Post Time：Nov 24,2020Classify:Industry NewsView：1203
The global beverage packaging market is expected to grow by USD 35.42 billion during 2020-2024, according to Technavio. The rapid spread of COVID-19 had compelled market vendors to partially shut down their operations. Also, the closure of restaurants, cafes, cinemas, and clubs due to lockdowns have negatively affected the market growth. However, many developing countries such as China, India, Indonesia, and Thailand are exhibiting significant growth in the consumption of packaged beverages. In addition, factors such as rising disposable incomes and an increase in average global temperature are increasing the consumer preference for bottled and canned water. This is expected to open new growth opportunities for vendors during the forecast period.
Technavio has announced its latest market research report titled Global Beverage Packaging Market 2020-2024 (Graphic: Business Wire) The beverage packaging market is driven by the rising consumption of bottled water. In addition, other factors such as the growing adoption of stand-up pouches and bag-in-box packaging for beverages are expected to trigger the beverage packaging market toward witnessing a CAGR of almost 5% during the forecast period. The beverage packaging market demand will show an at par growth during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019. With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal. This post-pandemic business planning research will aid clients to: Adjust their strategic planning to move ahead once business stability kicks in. Build Resilience by making effective resource and investment choices for individual business units, products, and service lines. Conceptualize scenario-based planning to mitigate future crisis situations. Key Considerations for Market Forecast: Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds Pre- as well as post-COVID-19 market estimates Quarterly impact analysis and updates on market estimates Technavio's SUBSCRIPTION platform Major Three Beverage Packaging Market Participants: Amcor Plc Amcor Plc operates its business through segments such as Flexibles and Rigid Packaging. The company offers PET containers and Round PET for liquor products. Ardagh Group SA Ardagh Group SA operates its business through segments such as Metal Packaging Europe, Metal Packaging Americas, Glass Packaging Europe, and Glass Packaging North America. The company offers a wide range of beverage cans in many shapes and sizes to high volume segments of the drinks market including beers, flavored alcoholic beverages (FABs), wine, soft drinks, energy drinks, and tea. Ball Corp. Ball Corp. operates its business through segments such as Beverage Packaging, North and Central America, Beverage Packaging, South America, Beverage Packaging, Europe, and Aerospace. The company offers Alumi-Tek bottles, aerosol cans, and beverage cans. Beverage Packaging Market 2020-2024: Segmentation Beverage packaging market is segmented as below: Geography APAC Europe North America South America MEA Material Rigid Plastics Glass Metal Others Based on material, the market witnessed maximum growth in the rigid plastics segment in 2019. Similarly, APAC offered maximum opportunities for vendors in 2019 with a market share of 41%. During the forecast period, the market will witness significant growth in APAC due to the rising adoption of stand-up pouches and bag-in-box packaging for beverages.
Source: https://in.news.yahoo.com/Author: shangyi
