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Beverage Packaging Market to Witness Mounting Growth in Approaching Time-Owens-Illinois Inc., Tetra Laval International SA Global Inc., Sonoco Products Company, RPC Group

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Aug 18, 2021 (Market Insight Reports) -- Beverage Packaging Market by Component, Application, Services, and Region- Forecast to 2026

The Global Beverage Packaging Market Research Report 2021-2026 published by Market Insights Reports is a significant source of keen information for business specialists. It furnishes the Beverage Packaging business outline with development investigation and historical and futuristic cost analysis, income, demand, and supply information (upcoming identifiers). The research analysts give a detailed depiction of the Beverage Packaging worth chain and its wholesaler examination. Beverage Packaging Market study gives extensive information which upgrades the agreement, degree, and use of this report.

The beverage packaging market was valued at USD 132.16 billion in 2020 and is expected to reach USD 205.32 billion by 2026, at a CAGR of 6.2% over the forecast period 2021 – 2026.

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Top Leading Companies of Beverage Packaging Market are Owens-Illinois Inc., Tetra Laval International SA, Ball Corporation, Ardagh Group, Amcor Limited, Mondi PLC, Verallia SA, Vidrala SA, Vetropack Holding Ltd, Crown Holdings Inc., Silgan Containers LLC, CCL Container Inc., Berry Global Inc., Sonoco Products Company, RPC Group PLC, and others.

-Beverage Packaging Market Analysis

-Industry News And Updates on Beverage Packaging Market-

Asia-Pacific to Witness Highest Growth

– The Asia-Pacific region holds significant potential for development in terms of the most prospective countries. The market holds a substantial share in retail packaging, estimating to nearly 75%, as significant manufacturing is done in China.

– The demand for beverages, and hence the demand for beverage packaging, is expected to grow faster in the Asia-Pacific region. This is due to a rise in income and ongoing population shift from rural to urban, in major countries such as China, Japan, and India.

– Changes in lifestyle and a growing young population lead to a higher demand for branded and packaged substances. At the same time, growing health awareness and more concern towards environmental sustainability lead to innovations in beverage packaging in the region.

– Moreover, on the go consumption in countries like India, China, Japan is fuelling demand. With two of the world’s populous countries China and India, the beverage demand is always on a higher side, subsequently driving the beverage packaging market.

-Key Market Trends Beverage Packaging Market-

Alcoholic Beverage is Driving the Market

– The categorization of alcoholic beverages includes wine, beer, spirits, etc. being packaged using formats such as bottles, kegs, cartons, and cans, to name a few. When it comes to Alcoholic beverages, there has been a significant transitioning of the wine industry concerning packaging format has been observed, as the global consumption across still wine has been slowing down. This has led the Unites States-based wineries to drive packaging innovations to cut costs and appeal to younger consumers.

– Therefore, portability and convenience became significant drivers in wine packaging innovation, which led to Bota Box and Black Box to leverage alternative packagings, such as tetra packs and bag-in-box wine and cartons. According to the State Of Wine Industry Report 2020, by Silicon Valley Bank, canned wine in the country has recorded an 80% growth in 2019, despite the 0.5% as an overall share.

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