LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global metal cans market for the food and beverage industry to grow at a CAGR of close to 3% during the forecast period, according to their latest report.
“Food containers and packaging materials are the largest components of municipal solid waste in marine channels, amounting to 32% of the total waste. This causes major damage to wild and marine life”
The market study covers the present scenario and growth prospects of the global metal cans market for the food and beverage industry for 2017-2021. The report also lists beverages and food as the key end-user segments, of which the beverages segment accounted for close to 76% of the market share in 2016.
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Technavio chemicals and materials analysts highlight the following three market drivers that are contributing to the growth of the global metal cans market for the food and beverage industry:
- Increase in demand for aluminum cans
- Drawbacks of plastic packaging
- Emergence of single-serve packs
Increase in demand for aluminum cans
Aluminum cans are considered the most sustainable beverage containers and their demand are increasing globally. These are considered as the most recyclable beverage containers. On an average, a can contains approximately 70% of recycled aluminum. On the other hand, plastic and glass containers contain one-third of recycled content.
“Other advantages of aluminum cans include being strong and lightweight, which enables easy transportation and storage. Moreover, aluminum cans are light and air resistant, which allows them to protect the authentic taste and thus increase the shelf life of products,” says Sharan Raj, a lead analyst at Technavio for metals and minerals research.
Drawbacks of plastic packaging
Plastics are polymers made from oil, and hence they are not bio-degradable. They often fill landfill sites or get washed out to sea, where they release toxic compounds into soil and water thus making them extremely hazardous for the environment.
“Food containers and packaging materials are the largest components of municipal solid waste in marine channels, amounting to 32% of the total waste. This causes major damage to wild and marine life,” says Sharan.
International regulatory organizations such as the EU have introduced legislations to monitor and curb the use of plastics in the food and beverage packaging industry. Thus, the drawbacks associated with plastic packaging are giving an added boost to the global metal cans market for the food and beverage industry.
Emergence of single-serve packs
The single-serve concept is becoming very popular in the food and beverage packaging industry. This redesigning in packaging is driving the global metal cans market for beverages. The introduction of single-serve beverages is providing considerable opportunities for beverage manufacturers to reach a larger market. Ready to drink (RTD) beverages can easily be kept in refrigerated cases along with water, juices, sodas, and other beverages. Also, single-serve milk is available in most retail stores and fast delivery convenience restaurants. Increasing consumer demand for healthy products and on-the-go food and beverages products is promoting single-serve packaging of beverages, snacks, and baked goods.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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