In 2024, the plastic segment is expected to account for the largest share, over 31% of the market, due to its cost-effectiveness and durability. However, the carton paperboard segment is anticipated to register the highest CAGR, driven by its lightweight and eco-friendly nature.
Packaging Type: This segment covers bottles jars, cans, tetra packs, pouches, and other types. Bottles jars are expected to hold the largest market share (over 42%) in 2024, favored for their convenience and ability to protect beverage quality. The tetra packs segment is projected to experience the highest CAGR due to their versatility and portability.
Beverage Formulation: The market is divided into concentrated beverages syrups and ready-to-drink beverages. Ready-to-drink beverages are set to account for the larger share (over 59%) in 2024, driven by consumer demand for convenience and healthier options.
Beverage Type: The market includes alcoholic and non-alcoholic beverages. Non-alcoholic beverages are projected to dominate with over 57% of the market share in 2024, propelled by the wide variety of products and innovations in packaging.
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Recent Initiatives:
- In March 2024, INEOS Olefins Polymers Europe, PepsiCo, Inc., and Amcor plc launched new snack packaging for Sunbites crisps made from 50% recycled plastic.
- In July 2023, PepsiCo India introduced Pepsi Black bottles made entirely from 100% recycled plastic (rPET).
- In March 2024, AptarGroup, Inc. launched the Aptar Halopack solution for various food packaging needs.
- In November 2023, Tetra Pak collaborated with Lactogal to launch the Tetra Brik 200 Slim Leaf aseptic beverage carton, featuring a high renewable content.
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