Soft Drinks Packaging Market Growth, Future scope, Analysis and forecast to 2023
Posted by sagark on November 9th, 2019
Soft Drinks Packaging Market Overview
Soft drink is generally a non-alcoholic beverage which consists of various flavours and ingredients. The global soft drinks packaging market is predicted to demonstrate 3.95% CAGR during the forecast period (2018-2023) owing to the burgeoning demand for carbonated soft drinks, asserts Market Research Future (MRFR). Soft drink is referred to as a non-alcoholic beverage which comprises different ingredients and flavors. It offers calories or sugars, hydration, vitamins, nutrients, and other, based on its ingredients. Soft drinks are non-alcoholic drinks which includes juices and concentrates, CSDs, ready-to-drink tea and coffee, and functional drinks. Soft drinks are generally consumed by people of across age groups and are available in options such as flavored water, juices,energy drinks, and others.
The Global Soft Drink Packaging Market is expected to grow at a CAGR of ~ 3.95% during the forecast period of 2018–2023.
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The prominent players operating the global soft drinks packaging market are
January 2018: Coca-Cola had recently announced their plan to collect and recycle 100% of it’s packaging by the end of 2030. The company is also planning to reshape its approach to packaging and recycling. It is presumed that Coca-Cola produces 110 billion single-use plastic bottles every year. This is anticipated to impact the virgin packaging providers, and other beverage producers are also expected to follow the trend.
Drivers and Constraints Impacting the Market
Packaging plays a crucial role as it offers information about the constituting ingredients, product content,expiry and manufacturing dates. Proper packaging of soft drinks provides external environment protection, product support, and tamper resistance.
In recent times, people are becoming extremely health-conscious. From consuming carbonated beverages to rejuvenating juices, consumers are spending more on such products in order to keep themselves refreshed.
Global Soft Drinks Packaging Market: Segmental Analysis
The global Soft Drinks Packaging Market has been segmented on the basis of material, packaging type, application, and region.
By mode of material, the global soft drinks packaging market has been segmented into plastic, glass, paperboard, metal, and others. Among these, the plastic packaging is considered to occupy the highest market share owing of its cost-efficiency. As plastic packaging is easy to handle and light in weight, the demand for plastic packaging is high. The rising environmental awareness has led the consumers to shift to eco-friendly and biodegradable plastics. PET bottles or polyethylene terephthalate which are made of a plastic resin, are eco-friendly bottles which are high in demand nowadays.
By mode of packaging type, the global soft drinks packaging market has been segmented into bottle, box, cans, cartons, and others.
Among these, glass bottles are the least used mode of packaging. A small percentage of the total manufactured soft drinks is packed in glass bottles owing to its high storing and transportation cost. Metal cans and PET bottles have replaced the use of glass bottles as they are light in weight saves storage and transportation cost, and are recyclable.
By mode of application, the global soft drinks packaging market has been segmented into functional drinks, carbonated soft drinks, juices, and others. Among these, consumers are predicted to shift towards functional drinks owing to the increasing health conscious population.
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Geographically, the soft drinks packaging market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region is considered to dominate the global soft drinks packaging marketowing to the increasing number of soft drinks consumers in this region. Also, low production cost due to easy availability of inexpensive technical labor, high disposable income, and high population are some of the driving factors of the market.Moreover, with the emergence of local players across countries, the competition among the global players have increased which is further propelling the market growth. Also, adoption of innovative packaging creates huge opportunities for the manufactures to increase their foothold.
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