Beverage Cans Market| COVID-19 Analysis, Outlook, Strategies, Growth, Future Scope, key drivers by 2023
Global Beverage Cans Market Information Report by Material (Aluminum and Steel), by Application (Carbonated Soft Drinks, Alcoholic Beverages, Fruit & Vegetable Juices and others) and By Region - Global Forecast To 2023
Beverage Cans Market Overview
The Global Beverage Cans Market is increasing with the rapid pace; mainly due to the growth in packaged food & beverage industries. Increase in customer income in developing countries such as China, India, and Brazil, have led to growth in demand for beverage cans.
The global Beverage Cans Market is segmented on the basis of materials and applications. The materials used to make beverage cans are aluminum and steel. The aluminum segment dominates the market and is expected to sustain its leading market share over the review period. This is attributed to its superior properties as compared to steel, such as lightweight, higher recycling rates with secure manufacture processing. Additionally, the steel segment is also expected to acquire a substantial growth rate over the review period. The applications
Europe is another primary market for beverage cans. Germany, the U.K., and France are the major markets in the region. Increased recycling activities are undertaken by the regulatory bodies, including the European Commission, and national governments of France, Germany, and the UK drive the growth of the market in the region. Furthermore, Europe is the hub of major non-alcoholic and alcoholic beverage manufacturers. This also has an encouraging influence on the growth of the market.
Asia Pacific is poised to grow at the highest CAGR during the forecast period. China, Australia, Japan, India, and Indonesia are the country-wise significant markets in the Asia Pacific region. An upsurge in purchasing power in the region fuels the growth of the market. Additionally, the availability of raw materials and lower labor cost, together are a positive impact on market growth. The young population, with momentous disposable income, will also drive the demand for beverage cans in the foreseeable future. China accounts for the largest share of the Beverage Cans Market in the Asia Pacific region over the review period. Moreover, Latin America and Middle-East & Africa are also touted to observe positive growth over the forecast period owing to the growing consumption of alcoholic beverages in major markets such as South Africa, Brazil, & in the Middle East region.
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