Functional drinks are used as energy drink especially by athletes, sports players, and patients. The primary purpose of functional drink is to provide boost the cells of the human body so that the athletes can perform gets refresh quickly and regain strength during the performance. For patients, the functional drinks hydrate the body and provide necessary nutrition to the patients which helps them to recover from diseases. Thus the packaging of functional drink products plays a crucial role to increase the shelf life of the product and keeps the product fresh and therefore the Functional Drink Packaging market is expected to grow substantially during the forecast period.
Functional Drink Packaging is available in various types such as bottles, jars, cans, and pouches out of which bottles are mostly preferred packaging material and expected to grow notable than other packaging types during the forecast period. People nowadays are more concerned about physical fitness which also adds the importance of the Functional Drink Packaging market in near future.
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Functional Drink Packaging Market: Dynamics
The factors which drive the Functional Drink Packaging market are an increase in the number of consumers and an increase in usage of technological developments such as digital prints, holographs to attract the customers.
The factors which restrain the Functional Drink Packaging market are strict government regulations to avoid the use of plastic usage to reduce the carbon footprint by the manufacturers across the globe, increasing awareness over the sustainability among the people all over the world.
Functional Drink Packaging Market: Regional Outlook
Over the globe, North America is the largest market share contributor in the Functional Drink Packaging market and is expected to dominate the market during the forecast period. Europe is the second-largest market share contributor and is expected to grow at a slow growth rate since the origin of many key players resides in this particular region.
Asia-Pacific region especially China, Japan, and India are expected to grow at the highest growth rate as the number of consumers has increased over the last few years and increase its market share contribution during the forecast period. Latin America, Middle East & Africa and Oceania are the geographical regions which expected to grow at a moderate rate due to emerging economies and an increase in investments in this particular region.
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Functional Drink Packaging Market: Key Players
Some of the key players in Functional Drink Packaging market are Saint-Gobain S.A, Alcoa Corporation, Tetra Laval International S.A., Stora Enso Oyj, Reynolds Group Holdings Ltd., Amcor Limited, Bemis Company, Inc., Sonoco Products Company, Mondi plc, Alcoa Corporation, Crown Holdings Inc, AptarGroup Inc., Ardagh Group Inc., Graham Packaging Company, Owens-Illinois, Inc., Ball Corporation, Tetra Pak International S.A., Allied Glass Containers, CAN-PACK S.A., CKS Packaging, Inc., Pacific Can China Holdings Limited, Graham Packaging Company, CKS Packaging, Inc., Crown Cork & Seal Co Inc. Toyo Seikan Group Holdings Ltd, Rexam PLC, Orora Limited, SIG Combibloc Group AG and Smurfit Kappa Group plc.
Functional Drink Packaging Market: Impact of COVID-19
The Functional Drink Packaging market is expected to get affected severely by the impact of COVID-19 pandemic as all the activities related to sports are halted by governments all over the world. All the international activities such as Olympic, World cup, all Premier leagues are either postponed or canceled due to this pandemic, the Functional Drink Packaging market is expected to slow down to the lowest possible value during the outbreak of a pandemic. However, the Functional Drink Packaging market will grow gradually during the forecast period once the impact of pandemic becomes negligible.