The global alcohol packaging market size was valued at USD 67.10 billion in 2023 and is expected to be worth USD 70.19 billion in 2024. The market is projected to reach USD 106.34 billion by 2032, recording a CAGR of 5.33% during the forecast period.
Alcohol packaging serves to safeguard the product while also enhancing brand visibility, significantly influencing consumer decision-making. Manufacturers are innovating with unique packaging designs that sway consumers toward their products, thereby driving market expansion.
The COVID-19 pandemic had a negative impact on the global market. The pandemic shifted consumer preferences toward soft drinks and other non-alcoholic beverages, causing a decline in the demand in bars, restaurants, and hotels, which further restricted the alcohol packaging market.
Fortune Business Insights™ displays this information in a report titled, “Alcohol Packaging Market Size, 2024-2032.”
Segmentation:
Glass Packaging Commands for Largest Share Due to its Ability to Maintain Aroma, Strength, and Flavor
Based on material, the market is segmented into glass, metal, plastic, paper and paperboard, and others. The glass segment accounts for the highest part of the alcohol packaging market share. One of the key advantages of glass packaging is its ability to maintain the aroma, strength, and flavor of the alcohol, contributing to its increased demand in the market.
Bottles Segment Holds Largest Share Owing to its Ability to Maintain Flavor Integrity
Based on product type, the market is segmented into bottles, cans, bag-in-box, brick cartons, and others. The bottles segment commands the largest market share of alcohol packaging because packaging must prevent product aging, maintain flavor integrity, and ensure that the desired alcohol content remains diluted.
Beer Segment Dominates Market Due to its Role in Fostering Social Group Cohesion
Based on application, the market is segmented into beer, wine, spirits, and others. Beer segments dominates this market because it is a popular party beverage among millennials and an essential component of banquets. Its role in fostering social group cohesion contributes to its growth.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, materials, product types, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Revamping Packaging for Sustainability to Boost Market Growth
In recent times, various alcohol brands have changed their packaging methods and materials to align with eco-friendly practices. When companies embrace sustainable practices, customers often feel a sense of more alignment, fostering strong connections and loyalty. Recycling serves as a cornerstone of sustainable packaging. It has the potential to significantly reduce the industry’s carbon footprint. Glass containers, which can be refilled endlessly, present a highly sustainable alternative to single-use packaging options, such as plastic bottles or cans. Additionally, advancements in lightweight glass technology further enhance its environmental benefits, appealing to consumers who prioritize sustainability and to brands committed to responsible practices. All these factors together contribute to market growth.
However, plastic manufacturing can be energy-intensive and detrimental to air quality, which may impede alcohol packaging market growth.
Regional Insights:
Asia Pacific Dominated Market Due to Cultural Acceptance of Alcohol Consumption During Social Events
Asia Pacific accounts for the largest market share of alcohol packaging. The growth can be attributed to cultural acceptance of alcohol consumption during social events. Alcohol is increasingly utilized to reduce stress and improve relationships, particularly between managers and employees.
The North American alcohol packaging market is anticipated to generate significant revenue and sustain its growth. This growth can be attributed to the advancement of innovative packaging methods, including active packaging, smart packaging, and developments in engineering science in the region.
Source- https://www.fortunebusinessinsights.com/alcohol-packaging-market-110180
Competitive Landscape:
Major Companies Dominate Market by Offering Innovative Packaging Solutions
Some of the leading players operating in this market include ALLTUB, Essel Propack Ltd., and others. Few of the major companies dominate the market by providing innovative packaging solutions. These key players are continuously working to expand their customer base across various regions, while focusing on innovation.
Notable Industry Development:
November 2023: The Budweiser Brewing Company APAC hosted a circular packaging forum for its value chain partners at Putian Brewery in Fujian Province, China. The event emphasized Bud APAC’s commitment to a circular packaging strategy on the “reduce-reuse-recycle-recover” framework aimed at facilitating a low-carbon transition.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Glassworks International (U.K.)
- Crown Holdings (U.S.)
- Graham Packaging Company (U.S.)
- Ball Corporation (U.S.)
- Verallia (France)
- Vidrala S.A. (Spain)
- Refresco Group (Netherlands)
- Berry Global Inc. (U.S.)
- Gerresheimer AG (Germany)
- Smurfit Kappa (Ireland)
- Owens-Illinois Inc. (U.S.)
- Beatson Clark Ltd. (U.K.)
- Vetreria Etrusca (Italy)
- Ardagh Group S.A. (Luxembourg)
- Orora Packaging Australia Pvt Ltd. (Australia)
