Report : Asia Pacific Beverage Metal Cans Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Aluminum and Steel), and Application (Carbonated Soft Drinks, Alcoholic Drinks, Fruit and Vegetable Juices, and Others)
At 7.2% CAGR, the Asia Pacific Beverage Metal Cans Market is speculated to be worth US$ 16,154.98 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific Beverage Metal Cans market was valued at US$ 10,618.21 million in 2022 and is expected to reach US$ 16,154.98 million by 2028, registering an annual growth rate of 7.2% from 2022 to 2028. The report provides trends prevailing in the Asia Pacific Beverage Metal Cans market along with the drivers and restraints pertaining to the market growth. Increasing popularity of energy drinks is the major factor driving the growth of the Asia Pacific Beverage Metal Cans market.
Energy drinks are commonly advertised as products that boost energy while improving physical performance and mental alertness. While coffee is still consumed mainly by older people, energy drinks have gained popularity among the younger generation by connecting themselves with their lifestyle. The sales of energy drinks are increasing despite the beverages containing too much caffeine and sugar. However, recent innovations have seen manufacturers incorporate organic choices into their product lines, which might push energy drinks into the health category. Furthermore, there is a growing demand for immune-boosting beverages high in vitamins, minerals, and other essential ingredients. As a result, many players have entered the market to offer functional energy drinks. Brands are attempting to capitalize on the "immunity-boosting" trend by integrating purported components or using the concept of immunity boosters in their marketing operations. Energy drinks aim to meet the expanding health awareness movement. Individuals take greater responsibility for their health, coupled with diet and natural energy drink alternatives.
However, issues associated with increasing use of biodegradable plastic packaging to Beverage Metal Cans the growth of Asia Pacific Beverage Metal Cans market.
Based on material the Asia Pacific Beverage Metal Cans market is bifurcated into aluminum and steel. The aluminum segment held 45.56% market share in 2022, amassing US$ 4,838.02 million. It is projected to garner US$ 7,736.12 million by 2028 to expand at 8.1%CAGR during 2022–2028.
Based on application the Asia Pacific Beverage Metal Cans market segmented into carbonated soft drinks, alcoholic drinks, fruit and vegetable juices, and others. The alcoholic drinks segment held 46.78% market share in 2022, amassing US$ 4,967.16million. It is projected to garner US$ 7,268.13 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on country, the Asia Pacific Beverage Metal Cans market segmented into Australia, China, India, Japan, South Korea and Rest of Asia Pacific. Our regional analysis states that China captured 53.25% market share in 2022. It was assessed at US$ 5,654.20 million in 2022 and is likely to hit US$ 8,904.62 million by 2028, exhibiting a CAGR of 7.9% during the forecast period.
Key players dominating the Beverage Metal Cans market are Ball Corporation, Crown Holdings,Inc; Ardgh Group S.A, CANPACK, Orora Packing Australia Plt.Ltd; Amcor plc and SHOWA DENKO K.K are among the leading companies in the Asia Pacific Beverage Metal Cans market.
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