What will be the future scenario of Beverage Packaging Market?
The Beverage Packaging Market is driven by the rapid growth in the way of living of consumers in the developing economies. Ease of access, mobility of products and disposable nature are some of the factors which positively affect the beverage packaging industry. Beverage packaging is now a days also used as a marketing tool because of the growing consumer preferences for product information and convenience.
Beverage manufacturers are focusing on offering a better product with the packaging that is easy-to-handle, eco-friendly, and keeps the product fresh for a long time. Packaging innovation is becoming a norm for beverage companies with smaller package size, situational package types, and multi-packs.
The beverage packaging process is an important part of the food and beverage industry. A well-designed package increases the shelf life, quality, and overall sales of the beverage. The beverage packaging utilized for alcoholic and non-alcoholic beverages are glass, metal, plastic, paperboard along with their combinations. The chemical composition of the beverage also helps in determining the type of packaging to be used.
Growing demand for premium products, aided by rising disposable income, is positively influencing the demand for alcoholic beverage consumption. Changing consumer preferences are resulting in an increased utility of packaging materials to enhance strength, aroma retention, heat insulation, sealing, and barrier against moisture. Soaring demand for small packs is providing a strong push to the demand for flexible bags and pouches.
For instance, for carbonated beverages, the cans or bottles should be manufactured using non-corrosive materials to increase the life of the beverage and also maintain the food quality standards. The packaging manufacturers are adopting convenience packaging principles to boost the sales and thereby, drive the beverage packaging market growth. Also, the declining drinking water qualities and increasing living standards are motivating the consumption of bottled water, which is propelling the market growth of beverages and beverage packaging industry. However, rising obesity problems in many developed countries, has made many governments to consider plain packaging for alcoholic and sugary drinks, which can restrain the market of beverage packaging during the forecast period.
The growing environmental problems due to plastic pollution has made it necessary to find alternatives for beverage packaging. In this context, the technological advancements in bio-plastics is projected to create growth opportunities for the market during the forecast period. Moreover, as per the beverage packaging market trends, the replacement of virgin plastic with recycled plastic or rPET is expected to create better opportunities for the beverage packaging companies to curb plastic pollution in the near future.
Asia-Pacific accounted for the highest revenue in 2018 compared to other regions due to new innovations and technological advancements for plastic alternatives. In Asia-Pacific and LAMEA, the increasing consumption of bottled water and growing popularity of nutritional drinks is anticipated to boost the growth of beverage packaging in the near future