Global metal cans market 2020-2024
The global metal cans market size for food and beverage industry is expected to grow by US$ 8.92 billion during the period 2020-2024, according to the latest market research report by Technavio.
“Increasing demand for sustainable packaging is one of the critical factors anticipated to drive market growth during the forecast period. This has also boosted the demand for recyclable metal cans made of steel and aluminium. Metal cans used for packaging food and beverages can be recycled and returned to the store shelf as a new can in about 60 days. Furthermore, the gas produced during the production of steel are recycled into the system and used for heating up the furnace, reducing the need for additional energy. Thus, the growing adoption of metal cans as an effective and sustainable packaging solution will drive their demand in the food and beverage industry,” explained the analyst.
According to Technavio, the rise in adoption of reusable packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyses other significant trends and market drivers that will affect market growth over 2020-2024.
“Rising concerns about environmental pollution have increased the adoption of reusable packaging among consumers. Metal cans can be reused multiple times without losing out on the quality of the material. In addition, the need to minimise the use of plastic packaging has also led to an increase in the demand for reusable packaging. This has also encouraged major players in the market to introduce circular delivery services to replace single-use disposable packaging with durable, reusable packaging. Furthermore, food and beverage companies are partnering with metal can manufacturing companies to offer their products in reusable containers. These initiatives by metal can manufacturers are further expected to drive market growth during the forecast period,” added the analyst.
The market report segments the global metal cans market for food and beverage industry by end-user (beverage and food) and geography (APAC, Europe, MEA, North America and South America). North America led the metal cans market share for the food and beverage industry in 2019, according to the report, followed by APAC, Europe, South America and MEA. In addition, vendors in the market are launching new food and beverage products in metal can packaging, which will boost growth during the forecast period.