LONDON--(BUSINESS WIRE)--The global beverage packaging market by plastic is expected to grow at a CAGR of close to 6% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global beverage packaging market by plastic for 2017-2021. The market is further categorized into three application segments, which include non-alcoholic, dairy, and alcoholic products.
“APAC led the global beverage packaging market by plastic in 2016 and will continue dominating the market during the forecast period. This is mainly because packaging film manufacturers are shifting their manufacturing facilities to countries, such as India and China, in APAC to reduce their operational costs,” says Sharan Raj, a lead packaging research expert from Technavio.
Technavio’s research analysts segment the global beverage packaging market by plastic into the following regions:
- APAC
- EMEA
- Americas
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Beverage packaging market by plastic in APAC
The market in APAC is growing because of the surging demand for various retail products and the growth of emerging economies, such as India and China. China was the largest market in the region, with a share of 49% in 2016, followed by Japan with a share of 29%. India is expected to have the highest growth rate during the forecast period.
The retail industry in the region is expected to witness a rapid surge in rigid plastic packaging for beverages. This trend is set to continue during the forecast period, indicating the increased purchasing power and changing demand of people in this region. Consolidation in the global beverage packaging market by plastic and key players shifting their operating bases to emerging nations, such as India and China, to gain a competitive advantage are two major factors driving the market. Another factor driving the market is the growing demand for convenient packaging for beverages.
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Beverage packaging market by plastic in EMEA
The share of the beverage packaging market by plastic in EMEA is expected to witness a slight decline of around 1% during the forecast period. This can be attributed to the slow economic growth in countries in EMEA. Many leading vendors have their production plants in Europe and record a major share of revenue from the Western European region.
Many companies in the beverage industry are implementing active and intelligent packaging techniques. The fastest growth is expected from the plastic trays and stand-up pouches segments.
Beverage packaging market by plastic in Americas
The share of the Americas in the global beverage packaging market by plastic is expected to witness a marginal decline of around 1% by 2021. This is because vendors are shifting their manufacturing bases to China and India, to reduce their operational costs. Argentina and Brazil are the major revenue contributors to the market in the Americas.
“The market is expected to grow at a moderate rate during the forecast period driven by the increase in cross-border trade and a huge demand for online shopping. In the beverage industry, plastic is used for the packaging of alcoholic, non-alcoholic, and dairy beverages. The market growth is being fueled by customers who are conscious about their health, which has increased the demand for milk products as an alternative to carbonated beverages,” says Sharan.
The top vendors in the global beverage packaging market by plastic as highlighted in this market research analysis are:
- Amcor
- Reynolds
- Sonoco Products Company
- Berry Global
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