The Alcohol Packaging Market is slated to exceed $75 billion in revenue by 2028, Says Global Market Insights Inc.
The growth of the alcohol packaging market is driven by favorable trends associated with alcohol production, soaring demand for environment-friendly packaging solutions, and rising climate consciousness, says this report.
Selbyville, Delaware, May 16, 2022 (GLOBE NEWSWIRE) — As per the latest research report by Global Market Insights Inc., the Alcohol Packaging Market was estimated at USD 62,223.9 million in 2021 and is primed to reach a valuation of around USD 75 billion by 2028, progressing at a CAGR of 2.8% from 2022 to 2028. The research report gives a detailed analysis of wavering market trends, the competitive scenario, market size & estimations, drivers & opportunities, top winning strategies, and major investment pockets.
The development of innovative packaging solutions, such as the Bordeaux-style bottle, along with increasing efforts by manufacturers to offer new and enhanced packaging solutions, is fueling the alcohol packaging market share. Recently, manufacturers have also been focusing on making returnable glass bottles that could be reused about ten times, thereby reducing the carbon footprint of the industry. Similarly, rising investments towards the development of plant-based PET bottles for alcohol packaging to decrease the environmental impact of these packaging products are also set to facilitate market growth through the forecast period.
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Metal is considered vital in alcohol packaging and is primarily used in the form of cans, wherein it provides protection from external influences. It is easy to produce and can withstand acidic environments, which makes it well-suited for wine packaging. Packaging made with aluminum is durable, unbreakable, shatterproof, and offers a premium look to alcohols. It is also lightweight and thus, requires lower transportation costs. Cans made with steel and aluminum are mainly used for alcohol packaging. Metal is recyclable and helps reduce the carbon footprint. Owing to these factors, the metal material segment is projected to be valued at over USD 20 billion by the end of 2028.
Based on alcohol, the wine segment is slated to attain a share of above 10% in the alcohol packaging market by 2028. Since wine is rich in antioxidants, it lowers oxidative stress. Its anti-inflammatory properties also help combat inflammation and reduce the risk of depression while promoting healthy gut bacteria. Rising consumer preference for wine as it enhances the taste of food is foreseen to bolster segmental growth in the forthcoming years.
Key reasons for alcohol packaging market growth:
- Prevalent consumer demand for wine.
- Growing utilization of metal in alcohol packaging.
- High consumer interest in secondary packaging solutions.
- Increased emphasis on the development of eco-friendly packaging.
2028 forecasts show the ‘secondary’ segment retaining its dominance:
With regards to packaging, the alcohol packaging market share from the secondary segment is poised to depict approximately 2% CAGR over the study period. Secondary packaging is appealing to buyers as it is the first thing the customers see. Growing product importance in providing secondary containment, physical and barrier protection, and regulatory adherence is speculated to stimulate segmental penetration. Some common examples of secondary packaging are cardboard or plastic crates, cardboard boxes, trays, paperboard cartons, trayed PET, and glued cardboards, including cans and bottles.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe alcohol packaging market is estimated to observe strong growth at a CAGR of more than 1.5% in terms of volume through 2028. High presence of well-established and technologically advanced machinery for alcohol packaging is supporting product growth. Furthermore, changing consumer lifestyle, along with increasing disposable income, is impelling alcohol demand, which is foreseen to boost regional market development in the future.
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Impact of COVID-19 pandemic on the alcohol packaging market:
Following the onset of COVID-19, there was an upsurge in alcohol consumption, particularly among millennials, which has enhanced product penetration worldwide. Moreover, rising climate consciousness among consumers has pushed manufacturers to focus on introducing sustainable packaging solutions in the market. In addition, the COVID-19-induced e-commerce boom bolstered the demand for feasible and advanced products suitable for home deliveries. These factors have aided overall business growth during the pandemic.
Leading market players
Key companies functioning in the global alcohol packaging industry include Brick Packaging LCC, Amcor plc, Ball Corporation, DS Smith, TetraPak, Owens Illinois, Crown Holdings, Berry Global, Inc., and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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