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(Health-NewsWire.Net, June 23, 2021 ) The beverage cans market size is estimated to account for a value of USD 23.7 billion in 2021 and is projected to grow at a CAGR 5.6% from 2021, to reach a value of USD 31.2 billion by 2026. Factors such as the increasing demand for recyclable packaging and lower cost of recycled cans than newly manufactured cans have supported the market growth of beverage cans. Moreover, there is an increase in the use of beverage cans for packaging of non-alcoholic beverages such as carbonated soft drinks, still water, and sparkling water. Moreover, cans help and improve the appearance of beverages as well as increase their shelf life and maintain the freshness of the product, thereby maintaining the quality of the food.
The key players in the beverage cans market include Crown Holdings Inc. (Philadelphia, US), Ardagh Group S.A, (Luxemburg), CPMC Holdings Limited (China), Toyo Seikan Group Holdings Ltd. (Tokyo, Japan), Can-One Berhad (Malaysia), Can-Pack S.A (Poland), Ball Corporation (Colorado, US), Envases Universales (Spain), Universal Can Corporation (Tokyo, Japan), Interpack Group Inc. (China), GZ Industries (Nigeria), Showa Denko K.K (Tokyo, Japan), Swan Industries (Thailand) Limited (Thailand), Nampak Bevcan Limited (South Africa), The Olayan Group (Saudi Arabia), and Techpack Solutions Pvt Limited (Seoul, South Korea) among others.
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Major players in the market are mainly focusing on upon rapid investments in the developing economies to grab a greater number of customers in the coming years. Further, the companies are also focusing upon a strategic partnership with the beverage can manufacturers to promote sustainable packaging of the beverages and to have a smooth client base.
The core strength of the key players identified in this market is their growth strategies such as new product launches, certifications, and expansions among others. Undertaking new product launches and expansions have enabled the market players to enhance their presence in the beverage cans market. Some of the key strategies followed by the leaders are mentioned below:
CPMC Holdings Limited is keen on tracking the trends of the industry and the raw and auxiliary materials to serve the multinational brand customers better, who have adopted the changes in the domestic market. The company is working on cooperating and collaborating with key customers, as well as exploring new customers to seize the market segmenting opportunities. It is planning to cater to the demands of the global market and expand in the overseas markets, which can be noted by the first overseas 2-piece can project of the firm in Belgium in 2019.
Toyo Seikan Group Holdings, Ltd. is engaged in research and development to innovate products, technologies, systems, and services with high-value addition to fulfil the diversifying needs in the packaging and container market, thereby increasing the trust and satisfaction of customers. The company is focusing on capitalizing on opportunities for mergers and acquisitions to strengthen its operating base and expand business operations in different markets. The firm is also actively investing in its plant and machinery to upgrade technology and increase efficiency. This is projected to help the company increase profitability and gain a competitive advantage over competitors.
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Ardagh Group S.A., is one of the major players in the beverage cans market, generating nearly 51% of its total annual revenues from metal beverage packaging. The company has an extensive footprint, proximity to customers in Europe and North America, and efficient manufacturing processes. It has several contracts of two to ten years with major customers in the beverage industry, which generates nearly 75% of the total annual revenue of the firm. The company has a high production capacity with 56 production plants located in 12 countries that allow it to serve customers across multiple geographies.
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