The global beverage cans market was valued at approximately USD 41.14 billion in 2023 and is projected to experience significant growth, with an anticipated compound annual growth rate (CAGR) of 5.5% from 2024 to 2030. This growth is largely driven by the rising global consumption of various beverages, including carbonated soft drinks, beer, and cider. As consumer preferences evolve, the demand for beverage cans is expected to rise correspondingly, supported by trends favoring convenience and portability.
One of the key factors propelling the beverage cans market is the high recycling rate of aluminum cans, which is not only environmentally friendly but also cost-effective. Aluminum, as a material for beverage cans, boasts superior physical properties compared to alternatives like glass and plastic. Its lightweight nature makes it ideal for packaging, while its durability ensures that the contents remain fresh and safe for consumption. These attributes are crucial as consumers increasingly seek products that are not only functional but also sustainable.
Gather more insights about the market drivers, restrains and growth of the Beverage Cans Market
Market Concentration & Characteristics
The beverage cans market is characterized by a diverse range of players, including both large multinational corporations and smaller regional manufacturers. Prominent companies in this sector include Mahmood Saeed Can and End Industry Company Limited (MSCANCO), Kian Joo Can Factory Berhad, SWAN Industries (Thailand) Company Limited, GZI Industries Limited, Toyo Seikan Co., Ltd., Ball Corporation, Orora Packaging Australia Pty. Ltd., Olayan Group, Crown Holdings, Inc., Bangkok Can Manufacturing, CPMC Holdings Limited, CANPACK, Nampak Ltd., Ardagh Group S.A., and Envases Group.
These companies are actively pursuing diversification strategies to enhance their product and service offerings. By expanding their portfolios, they aim to capitalize on cost and revenue synergies that can arise from cross-functional operations. This strategic approach often includes mergers and acquisitions, allowing firms to strengthen their market positions and expand their geographical reach.
For example, in October 2023, Crown Holdings, Inc. successfully completed the acquisition of Helvetia Packaging AG, a beverage can and end manufacturing facility located in Saarlouis, Germany. This acquisition not only allows Crown to inherit Helvetia's existing customer base and contracts but also brings in approximately 200 employees, thereby bolstering its operational capacity. With this new facility, Crown can enhance its European beverage can platform, adding around one billion units of annual capacity. This move is timely, as it aligns with the growing consumer demand for infinitely recyclable beverage cans, showcasing a proactive approach to sustainability.
Similarly, in August 2023, TricorBraun, a global packaging company, made a significant acquisition by purchasing CanSource, a provider of cans and custom packaging solutions tailored for craft beverage makers. This strategic acquisition is expected to strengthen TricorBraun’s footprint in the North American beverage packaging market, expanding its offerings to include more sustainable packaging options. Post-acquisition, CanSource operates under the name CanSource, a TricorBraun company, maintaining its existing team and operational locations. This move not only enhances TricorBraun’s market presence but also demonstrates a commitment to sustainability and innovation within the beverage packaging sector.
The future of the beverage cans market appears promising, driven by evolving consumer preferences, sustainability initiatives, and continuous innovation in packaging technologies. As the demand for convenient and environmentally friendly packaging solutions continues to grow, beverage cans are likely to play an increasingly pivotal role in meeting these market needs.
The market is expected to witness ongoing advancements in production technologies, which may lead to even more efficient manufacturing processes and enhanced product designs. Moreover, as sustainability becomes a focal point for consumers and regulatory bodies alike, manufacturers will need to remain agile, adapting their strategies to align with emerging trends and compliance requirements.
Order a free sample PDF of the Beverage Cans Market Intelligence Study, published by Grand View Research.