Product ID: SQMIG15G2028
Global Aluminum Cans Market Size, Share, Growth Analysis, By Application(Food & Beverage, Pharmaceuticals), By Capacity Type(Less than 200ml, 201-450ml) - Industry Forecast 2024-2031
Report ID:
SQMIG15G2028 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
65 |
Figures:
75
Global Aluminum Cans Market Regional Insights
On the basis of region, global aluminum cans market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. The North America region dominated the global market. Growing concerns about the use and consumption of sustainable packaging materials are driving the growth of the aluminum can market in the region. According to the World Aluminum Organization, in February 2021, 5.112 million metric tons of primary aluminum was produced worldwide and 312 million metric tons were produced in North America, helping to grow the region's aluminum industry. Also, the Beer Institute's 2021 report estimates that American brewers use 36 billion aluminum cans each year.
With increasing consumer preference for processed and packaged food and beverages, the Asia Pacific region is expected to witness significant growth during the forecast years. Also, the growing demand for premium canned goods such as sparkling water, wine, and hard spirits in developing economies is expected to benefit market growth during the forecast period. According to the Japan Aluminum Association and the PET Bottle Recycling Council, the horizontal recycling rate for aluminum cans is 71%, while the horizontal recycling rate for plastic bottles is 24.3%. When plastic bottles are recycled, the material is recycled many times and often converted into another plastic product. Aluminum cans have a longer shelf life and prevent the contents from spoiling, which is mainly caused by exposure to light. This is likely to increase demand for aluminum cans in the pharmaceutical, food & beverage, and personal care industries in Japan.
Europe is expected to grow at a significant CAGR during the forecast period due to the large consumption of alcoholic and non-alcoholic beverages. According to the Metal Packaging Manufacturers Association, the total market for metal packaging is expected to be 14.7 billion units, of which approximately 98 billion units are produced annually in Europe. The total retail sales value of canned foods in Europe is expected to exceed USD 2.6 billion, with 4.5 billion units sold. Each year, over 99.4% of UK households buy canned food and approximately 9.7 billion drinks are distributed from UK cans manufacturing plants. As a result, the use of aluminum cans in the food and beverage industries will increase.
Global Aluminum Cans Market Report Snapshots
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