Single-Serving Beverage Containers to Drive Market Growth
The Asia-Pacific region is expected to be the fastest-growing market throughout the forecast period.
The global beverage container market was valued at approximately $58.8 billion in 2017 and is projected to reach $72.2 billion in 2023, exhibiting a compound annual growth rate (CAGR) of 3.5%, according to a report available from Research and Markets. An increasing worldwide consumer preference for single-serving containers is the key driver in the global beverage container market. Rising disposable income and improving living standards, coupled with hectic work lifestyles, are augmenting the demand for small glass or plastic beverage containers across the globe. Other factors include increasing demand for non-carbonated soft drinks and escalating demand for alcoholic drinks.
Growing environmental sustainability concerns will escalate the demand for bag-in-box products and will provide an opportunity to global beverage container market during the forecast period. A trend in the development of lightweight beverage containers that involves redesigning the packaging materials to make the product easier to carry is also expected to increase market growth.
The Asia-Pacific region is expected to be the fastest-growing market throughout the forecast period. Factors such as rising purchasing power and living standards, growing health awareness, and changing work lifestyle in emerging economies such as China and India will positively impact the market for beverage containers in the region.
For more information, visit www.researchandmarkets.com.