Asia Pacific Metal Cans Market Set to Witness an Uptick during 2022 to 2030Posted by Mrudula Anil Karmarkar on January 24th, 2023 The Asia Pacific metal cans market is expected to reach USD 23.87 billion by 2030, registering a CAGR of 6.6% during the forecast period, according to a new report by Grand View Research, Inc., Increase in ban on plastic products owing to sustainability concerns is likely to drive demand for alternative packaging solutions including metal packaging, benefitting growth of the Asia Pacific metal cans market. Growing adoption of packaging solution that offers sustainability and high recyclability are the primary factors, contributing to high market share. The material’s property such as being lightweight as compared to its counterpart along with high molding abilities is further expected to drive growth for aluminum cans during the forecast period. Increasing government initiatives for recycling aluminum material coupled with a beverage can manufacturers utilizing advanced technology to reduce loss of the material during production is expected to increase its availability and drive market growth. Food metal cans are used for the packaging of fruits, vegetables, soups, noodles, and meat to maintain a longer shelf life along with the original freshness. Mostly, steel and aluminum alloys are used as metal for packaging fruits and vegetables. The benefits associated with metal packaging such as freshness and excellent barrier resistance are supportive features that boost demand for food metal cans in the regional market. Additionally, growing demand for frozen and canned food is expected to propel demand for metal cans across the food industry as a preservation medium during the forecast period. However, metal cans manufactured from steel alloy can undergo corrosion during the preservation of some acidic food and fruits. In addition, some aluminum metal cans use bisphenol as a liner. This is responsible for inhibiting hormone functioning in the human body. These features associated with metal cans are expected to hamper the market growth during the forecast period. Philippines is expected to exhibit the fastest CAGR of 9.1% during the forecast period in the Asia Pacific metal cans market. The food & beverages industry in the Philippines that accounts for a share of approximately 10.0% of its GDP is one of the top contributors to the economic growth of the country. The enlargement of food & beverage industry can be attributed to the increasing population, expanding middle-class income base, surging access to ever-growing supermarkets, and fast-changing lifestyle of the consumers in Philippines. Key players are increasingly focusing on development of the advanced and sustainable packaging materials for the end-use market. Additionally, the demand for metal cans is also increasing in the region owing to the presence of major beverage players. Asia Pacific has the presence of metal cans buyers such as PepsiCo, Anheuser-Busch InBev, and the Coca-Cola Company. These companies frequently purchase beverage cans in large volumes as their product brands have a significant share in the market and the masses in Asia Pacific increasingly consume products from these companies. To Request Sample Copy of this report, click the link: A number of factors, including the environmental benefits of metal cans and their easy and quick recycling, along with increasing demand for the canned products are anticipated to positively affect growth of the metal cans market in Asia Pacific during the forecast period. Increasing government restrictions on the use of plastic packaging products for the packing of vegetables, soups, noodles, meat, etc. create an opportunity for growth of the market. Metal cans market in Asia Pacific is expected to witness substantial growth during the forecast period owing to an increase in the recycling rate of used metal cans. Growing demand for the optimum utilization of natural resources in the region has accelerated recycling activities and increased the reuse of metals in Asia Pacific. There are significant variations in the recycling rate of aluminum cans across the countries in Asia Pacific. For instance, Japan has one of the most organized networks of the aluminum scrap recycling. Asia Pacific Metal Cans Market Report Highlights
Metal recycling has garnered increased support from the government agencies such as the Food Safety and Standards Authority of India (FSSAI) and Asia Pacific Partnership on Clean Development and Climate (APP) in the region. Moreover, the metal recycling market in the region is also expected to be benefitted from the municipal recycling programs initiated in the countries such as Indonesia, Malaysia, Australia, and India. The increasing awareness among manufacturers and consumers about aluminum recycling and surging demand for metal cans as packaging products from Asia Pacific are the factors expected to fuel growth of the metal cans market in the region. According to the Observatory of Economic Complexity (OEC), South Korea imported scrap aluminum worth USD 88.1 million in the financial year 2022-2020. Other countries of the region, including India, China, and Malaysia imported scrap aluminum worth USD 74.2 million, USD 553 million, and USD 204 million, respectively in the same financial year. Aluminum is a circular material that can be recycled unlimited times during manufacturing of the metal sheets. Thus, the development of the recycling infrastructures by the leading players in Asia Pacific, along with establishment of the segregation and collection units for aluminum scrap is further projected to drive growth of the metal cans market in Asia Pacific from 2022 to 2030. List of Key Players of Asia Pacific Metal Cans Market
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