Soft Drinks Packaging Market Highlight
Market Research Future, in its study, revealed that the global soft drink packaging market 2020 anticipates inflating approximately ~ 3.95% CAGR to settle the growth claims during the forecast period 2018–2023. The development of the market has been studied on the parameters of segmentation, driving factors as well as geographical features to understand the growth things coming up in the future.
The well-known players of Global Soft drink Packagin
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Market Key Trends & Market Key Players
g Market report are listed as Crown Holdings, Inc. (U.S.), Amcor Ltd. (Australia), Ardagh Group Inc. (Luxembourg), AptarGroup Inc.(U.S.), Owens-Illinois, Inc.(U.S.), Graham Packaging Company (U.S.), Tetra Pak International S.A. (Switzerland), Allied Glass Containers (U.K), CKS Packaging, Inc. (U.S.), CAN-PACK S.A. (Poland), Bemis Company Inc.(U.S.), and Mondi Group (South Africa).
Challenges
The soaring population and rising urbanization are the key factors to drive the growth of the global soft drink packaging market. The experts are staying optimistic that the momentum would rise the soft drink products that seem to be heading towards at a peak in the coming years. As people of all age groups consume soft drinks, its availability in a variety of options such as juices, energy drinks, flavored water has relatively risen the demand for soft drinks. Since soft drinks are considered ready to consume the product, the right quality of the packaging is vital for keeping the product in perfect condition as well as look good. This is where packaging comes in, and it’s market that also witnesses a bright future ahead. Packaging plays a pivotal role in providing information about the content of products, ingredients, as well as manufacturing along with expiry dates.
The factors affecting the growth of the soft drinks packaging market share are directed towards an increase in soft drinks packaging owing to the high demand for soft drinks mainly in the developing countries as disposable income is also on the rise among the individuals. In fact, a change in lifestyle and rising youth population is also an important driving factor for the growth of the market, which is further taking the market to expand in the forecast period. At present, people are becoming more aware of health and resulting in preferring soft drinks instead of alcohol-based or hard drinks. By looking at this, soft drinks have become a suitable alternative to alcoholic beverages, which is highly contributing to the market growth substantially. Innovation in operational activity in developing countries is also rapidly augmenting the demand for soft drinks.
Furthermore, the advent of metal cans of soft drinks as packaging currently acquire a significant share of the total packaging types that are being used for the packaging of soft drinks. Metal cans are ideal for the packaging of carbonated soft drinks owing to the lightweight and recyclable nature. Nowadays, inclination towards the glass bottle for soft drinks packaging is reduced due to its substitute options such as PET bottle, which is considered as more compatible with packaging soft drinks. In fact, PET bottles are lighter, so it eventually saves transportation and storage costs as well, and it is one of the best opportunities for the packaging of soft drinks. In terms of costs.
Thus, on the flip side, the factor of consumers’ preference towards the freshly prepared soft drinks may affect the growth of the soft drinks packaging market in the forecast period.
Segmentation of Market: Soft Drink Packaging
As per the study, the global soft drink packaging market is further segmented by material, packaging type, application, and size.
In terms of material: Glass, paperboard, metal, plastic, and others are the segments. Among these, the plastic packaging segment has the highest market share for its cost-efficiency. Plastic packaging is light weighted and also easy to handle, which impacts the demand primarily. As the increasing environmental awareness is becoming an important aspect, consumers are getting progressively inclined to use biodegradable and eco-friendly plastics. PET bottles are one such type of eco-friendly bottles that are in high demand presently at the global level.
In terms of packaging type: Box, cartons, bottles, cans, and others are the segments.
Regional Outlook
Regionally, the global soft drink packaging market has spanned across the regions of North America, Asia Pacific, Europe, and the Rest of the World.
Among these regions, in the year 2017, about 202,400 million liters of soft drinks were sold only in the Asia Pacific region. The motivating factor of the increasing market in the Asia Pacific region is the rising population, including the population of youth in this region that resulted in a vast customer base. To add to this, another reason for the growing soft drink market is the fast-growing economies. China is a leading country in the Asia Pacific for its high population. The study mentioned that there is a high demand for soft drinks in Argentina for warm climatic conditions and higher incomes.
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