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.
The Global Soft Drink Packaging Market is expected to grow at a CAGR of ~ 3.95% during the forecast period of 2018–2023.
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The prominent players operating the global soft drinks packaging market are Mondi Group (South Africa), Ball Corporation (U.S.), Graham Packaging Company (U.S.), CKS Packaging Inc. (U.S.), Owens-Illinois Inc. (U.S.), AptarGroup Inc. (U.S.), Bemis Company Inc. (U.S.), Tetra Pak International S.A. (Switzerland), CAN-PACK S.A. (Poland), Allied Glass Containers (U.K.), Amcor Ltd. (Australia), Crown Holdings Inc. (U.S.), and Ardagh Group Inc. (Luxembourg).
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.
Global Soft Drinks Packaging Market: Segmental Analysis
The global Soft Drinks Packaging Market has been segmented on the basis of material, packaging type, application, and region.
By mode of material, the global soft drinks packaging market has been segmented into plastic, glass, paperboard, metal, and others. Among these, the plastic packaging is considered to occupy the highest market share owing of its cost-efficiency. As plastic packaging is easy to handle and light in weight, the demand for plastic packaging is high. The rising environmental awareness has led the consumers to shift to eco-friendly and biodegradable plastics. PET bottles or polyethylene terephthalate which are made of a plastic resin, are eco-friendly bottles which are high in demand nowadays.
By mode of packaging type, the global soft drinks packaging market has been segmented into bottle, box, cans, cartons, and others.
Among these, glass bottles are the least used mode of packaging. A small percentage of the total manufactured soft drinks is packed in glass bottles owing to its high storing and transportation cost. Metal cans and PET bottles have replaced the use of glass bottles as they are light in weight saves storage and transportation cost, and are recyclable.
By mode of application, the global soft drinks packaging market has been segmented into functional drinks, carbonated soft drinks, juices, and others. Among these, consumers are predicted to shift towards functional drinks owing to the increasing health conscious population.
Geographically, the soft drinks packaging market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region is considered to dominate the global soft drinks packaging marketowing to the increasing number of soft drinks consumers in this region. Also, low production cost due to easy availability of inexpensive technical labor, high disposable income, and high population are some of the driving factors of the market.Moreover, with the emergence of local players across countries, the competition among the global players have increased which is further propelling the market growth. Also, adoption of innovative packaging creates huge opportunities for the manufactures to increase their foothold.
January 2018: Coca-Cola had recently announced their plan to collect and recycle 100% of it’s packaging by the end of 2030. The company is also planning to reshape its approach to packaging and recycling. It is presumed that Coca-Cola produces 110 billion single-use plastic bottles every year. This is anticipated to impact the virgin packaging providers, and other beverage producers are also expected to follow the trend.
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