Global Food and Beverage Metal Cans Market is projected to reach USD 45.45 Billion by 2028 | Precision Business Insights
The growing environmental concerns have sparked a great interest in the use of metal cans.
The global food and beverage metal cans market size was valued at USD 27.7 Billion in 2021 and is projected to reach USD 45.45 Billion by 2028, growing at a CAGR of 6.2% over the forecast period. Metal, as a packaging material, has good barrier characteristics and is consequently widely employed in the food packaging industry. They come in a variety of container types and closures, including glass bottles & composite cans. Because metals are not inert with food, packing materials are coated with preventive lacquers to avoid food-metal interactions and to prevent ions from migrating into the food.
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The Food And Beverage Metal Cans Market – Growth Factors
Due to metal cans’ recyclable features, the market for food and beverage metal cans is predicted to grow in demand. Over the forecast period, the high nutritional content and cheaper prices of canned goods are also expected to boost the growth of food and beverage metal cans. The increased demand for packaged food items around the world, as well as rapid changes in people’s lives, are expected to drive demand for food and beverage metal cans, which are expected to grow significantly during the forecast period.
The Food And Beverage Metal Cans Market – Segmentation
The Food And Beverage Metal Cans Market on the basis of Material, the market is fragmented into Aluminium, Tin, and Steel. On the basis of Application, the market is divided into Food, Energy drinks, Alcoholic Beverage, and Others. On the basis of Food, the market is classified into Convenience food, Meat, and seafood, fruits and vegetables, Pet food, and Others.
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The Food And Beverage Metal Cans Market Trend:
• Companies are now aiming to manage a specific business-related operation in a country with favorable legislation, which is a clear trend that is being noted across the board.
• Authorities in developing countries like India, China, Taiwan, and Indonesia are establishing policies to entice foreign investors to their industrial sectors by cutting trade taxes and duties in order to create more jobs.
The restraining factor of the Food And Beverage Metal Cans market:
On the other hand, in the forecast period, the rising use of plastic for packaging due to lower costs is expected to hinder the development of the food and beverages metal cans market, whereas the shifting propensity towards substitute packaging options as well as the strong growth in the trend of biodegradable packaging is anticipated to assert the growth of the food and beverages metal cans market.
The Food And Beverage Metal Cans Market –Regional Analysis
North America is a large producer of food and drinks, owing to increased consumer awareness of environmental sustainability. Furthermore, the industry is being fueled by the presence of a significant consumer base for packaged food and beverages across the region.
Impacts of the COVID-19 Pandemic on the Global Food And Beverage Metal Cans Market
European steelmakers have quickly decreased output in reaction to the COVID-19 pandemic’s estimated growth, with first-quarter production down 10% year over year. In addition, the non-ferrous metals sector is a critical component of critical value chains, such as food packaging.
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