Soft Drinks Packaging Market Research Report— By Material (Glass, Plastic, Metal, Paperboard), By Packaging type (Box, Bottle, Cartons, Cans), By Application (Carbonated Soft Drinks, Functional Drinks, Juices, And Others) and Region — Global Forecast Till 2023
Market Scenario of Soft Drinks Packaging Market
The Global Soft Drinks Packaging Market is predicted to demonstrate 3.95% CAGR during the forecast period (2018-2023) owing to the burgeoning demand for carbonated soft drinks, asserts Market Research Future (MRFR). Soft drink is referred to as a non-alcoholic beverage which comprises different ingredients and flavors. It offers calories or sugars, hydration, vitamins, nutrients, and other, based on its ingredients. Soft drinks are non-alcoholic drinks which includes juices and concentrates, CSDs, ready-to-drink tea and coffee, and functional drinks. Soft drinks are generally consumed by people of across age groups and are available in options such as flavored water, juices,energy drinks, and others. As soft drinks are a ready to consume product, the quality of packaging should be high so that the product is kept in a perfect condition.
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The key players of Global Soft drink Packaging Market report include Amcor Ltd. (Australia), Crown Holdings, Inc. (U.S.), AptarGroup Inc.(U.S.), Ardagh Group Inc. (Luxembourg), Graham Packaging Company (U.S.), Owens-Illinois, Inc.(U.S.), Ball Corporation(U.S.), Tetra Pak International S.A. (Switzerland), Allied Glass Containers(U.K), Bemis Company Inc.(U.S.), CAN-PACK S.A. (Poland), CKS Packaging, Inc. (U.S.) and Mondi Group (South Africa).
Regional Analysis of Global Soft Drink Packaging Market
On the basis of region, the market is segmented as North America, Europe, Asia Pacific and Rest of the World. In 2017, about 202,400 million liters of soft drinks were sold only in Asia Pacific. The driving factor of increasing market in Asia Pacific is the growing overall population and the population of youth in this region, which results in a huge customer base. Another reason for the growing soft drink market is fast-growing economies. China is a leading country in Asia Pacific because of high population. There is very high demand of soft drinks in Argentina because of warm climatic conditions and higher incomes.
Soft Drinks Packaging Market Segmentation
Global Soft Drink Packaging Market is segmented on the basis of material, packaging type, application, size, and region. On the basis of material, it is segmented as glass, plastic, metal, paperboard, and others. Among all, the segment for plastic packaging has landed the highest market share because of its cost-efficiency. Plastic packaging is light weighted and easy to handle which influences the demand positively. With the increasing environmental awareness, consumers are getting increasingly inclined to use biodegradable and eco-friendly plastics. PET bottles, made-up of a plastic resin chemically known as polyethylene terephthalate, are one such type of eco-friendly bottles which are in high demand nowadays.
On the basis of packaging type, the market is segmented as box, bottle, cartons, cans, and others. Only a small percentage of the total manufactured soft drinks is packed in glass bottles as it incurs high transportation and storing cost. The use of glass bottles is reduced because of availability of alternatives like metal cans and PET bottles. Metal cans and PET bottles are lightweight and recyclable and save storage and transportation cost.
Drivers and Constraints Impacting the Market
Packaging plays a crucial role as it offers information about the constituting ingredients, product content,expiry and manufacturing dates. Proper packaging of soft drinks provides external environment protection, product support, and tamper resistance. These advantages of packaging are considered to fuel the demand across the globe. Factors such as rapid urbanization, increasing population, and increasing disposable income are creating high demand for soft drink products among the global population. Benefits such as ease of disposability, ease of use, and enhanced user experience are anticipated to stimulate the market growth for soft drinks packaging in the coming years.
In recent times, people are becoming extremely health-conscious. From consuming carbonated beverages to rejuvenating juices, consumers are spending more on such products in order to keep themselves refreshed. Companies are thus launching healthier version of carbonated drinks to fulfil the demand. This is creating a huge demand for packaging solutions in the industry. The demand for convenient packaging solutions is also triggering owing to the technological advancements in the market. Moreover, PET bottles, compatible for the packaging of soft drinks are acquiring the global market as they are lighter in weight and saves transportation and storage cost, thereby driving the global market during the assessment period.
On the flip side, strict regulations from the government against using non-biodegradable products is considered to dampen the soft drinks packaging market. Awareness about environment concerns raised by the use of plastics is considered to impede the market growth during the appraisal period.
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