ALUMINUM FOOD CAN MARKET REPORT OVERVIEW
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The global aluminum food can market size was USD 46500.0 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with aluminum food can market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 58900.0 million in 2027, exhibiting a CAGR of 4.02% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Aluminum can is a type of container made of aluminum used for packaging of food and beverages. It is considered one of the easiest ways of transporting food products and liquids without affecting the quality and taste of the product. Aluminum cans are used on a large scale in the food and beverages industry as they are extremely cost effective, strong, durable, flexible, impermeable, lightweight, corrosion-resistant and recyclable.
Aluminum food can acts as the best barriers to prevent the interaction of moisture. Ease of handling and recycling, affordability, expansion of manufacturing units and increasing preference for aluminum cans from various industries like pharmaceuticals, beverages, food, and chemical are the factors that will help in the growth of the market during the forecast period.
COVID-19 Impact: Pandemic Increased the Demand for Aluminum Food Can
Covid-19 pandemic led to supply chain disruptions in the whole world. Manufacturing companies closed all their operations and many companies were shut down until reopening instructions received from the government authorities. Lockdown measures led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses. Due to reduction in labour force as a result of social distancing norms, almost every beverage company around the world wanted to can their product to increase its shelf life, as a result of which the entire industry witnessed significant increase in demand for aluminum cans from these companies.
Latest Trends
"Increasing Demand for Food and Beverages to Fuel Market Growth"
The growth of aluminum food can market can be attributed to various factors such as the rising demand for aluminum cans, growing environmental concerns, increasing consumptions of alcoholic and non-alcoholic drinks. In June 2022, Ball Corporation expanded its capacity by establishing a new manufacturing plant for aluminum cans in South America. In September 2022, the global brand Suntory Spirits of Tokyo unveiled the first 100% recycled aluminum can in the world. In September 2021, Ball Corporation announced a new US Beverage Can plant in Nevada to support the customers' long-term growth. Introduction of new innovative product lines by key industry players is expected to boost the growth of market during the forecast period.
ALUMINUM FOOD CAN MARKET SEGMENTATION
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- By Type Analysis
According to type, the market can be segmented into Protective Helmets, Boots, Protective Clothing, Visual Protection, Hearing Protection, Hand Protection and others.
- By Application Analysis
Based on application, the market can be divided into PPE Specialist, MRO Sales, Wholesalers and others.
Driving Factors
"Expansion of Industrial Sector to Stimulate Market Demand"
Accelerated industrialization globally after pandemic both in developing and developed countries continue to contribute to the demand for aluminum food can globally. With the growth of modern economies, rapid technological advancement has attributed in the expansion of manufacturing sector that helps in the production of good quality lightweight and recyclable aluminum cans. In addition the key industry players in the market are coming up with new ideas and technologies to capture market share. They are offering variety of new products to attract consumers. The increase in demand and production further accelerating aluminum food can market growth.
"Growing Environmental Concerns to Accelerate Market Growth"
Different environmental concerns such as global warming, harmful effects of plastics and decreasing scarce natural resources have created the need to recycle products. Public awareness programmes by different NGOs and environmental groups are creating awareness among people worldwide. Consumers are refraining from buying non-biodegradable goods that cause harmful impact to the environment. As a result of shift in demand from plastic products to recycled products, and increasing demand for sustainable packaging, market is expected to grow in the forecast period.
Restraining Factors
"Increasing Cost of Raw Materials to Restrict Market Growth"
Rising price of raw materials to manufacture aluminum cans and fluctuations in their prices act as hurdle for growth of market. Affordability of plastic packaging compared to aluminum packaging and easy disposal of plastic cans are the factors anticipated to hinder the growth of aluminum food can market during forecast period.
ALUMINUM FOOD CAN MARKET REGIONAL INSIGHTS
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"Growing Demand in North America Anticipated to Boost Market Expansion "
Due to increasing concerns regarding use of sustainable packaging materials, North America holds the leading position in aluminum food can market share. The main elements to contribute to the industry growth in North America are presence of aluminum manufacturers, increasing demand for aluminum cans and increasing consumption of alcohols.
Key Industry Players
"Adoption Innovative Strategies by Key Players Influencing Market Growth"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Silgan Holdings Inc., Crown Holdings, Inc., CAN-PACK SA, Ball Corporation, Toyo Seikan, Group Holdings, Ltd., Ardagh Group. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.
List of Market Players Profiled
- Silgan Holdings Inc.
- Crown Holdings, Inc.
- CAN-PACK SA
- Ball Corporation
- Toyo Seikan Group Holdings, Ltd.
- Ardagh Group
Report Coverage
This report examines an understanding of the aluminum food can market market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 46500 Million in 2021 |
Market Size Value By |
US$ 58900 Million by 2027 |
Growth Rate |
CAGR of 4.02% from 2021 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global aluminum food can market expected to touch by 2027?
The global aluminum food can market is expected to touch USD 58900.0 million by 2027.
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What CAGR is the aluminum food can market expected to exhibit during 2021-2027?
The aluminum food can market is expected to exhibit a CAGR of 4.02% over 2021-2027.
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Which are the driving factors of the aluminum food can market?
The increasing preference for aluminum cans from different industries and growing environmental concerns are the driving factors of the aluminum food can market.
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Which are the top companies operating in the aluminum food can market?
Silgan Holdings Inc., Crown Holdings, Inc., CAN-PACK SA, Ball Corporation, Toyo Seikan, Group Holdings, Ltd., Ardagh Group are the top companies operating in the aluminum food can market.
