Beverage Can Market size to grow at a CAGR of 3%: APAC to account for 49% growth - Technavio

Market Overview: Canning the Future

Beverage cans have solidified their status as a preferred packaging solution, thanks to their recyclability, durability, and ability to preserve product quality. The market’s growth is underpinned in demand for metal cans across both alcoholic and non-alcoholic beverage categories, with sustainability playing a pivotal role. Technavio’s analysis indicates that the market will thrive through 2029, driven by innovations such as lightweight cans and enhanced printing technologies that elevate brand visibility.

North America leads the charge, supported by a beverage industry and a strong recycling infrastructure. Meanwhile, regions like Asia-Pacific and Europe are also gaining momentum by urbanization, rising disposable incomes, and a shift toward eco-friendly packaging alternatives.

Market Segmentation: A Detailed Pour

The Technavio report segments the beverage can market by product type, material, end-use, and geography, providing a comprehensive view of its diverse applications and growth opportunities.

By Product Type:

• Two-Piece Cans: Dominating the market, these cans are favored for their cost-efficiency and widespread use in carbonated drinks and beer.
• Three-Piece Cans: Gaining traction in specialty beverages, offering flexibility for unique designs and smaller production runs.

By Material:

• Aluminum: The leading material, prized for its lightweight properties, recyclability, and corrosion resistance.
• Steel: A smaller but steady segment, often used for niche products and in regions with established steel can industries.

By End-Use:

• Non-Alcoholic Beverages: Including soft drinks, energy drinks, and bottled water, this segment holds the largest share due to rising health-conscious consumption.
• Alcoholic Beverages: Encompassing beer, cider, and ready-to-drink (RTD) cocktails, this category is expanding with craft beverage trends.

By Geography:

• Europe: A key player with a focus on sustainability and premium canned products.
• Asia-Pacific: An emerging powerhouse, fueled by population growth and increasing beverage consumption in countries like China and India.
• Rest of the World (RoW): Including Latin America and the Middle East, where market penetration is on the rise.

This segmentation highlights the versatility of beverage cans and their adaptability to diverse consumer needs and regional trends.

Regional Spotlight: North America’s Canned Momentum

APAC’s projected 49% contribution to global growth reflects its entrenched beverage culture and proactive sustainability efforts. The U.S., in particular, dominates with a thriving craft beer sector and a growing preference for canned seltzers and energy drinks. Canada complements this trend with strong demand for eco-friendly packaging and recycling ecosystem. The region’s leadership is further bolstered by major manufacturers like Ball Corporation and Crown Holdings, which continue to innovate for local and export markets.

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Key Drivers and Trends Shaping the Market

Several factors are pouring energy into the beverage can market’s growth:

• Sustainability: With consumers and governments pushing for eco-friendly solutions, aluminum cans—boasting a recycling rate of over 60% globally—are outpacing plastic alternatives.
• Convenience and Portability: The rise of on-the-go lifestyles has boosted demand for single-serve cans, particularly in the RTD beverage segment.
• Innovation in Design: Advances like resealable lids, slim cans, and vibrant graphics are enhancing consumer appeal and brand differentiation.
• Craft Beverage Boom: The proliferation of craft beers and artisanal non-alcoholic drinks is driving demand for premium can packaging.

Challenges such as fluctuating raw material costs and competition from alternative packaging (e.g., PET bottles) persist, but the market’s resilience and adaptability are expected to mitigate these hurdles.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

Competitive Landscape: Top Players in the Can Game

The beverage can market is marked by intense competition, with leading manufacturers innovating to secure their foothold. Technavio’s report identifies over 15 key players, including:

• Ball Corporation – A global leader in aluminum cans, known for sustainable innovations like the “Ball Aluminum Cup.”
• Crown Holdings, Inc. – Specializing in metal packaging, with a strong presence in beer and soft drink cans.
• Ardagh Group – Offering a wide range of aluminum and steel cans for diverse beverage categories.
• Silgan Holdings Inc. – A major player catering to both alcoholic and non-alcoholic beverage markets.
• Can-Pack S.A. – Renowned for its high-quality aluminum cans and global distribution network.
• Toyo Seikan Group Holdings, Ltd. – A key Asian manufacturer with expertise in lightweight can technology.
• CPMC Holdings Ltd. – A rising force in China, serving the growing Asia-Pacific market.
• Nampak Ltd. – A prominent African player expanding its canned beverage offerings.
• Mitsubishi Materials Corporation – Leveraging advanced materials for innovative can designs.
• ORG Technology Co., Ltd. – Focused on cost-effective solutions for emerging markets.

These companies are at the forefront of driving technological advancements and meeting evolving consumer demands.

Why This Matters for Stakeholders

For businesses, the beverage can market offers a blend of opportunity and challenge. Manufacturers can capitalize on sustainability trends and invest in cutting-edge designs to stand out, while beverage brands benefit from cans’ ability to preserve flavor and extend shelf life. For consumers, the market’s evolution means more sustainable, convenient, and visually appealing options on store shelves.

About Technavio

Technavio is a leading global technology research and advisory company, providing actionable insights to help businesses navigate market opportunities and refine strategies. With a team of over 500 specialized analysts, Technavio’s report library includes more than 17,000 reports, spanning 800 technologies across 50 countries. Serving enterprises of all sizes, including over 100 Fortune 500 companies, Technavio empowers clients with comprehensive market intelligence to succeed in dynamic industries.