Global Metal Packaging Market - Segmented by Type of Security (Cans, Tins and Boxes, Caps and Closures, Foils, Barrels & Drums), Material (Steel, Aluminum), Industry Verticals (Food & Beverages, Healthcare & Medical, Consumer goods), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global metal packaging market was valued at USD 110.3 billion in 2017, and is expected to reach a value of USD 141.6 billion by 2023, at a CAGR of 4.34 %, during the forecast period (2018 - 2023).Metal packaging is the key to sustainable development of human civilization. Metal, being a permanent material retains 100% of its properties even after infinite recycling thereby reducing resource wastage significantly. Metals like aluminum are very easy to sterilize for packaging purposes and its durability and high barrier protection makes it a very good choice for packaging material. These days, most of the can packaging encompasses a traceability technique, making the origin of any product known, thereby making it easier to respond to queries and safety concerns promptly. Plastic packaging market is providing stiff competition to the global metal packaging market. The technological advancements in the packaging industry, like micro packaging, which provides a lighter, more efficient packaging material, and their continuous decrease in cost, is a major constraint for the growth of the market.
High Growth Rate of Food & Beverages, Healthcare, and Consumer Goods Industry
The growing food & beverages market offers a variety of opportunities to the metal packaging market. Major companies are looking towards addition and introducing innovative products to its businesses. The growing advancement and research in the pharmaceutical industry have resulted in the introduction of new drugs, with greater performance compared to their predecessors. Recent improvements in medical science and addition to medicines available for numerous diseases and deficiencies is driving the market, indirectly, as the necessity of packaging the medicines have multiplied rapidly, with time. Pharmaceutical organizations are now outsourcing the job of packaging the end products to organizations skilled and specialized in handling the packaging of medicines. Furthermore, rising old age population, stringent regulations by governments on packaging and escalating public interest toward innovative packaging are some of the factors that are driving the packaging segment.
Cans are the Fastest Growing Product Type
In developing countries, rising disposable income of people is enabling consumers to spend more on food. Factors such as convenience and extended shelf life, without compromising on food quality, are supporting the demand for canned food products. Moreover, a shift has been observed in people's food consumption habits from traditional diet to westernized diet, which has seen an increase in consumption of packaged food, further driving the demand for aluminum cans in developing countries. In recent years, the share of metal beverage can’s market increased. For a long time initially, food cans were manufactured as relatively flat containers. However, the range of products has evolved both regarding the food products packaged, and the size & shape of the cans.
North America has the Largest Market Share
North America is estimated to hold major market share of the global metal packaging market, augmented by the presence of strong food & beverage, and pharmaceutical industries and a very competitive packaging market. The United States holds majority share in this region. Metal packaging companies in the United States have learnt to adapt to challenging business conditions. The companies are also becoming aware of the intense increasing global competition, cost pressures, and highly variable demand from OEMs. This environment is rapidly boosting the metal packaging market in the United States. The growing urban population coupled with the increasing number of households, have been instrumental in bolstering the growth of the household care, personal care, and cosmetic market in the region. Companies are constantly focused towards making innovations and investments in this region owing to the increasing demand.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook