Beverage Packaging Market to be Worth $221.5 Billion by 2031

Beverage Packaging Market Size, Share, Forecast, & Trends Analysis by Material Type (Plastic, Glass, Carton & Paperboard), Packaging Type (Bottles & Jars, Cans, Tetra Packs), Beverage Formulation, and Beverage Type (Alcoholic Beverages and Non-alcoholic Beverages) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Beverage Packaging Market by Material Type (Plastic, Glass, Carton & Paperboard), Packaging Type (Bottles & Jars, Cans, Tetra Packs), Beverage Formulation, Beverage Type (Alcoholic Beverages and Non-alcoholic Beverages), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the beverage packaging market is expected to reach $221.5 billion by 2031, at a CAGR of 4.9% from 2024–2031. The growth of the beverage packaging market is driven by the increasing consumption of sports & performance drinks, rising demand for functional beverages, and advancements in fill-finish manufacturing processes. However, stringent government regulations & guidelines restrain the market’s growth.

Moreover, the increasing availability of alcoholic ready-to-drink (RTD) beverages and the rapid growth of the retail sector are expected to create market growth opportunities. However, the high investments required to develop packaging used in beverages and the complexities involved in the management & recycling of waste generated from packaging materials are some of the challenges impeding the market’s growth.

The growing focus on health & wellness, increasing demand for clean-label products, and product premiumization are prominent trends in this market.

The beverage packaging market is segmented into material type (plastic, glass, carton & paperboard, aluminum, steel, foil, and other material types), packaging type (bottles & jars, cans, tetra packs, pouches, and other packaging types), beverage formulation (concentrated beverage & syrups and ready-to-drink beverages), and beverage type (alcoholic beverages {beer, wine, spirits, and other alcoholic beverages} and non-alcoholic beverages {carbonated soft drinks, sports & energy drinks, tea & coffee, juices & nectars, dairy & dairy alternatives beverages, flavored & fortified water, and other non-alcoholic beverages}). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on material type, the beverage packaging market is segmented into plastic, glass, carton & paperboard, aluminum, steel, foil, and other material types. In 2024, the plastic segment is expected to account for the largest share of over 31.0% of the beverage packaging market. This segment’s large market share can be attributed to the cost-effectiveness of plastic packaging compared to glass or metal alternatives. Plastic packaging is generally cheaper to produce, making it particularly attractive for companies aiming to reduce packaging expenses while ensuring product quality. Moreover, plastic packaging is durable and resistant to breakage, unlike glass containers that can easily shatter. This durability helps minimize the risk of product damage during transportation and handling, thereby reducing losses for beverage manufacturers.

Key market players are launching new packaging solutions. For instance:

In March 2024, INEOS Olefins & Polymers Europe, PepsiCo, Inc. (U.S.), and Amcor plc (Australia) announced a partnership to launch new snack packaging for Sunbites crisps made from 50% recycled plastic.
In July 2023, PepsiCo India launched Pepsi Black bottles made entirely from 100% recycled plastic (rPET) in the carbonated beverage category.

However, the carton & paperboard segment is projected to register the highest CAGR during the forecast period. This growth can be attributed to the lightweight properties of carton and paperboard packaging compared to alternatives like glass or metal. Their reduced weight lowers transportation costs and carbon emissions, making them environmentally friendly and cost-effective choices for beverage manufacturers. Furthermore, carton and paperboard packaging provides flexibility in design and printing capabilities, allowing beverage companies to craft visually appealing packaging that effectively communicates brand identity and product details. This customizability enhances product visibility on store shelves and captures consumer attention.

Key market players are launching various initiatives, contributing to the market’s growth. For instance:

In March 2024, AptarGroup, Inc. (U.S.), a global manufacturer of consumer dispensing packaging and drug delivery devices, launched a patented Aptar Halopack solution designed for both dry and high-moisture foods. This packaging is available in various configurations, including skin pack, clamshell, freezable, microwave and oven-able, and modified atmosphere packaging.
In November 2023, Tetra Pak (Switzerland) collaborated with Lactogal, a Portuguese food products company, to launch the Tetra Brik 200 Slim Leaf aseptic beverage carton. This carton features a paper-based barrier and is composed of approximately 80% paperboard, significantly increasing the package's renewable content to 90%.

Based on packaging type, the beverage packaging market is segmented into bottles & jars, cans, tetra packs, pouches, and other packaging types. In 2024, the bottles & jars segment is expected to account for the largest share of over 42.0% of the beverage packaging market. Bottles and jars are the primary packaging formats for beverages. These containers offer convenience in handling, pouring, and storing drinks. Consumers often perceive bottles and jars as symbols of quality, freshness, and convenience, which contributes to their widespread acceptance in the market.

Moreover, bottles and jars provide effective protection against external elements such as light, moisture, and air, which are crucial for preserving the freshness and quality of beverages. This protection helps extend the shelf life of products and maintains their taste, aroma, and nutritional value. As a result, beverage companies rely on bottles and jars to safeguard their products throughout the transportation, storage, and consumption phases. These factors contribute to the significant market share of this segment.

However, the tetra packs segment is projected to register the highest CAGR during the forecast period. Tetra packs are versatile packaging solutions suitable for a diverse range of beverages, such as milk, juices, and other beverages. These packaging solutions are lightweight, portable, and easy to handle. The packaging is adaptable to various volumes, ranging from single-serving cartons to larger family-sized containers, catering effectively to different consumer preferences and usage occasions. These factors are expected to drive the growth of this segment during the forecast period.

Based on beverage formulation, the beverage packaging market is segmented into concentrated beverages & syrups and ready-to-drink beverages. In 2024, the ready-to-drink beverages segment is expected to account for the larger share of over 59.0% of the beverage packaging market. This segment’s large market share can be attributed to the convenience offered by Ready-to-drink (RTD) beverages. These beverages do not require preparation, saving time and effort. This convenience contributes to the popularity of RTD beverages and drives demand for appropriate packaging solutions. Furthermore, there is a growing demand for healthier beverage options, which has further fueled the popularity of RTD beverages such as functional drinks, cold-pressed juices, and plant-based alternatives.

Several key market players have launched various initiatives to capitalize on this trend. For instance, in February 2024, Salud Beverages Private Limited (India), a global urban lifestyle brand, launched a new range of ready-to-drink (RTD) products.

Moreover, the ready-to-drink beverages segment is projected to register the highest CAGR during the forecast period.

Based on beverage type, the beverage packaging market is segmented into alcoholic beverages and non-alcoholic beverages. In 2024, the non-alcoholic beverages segment is expected to account for the larger share of over 57.0% of the beverage packaging market. This segment encompasses a diverse range of products, including carbonated soft drinks, bottled water, juices, sports drinks, energy drinks, ready-to-drink tea & coffee, and functional beverages. This diverse product range drives the demand for a wide array of packaging options to cater to different beverage types, flavors, and packaging sizes.

Additionally, non-alcoholic beverages are frequently consumed on the go, driving the demand for portable, single-serving packaging formats such as cans, PET bottles, Tetra Pak cartons, and pouches. Moreover, packaging innovations such as interactive labels, embossed textures, and augmented reality experiences play a crucial role in differentiating brands and engaging consumers. These factors contribute to the large market share of this segment.

Morever, the non-alcoholic beverages segment is projected to register a higher CAGR during the forecast period.

Based on geography, the beverage packaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 39.0% of the beverage packaging market. Asia-Pacific’s significant market share can be attributed to the rapid pace of urbanization and population growth in the region, which is driving increased demand for packaged beverages. The rising urbanization in Asia-Pacific is driving a shift towards urban lifestyles, which prioritize convenience and on-the-go consumption of beverages. This trend is significantly boosting the demand for packaged beverages and necessitating the development of efficient beverage packaging solutions. Moreover, consumer preferences in the Asia-Pacific region are evolving, with a noticeable shift towards healthier beverage options, convenience, and premiumization. Packaging plays a crucial role in meeting these preferences by effectively communicating product attributes, enhancing convenience, and differentiating brands through attractive designs and innovative packaging formats.

Furthermore, key market players are launching various initiatives to advance beverage packaging in Asia-Pacific. For instance, in November 2023, Budweiser Brewing Company APAC (Hong Kong) launched its lightest aluminum can for beer in China, weighing only 9.57g for a 330ml can, which is 4% lighter than the industry average. Additionally, in January 2022, Ball Corporation (U.S.), specializing in aluminum packaging, invested USD 10,000 million in establishing two aluminum cans and bottle manufacturing plants in India.

Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 6.0% during the forecast period.

Key Players

The key players operating 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.).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of material type, packaging type, beverage formulation, and beverage type?
What is the historical market size for the beverage packaging market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the beverage packaging market?
Who are the major players in the beverage packaging market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the beverage packaging market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the beverage packaging market, and how do they compete with other players?

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