VALLEY COTTAGE, N.Y, Aug. 6, 2015 (GLOBE NEWSWIRE) -- Future Market Insights (FMI), delivers key insights on the beverage packaging market in its recent report titled, "Beverage Packaging Market to be driven by Novel Packaging Solutions: Global Industry Analysis and Opportunity Assessment 2015 - 2025". According to the report, the overall beverage packaging market is anticipated to register a healthy single-digit CAGR of 3.3% during the forecast period to reach US$ 257,547.9 Mn by 2025. High-end innovation from manufacturers in design, texture, feel and size of packaging products are key attributes fuelling market growth. Increasing trend towards aseptic, portion and sustainable packaging worldwide is also driving market growth. The global beverage packaging market accounted for around US$ 181,150.9 Mn in terms of value in 2014.
Assessing the various factors driving market growth, FMI analyst said, "Technological improvements in the production of attractive and functional packaging options, coupled with increasing purchasing power of consumers globally are key factors expected to fuel growth of the beverage packaging market between 2015 and 2025". This, would offer various packaging companies and retailers opportunity to reap greater profits through economies of scale. The beverage packaging market is relatively buoyant in emerging economies in India, China, Indonesia, Thailand, Vietnam, Brazil, Poland, Hungary, Russia, South Africa and Middle Eastern countries.
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Region-wise, Asia Pacific Excluding Japan was the largest market in terms of revenue with over 25.6% market share in 2014. The region clearly tops the list due to its huge customer base and improving economic condition. However, packaging preferences differ considerably from region to region, thus adopting region- and application-specific strategies is expected to result in better product movement. Moreover, manufacturers are actively adopting sustainable packaging practices due to increased pressure from consumer groups, government and customers itself. North America and Western Europe command second and third position in terms of revenue, accounting for approximately 24% and 23% respectively. Demand for bottled water and packaged yogurt is high in North America and Europe; whereas, RTD beverages, flavoured milk, beer and energy drinks are expected to gain volumes, thereby increasing packaging demand in regions such as Asia and Africa. Designing products using raw materials according to the region and application are expected to be instrumental in maintaining a stable position in the market.
Product type-wise, this report covers six segments namely glass bottles, plastic bottles, cans, liquid cartons (brick, gable-top etc.), pouch/sachet and others. Plastic bottle was the largest segment with over 50% of the total market share in 2014, followed by cans with 21.6%. Others, though being the smallest segment covering products such as yogurt pots and 3-5 gallon reusable water bottles, is expected to exhibit highest CAGR, followed by plastic bottles and liquid cartons. On the basis of raw material, plastic clearly dominated the beverage packaging market with 53.4% share in 2014. Glass as a raw material is expected to lose market share due to various factors such as price, weight and supply chain glitches. Paper/paperboard, which is used for primary packaging of beverages in the form of liquid cartons, is expected to exhibit a healthy growth rate through the forecast period due to increased penetration in the market and widening scope of applications such as juices, drinkable yogurt, flavoured milk and alternative beverages among others.
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Application wise, the market is segmented into beer, alcoholic drinks, dairy beverages, carbonated soft drink/soda, juice/soft drinks, mineral water and energy drinks/RTD beverages. The CSD/soda segment accounted for highest market share in terms of revenue contribution to the global beverage packaging market at 29.5% in 2014. However, this segment is projected to grow at the slowest rate due to declining volumes of CSD in major markets such as North America and Western Europe. Energy drinks/RTD beverages is expected to exhibit highest growth of 5% due to increasing consumption. In addition, manufacturers are rolling out innovative packaging options such as embossed, high definition prints and tactile prints in cans, slim cans, lightweight and resalable plastic bottles, functional blow moulded plastic containers etc. Dairy beverages application is expected to exhibit second highest CAGR of 3.4% during the forecast period.
Major players in the beverage packaging market include Ampac Holdings, LLC, Amcor Limited, Alcoa Inc., Ball Corporation, Crown Holdings, Inc., Owens-Illinois, Inc., Rexam PLC, Reynolds Group Holdings Limited, SIG Combibloc, Ardagh Group S.A., Tetra Laval International S.A. and Compagnie de Saint-Gobain.
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Source: Future Market Insights