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According to statistics made by Insure Insight, the global alcohol packaging market was sized at a value of $10.8 billion in 2020 and is projected to hit $17.2 billion by 2028, registering a robust CAGR of 5.3% during the forecast period (2022 – 2028).
GLOBAL ALCOHOL PACKAGING MARKET – MARKET OVERVIEW
Alcohol packaging is the use of primary and secondary packaging to package various types of alcohol. The rise in alcohol consumption is driving up demand for alcohol packaging. Similarly, an increase in population capital income has increased the number of alcohol consumers worldwide.
GLOBAL ALCOHOL PACKAGING MARKET – MARKET DYNAMICS
The global alcohol packaging market is expected to grow steadily due to rising consumer disposable income and increased alcohol consumption in emerging markets. Alcohol packaging manufacturers are working hard to create new designs and flavors for consumers. This is likely to boost alcohol packaging sales in the near future. Product appeal is being driven by innovative packaging, which is attracting new consumers to the market. Manufacturers are focusing on improvements to existing packaging solutions in order to better represent the brand and gain a competitive advantage over rival manufacturers. To attract customers, manufacturers are also printing graphical designs on alcohol cans. This will drive the alcohol packaging market over the next decade.
Top Driver: the growing consumption of expensive alcohol in emerging countries is driving the growth of the market
The increase in spending on community activities such as parties in modern society, as well as the rise in disposable income of consumers in developing economies, are the primary drivers of premium and luxury alcohol consumption. Alcohol is now socially acceptable and normalized in modern culture, where it is consumed at casual outings, night parties, lounges, and leisure gatherings. Millennials are now more likely than any other generation to be exposed to alcohol consumption. As a result, the increase in demand for alcoholic beverages is propelling the alcohol packaging market.
COVID-19 IMPACTS ON THE GLOBAL ALCOHOL PACKAGING MARKET
The COVID-19 pandemic changed the rapidly flourishing packaging industry before the pandemic crisis. Many companies were developing swiftly toward their sustainability goals with innovative technologies that are environmentally friendly and the production of reusable and biodegradable products. However, increasing concerns regarding the safety & hygiene of reusable packaging materials coupled with a shortage of raw material owing to disruption of the supply chain in major raw material supplying countries have temporarily halted the progress of the packaging industry. On the other side, with the growing use of E-commerce, rapidly changing consumer preferences, quickly changing cost pressures and more regional supply needs., and speedier digitalization of the value chain, the global market is expected to bounce back and reach its desired progress rate over the forecast period.
The Spirit segment is expected to dominate the market growth during the forecast period
The spirit segment is expected to account for a significant portion of the global market, growing at a CAGR of 5.7% by the end of 2028. Spirits have an alcohol content of 35%-40% by volume. Spirits are far more potent than other alcoholic beverages such as beer and wine. Wine is created through the fermentation process, whereas spirits are created by distilling the fermented product. The alcohol packaging market is being driven by rising demand for alcoholic products containing spirits.
The Asia Pacific is set to dominate the market during the forecast period
Because of the region’s increasing consumption of spirits, Asia Pacific has the largest value share of the global alcohol packaging market. Manufacturers’ shift to sustainable packaging is also expected to boost the region’s alcohol packaging market. The rise in disposable income in emerging countries such as India and China has increased the demand for alcoholic beverages in the Asia Pacific.
The global alcohol packaging market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;
Scope of the Report
Keys reasons to purchasing this report
It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2028 and which nation will lead the market in 2028.
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