The global food & beverage cans market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing consumption of alcoholic beverages such as beer which require cooling at a specific temperature for enhanced taste is expected to boost market growth.
The global food & beverage cans market report has been segmented on the basis of product, application, and region.
On the basis of product, the global food & beverage cans market has been segmented into aluminum and steel. Penetration of steel segment is expected to grow over the forecast period. These materials are preferred for packaging of food and beverages as they match the hygiene standards. However, fluctuating prices of raw materials coupled with complexity in the manufacturing of steel cans are expected to hamper market growth.
On the basis of application, the global food & beverage cans market has been segmented into food (fruits & vegetable, meat & seafood, pet food, and convenience food) and beverages (alcoholic beverages, carbonated soft drinks, fruits and vegetable juices, and sports & energy drinks). Food segment is expected to witness steady growth over the forecast period. Growing demand for frozen food owing to changing preferences among consumers towards ready to cook meals owing to conveniences and hygiene is anticipated to drive food & beverage cans market.
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On the basis of region, the global food & beverage cans market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market is expected to grow at a rapid pace over the forecast period. Growing demand for soft drinks and packed fruits and vegetables is anticipated to drive market growth. Moreover, growing consumption of alcoholic beverages in the region is expected to fuel market growth over the forecast period.
Key players operating in the global food & beverage cans market include Ball Corporation, Crown Holdings, Inc., Tetra Laval International S.A., Orora Packaging Australia Pty Ltd., Silgan Holdings Inc., Ardagh Group S.A., Mahmood Saeed Food & beverage Cans & Ends Industry Company Limited, CPMC Holdings Limited, Silgan Holdings Inc., and Can-Pack S.A.