The global beverage cartons market size is expected to gain traction by reaching USD 22.44 billion by 2028. Fortune Business Insights, in its report titled “Beverage Cartons Market, 2021-2028.”, mentions that the market stood at USD 16.51 billion in 2020 and is projected to exhibit a CAGR of 4.2% between 2021 and 2028. The growing demand for convenient packaging solutions owing to rising environmental concerns will propel the demand for the product worldwide. Moreover, the increasing adoption of advanced technologies such as artificial intelligence (AI), RFID, and others is anticipated to lead to a paradigm shift in packaging trends.
The effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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List of the Companies Operating in the Global Market:
- Tetra Pak (Switzerland)
- Elopak (Norway)
- Sig Combibloc Group Ltd. (Switzerland)a
- Mondi Group (UK)
- Westrock Company (U.S.)
- Visy (Australia)
- Stora Enso (Finland)
- Pactiv Evergreen (U.S.)
- IPI S.r.l. (Italy)
- Greatview Aseptic Packaging Co. Ltd. (China)
- Other Key Players
Market Segmentation:
Based on type, this market is bifurcated into refrigerated cartons and shelf-stable cartons. On the basis of application, the market is segmented into fruit & vegetable juices, dairy products, and others. Finally, on the basis of region, the market is classified into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
Dairy Products Segment Held Market Share of 67.5% in 2020; High Demand to Propel Product Adoption
On the basis of application, the dairy segment is expected to experience considerable growth backed by the increasing demand for dairy products due to their high nutritional content and longer shelf life. The segment held a market share of about 67.5% in terms of revenue in 2020.
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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DRIVING FACTORS
Increasing Focus on Sustainable Packaging Solutions to Spur Demand
The COVID-19 pandemic has led to a paradigm shift in the preference of consumers regarding the packaging of products. Consumers are more focused on their well-being and health that is likely to impact their purchase decision. This has led to the increasing demand for sustainable packaging solutions. The companies in the market are more focused on providing tamper-proof and easy-to-carry packaging solutions. Besides, the incorporation of advanced technologies such as AI, artificial neural networking, and machine learning to assemble better products, keep track of the supply chain, and assist in consumer data generation will positively impact the adoption of the product. These factors are expected to boost the global beverage cartons market growth during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Increasing Consumption of Beverages to Aid Growth
Among all the regions, Asia-Pacific is expected to hold the largest global beverage cartons market share in terms of revenue during the forecast period. The region stood at USD 5.70 billion in 2020. Factors such as the increasing consumption of healthy beverages and the improved standard of living of people in countries such as India, China, Malaysia, and others will propel the product’s demand in the region.
The market in Europe is expected to experience exponential growth owing to the high demand for functional ready-to-drink (RTD) beverages. Moreover, the increasing focus on developing novel tastes and innovative drinks is anticipated to boost the adoption of innovative beverage cartons in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Facility Expansion by Prominent Companies to Amplify Their Market Positions
The market is experiencing fierce competition amongst the players operating in it. These players are focusing on proactive strategies such as facility expansion to ensure a wider horizon to market their innovative beverage cartons portfolio in the forthcoming years. Besides, other key players are focusing on collaborations and partnerships to maintain their presence that will favor the growth of the market in the forthcoming years.
Industry Development:
- April 2021: SIG Combibloc announced an investment of about USD 45 million to construct a new plant in Queretaro, Mexico. The expansion of the plant is anticipated to boost the company's position in Mexico and other North American parts.
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