The Global Beverage Can Market is Expected to Reach $36.59 Billion by 2027

The global beverage can market is expected to reach $36.59 billion by 2027, registering a compound annual growth rate of 4.7% during the forecast period.

The increasing acceptance of alcoholic beverages in underdeveloped and conservative countries can simultaneously drive healthy growth of this market, a report by Fortune Business Insights said that the market size was $25.31 billion in 2019.

Evolving Consumer Lifestyle to Influence Massive Growth

Increasing urbanization and rising population are factors expected to drive the growth of the market.

Rising disposable income in developing countries has led to high consumer spending on beverages, which in turn will boost market growth.

Brand preferences have played a significant role in stimulating beverage demand in developing countries, thereby driving market growth.

The growing knowledge about sustainable and recyclable beverage packaging among consumers will consequently improve the demand for metal cans in the forthcoming years. 

In addition, changing lifestyles and increasing health awareness will increase the demand for healthy and nutritious beverages, thereby favoring the canned beverage business.

COVID-19 Impact:

Varied Effect of COVID-19 on the Beverage Cans Market

Government-imposed restrictions on bauxite mining, raw material transportation and aluminium recycling activities have disrupted the industry's supply chain.

As a result, beverage manufacturers are experiencing a shortage of can supplies—however, demand for beverages peaked during the pandemic.

Consumer purchasing behavior changed drastically and high consumption of beverages during the lockdown helped boost the growth of the beverage can market. Excessive demand for drinks prompted manufacturers to adopt strategies to stabilize the supply and production of these cans amid a global pandemic.

Regional Analysis:

Inclination towards Healthy Beverages to Boost Market in North America

North America is expected to hold the largest beverage cans market share in the foreseeable years. 

The increasing health consciousness among consumers has led to a high demand for healthy and nutritious beverages in the US. Asia Pacific is expected to expand rapidly during the forecast period. 

The growth is attributed to the rising population and urbanisation activities in the region. Moreover, increasing consumer spending and changing lifestyles will have a tremendous impact on the region’s market. 

Moreover, the growing consumer awareness regarding environmental pollution has impelled the manufacturers to use sustainable packaging solutions, which, in turn, will augur well for the market in Europe. Besides, the European Union’s initiative to achieve the goal of a circular economy will further fuel demand for these cans in the forthcoming years.