Alcohol Packaging Market Overview, Size, Trends, Analysis by forecast 2023
Posted by sagark on November 9th, 2019
Alcohol Packaging Market Overview
The global alcohol packaging market is studied in the latest Market Research Future (MRFR) report and is expected to showcase a 4.2% CAGR over the forecast period of 2016-2023. Such growth in the global alcohol packaging market is accredited to the rising consumption of alcohol and growing demand for convenient packaging. Further, increasing standard of living is another factor detrimental to the ascension noted in the global alcohol packaging market. Packaging of alcohol also offers strong brand visibility and increased brand promotion for manufacturers.
Increase in alcohol consumption, demand for convenient packaging, and high quality of life are a few factors detrimental to the growth of the market. Alcohol packaging includes primary and second packaging.
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Some of the distinguished players in the global alcohol packaging market, as mentioned in the MRFR analysis, include
The global alcohol packaging market is analyzed for various segments in the MRFR report. Such segmentation is carried out on the basis of material, packaging, application, and region. Based on material, the global alcohol packaging market is segmented into metal, glass, plastic, and paper & paperboard. The glass segment is expected to hold the largest share of the global alcohol packaging market over the forecast period. Glass is water-resistant, flexible in the shape, and has a chemical inertness. All these features of glass make it a more attractive packaging option, over other materials. Also, alcohol packed in glass lasts for a longer duration.
Based on packaging, the global alcohol packaging market is segmented into primary packaging and secondary packaging. The primary packaging segment is further segmented into cans, bottles, bag-in-box, growlers, liquid brick cartons, and pouches. The secondary packaging segment is further segmented into folding cartons and boxes. The primary packaging segment is observed to hold dominance over the alcohol packaging market and is also anticipated to witness the highest CAGR over the conjecture period. With a rising demand for convenient packaging for easier consumption and handling, the primary packaging segment is gaining faster acceleration. The secondary packaging segment is also expected to ascend at a fast pace, owing to rising consumption of alcohol.
Based on application, the global alcohol packaging market is segmented into wine, beer, wine, and spirits. Among these segments, the beer packaging segment spearheaded the global alcohol packaging market at the beginning of the forecast period. The segment is projected to retain its dominance over the alcohol packaging market, expanding at the highest CAGR over the forecast period. This can be accredited to the surge in the consumption of beer and upscaling popularity of the same among masses, especially the younger generation.
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Detailed Regional Analysis
The global alcohol packaging market is studied for the geographical segments of Europe, North America, Asia Pacific, and the Rest of the World. Among these regions, North America dictated the global alcohol packaging market at the beginning of the forecast period. This can be accredited to the high standard of living of consumers and high consumption of premium alcohol-based beverages in the region. North America is followed by Europe, which is expected to hold the second-largest share of the global alcohol packaging market, with Asia Pacific trailing right behind. Increasing levels of alcohol consumption, along with a high purchasing power of consumers is fostering the growth of the alcohol packaging market in Europe. The US and Canada are expected to spearhead the country-specific alcohol packaging market in North America during the forecast period.
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