Alcohol Packaging Market: Research Outlines Huge Growth In Market
Posted by surendra choudhary on March 22nd, 2021
Global Alcohol Packaging Market: Overview
Alcohol packaging includes primary and secondary packaging solutions used to package different types of alcohols. The demand of alcohol packaging is increasingly rising with the consumption of alcohol. Further adding to this, increasing per capita income has resulted in more consumers consuming alcohol. This, in turn, is expected to boost the growth of global alcohol packaging market. Global alcohol packaging market worth nearly US$ 40 Bn and is expected to grow at a CAGR of over 4.7%, the demand for alcohol packaging solutions is expected to grow over the forecast period.
Alcohol packaging is gaining traction among manufacturers as the production of alcohol is increasing due to which the requirement of the alcohol packaging is also rising. It is considered environment friendly as the materials used for alcohol packaging are mostly recyclable. Moreover, alcohol packaging are attractive and convenient packaging solutions. The alcohol packaging manufacturers helps to provide consumer a convenient packaging. Primary packaging solutions, such as bottles, cans, growlers are easy to open resulting in ease in consuming. This helps the manufacturers seeking for innovation in packaging solutions.
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Primary Packaging Segment to dominate with 80% Share
Globally, the alcohol packaging market has been segmented as primary and secondary packaging type, by packaging type. Primary packaging segment for alcohol packaging dominates the secondary packaging type, by packaging type, with an estimated market share of 80% by value. Primary packaging type, the global alcohol packaging market has been segmented into bottles, cans, liquid brick carton, bag-in-box, growlers, and pouches. Moreover, secondary packaging segment, is anticipated to grow at a healthy CAGR of over 5.3%, by value over the forecast period. Secondary packaging type the global market has been segmented into boxes, folding cartons, and others such as multipacks and tubes.
Beer Packaging Materials to Remain in High Demand as the Beverage Continues to be Affordable
By application, the alcohol packaging market has been segmented into beer, wine, spirits, and others (ciders, FAB). Among these, beer segment is expected to dominate the market with around two-third of market share by value. Growing consumption of beer, increasing number of microbreweries, and rise in the number of young drinkers as expected to augment this segment in the forthcoming years. Furthermore, the affordable pricing of beer is likely to attract a wider consumer base thereby generating a greater demand for beer packaging materials. Spirits is the second largest contributing segment and mostly growing on the backdrop of spirit consumption.
Europe and APAC Markets Lead the Way as Emergence of Local Players Fosters Growth
The global alcohol packaging market is divided into North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The Asia Pacific region is projected to register the highest CAGR of 5.3%, over the forecast period. Growth in population and emergence of several local players that are required to meet the global standards of packaging are expected to fuel the growth of this regional market. Europe is expected to have the highest incremental opportunity of an estimated value of US,585.9 mn. It dominates the overall market share of alcohol packaging with nearly one-third of the market share, by 2017.
Key players in the global alcohol packaging market includeare WestRock LLC, Stora Enso Oyj, Smurfit Kappa Group, Amcor Limited, Ball Corporation, Crown Holdings, Inc., Ardagh Group S.A., Owens Illinois Inc., Berry Global, Inc., DS Smith Plc, Gerresheimer AG, Nampak Ltd., Vidrala S.A., Intrapac International Corporation, Beatson Clark Ltd., and BA Glass Germany GmbH.
Global Alcohol Packaging Market to Expand with Increase in Consumption of Liquor
The demand within the global alcohol packaging market is moving along an ascending trajectory in recent years. It is worthwhile to note that the use of alcohol across aristocratic circles and gathering is a mark of sophistication and class. This has also created a need to package liquor in more attractive and appealing bottles and cans. Furthermore, the use of liquor across several population groups including youngsters and corporates has given a thrust to the sales graph of alcohol. However, the sale and purchase of alcohol is not just guarded by the consumer propensities of taste.
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About the Authorsurendra choudhary
Joined: February 12th, 2019
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