Alcoholic Packaging Market Overview– Packaging can have a strong impact on customers buying decisions. Alcoholic beverages packaging play a key role in brand promotion leading to increased brand visibility. Currently, the alcohol beverages manufacturers are keen on providing top packaging standards for their products, so as to influence the consumers to purchase their brand over another. Top manufacturing players in alcohol industry follow attractive packaging formats which include bag-in-box, bag-in-tube, ceramic glass bottles, whiskey pouches, etc. Consumers readily prefer alcoholic brands that offer convenient, easy to open packaging solutions.
Demand for alcoholic beverages packaging is expected to reach US$ 47,225.2 million in 2022 and is projected to increase at a CAGR of 3.9% to reach US$ 69,235.6 million from 2022 to 2032. The expansion of the alcoholic beverage packaging market is related to the increase in alcoholic beverage demand and consumption.
In fact, there are various alcoholic brands in the market which are recognized with their packaging type. In terms of packaging material, glass packaging accounts for a considerable market share in the global alcoholic beverages packaging market. Also, opportunities for players that operate in the alcoholic beverages packaging market lies in the shift in packaging trends related to alcoholic beverages.
Global Alcoholic Beverages Packaging Market – Drivers & Restraints
Growth in disposable income across the globe coupled with further spending on recreational activities is some of the key influencing factors that collectively lead to a growth of the alcohol consumption, which sequentially fuels the growth of the global alcoholic beverages packaging market over the forecast period. Over the years, growing awareness amongst the brand manufacturers about differentiating their alcoholic products based on packaging also contributing to the growth of the alcoholic beverages packaging market. Besides, rising consumer demands for easy to open, convenient packaging format for alcoholic beverages also drives the growth in the alcoholic beverages packaging market.
However, the implementation of stringent regulations on packaging materials used for alcoholic beverages could hinder the growth of the global alcoholic beverages packaging market over the forecast period. Also, growing awareness amongst the younger generations about the adverse effect of alcohol consumption could ultimately hamper the growth of alcohol beverages packaging market.
Global Alcoholic Beverages Packaging Market – Regional Overview
Geographically, alcoholic beverages packaging market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
North America as well as Europe cherishes a higher standard of living due to high disposable income and also are largely inclined towards consumption of premium alcoholic beverages, therefore, North America and Europe particularly the Western Europe are expected to maintain its dominance during the forecast period thus leading to the growth of alcoholic beverages packaging market. Asia Pacific region is likely to witness growth in opportunities in the alcoholic beverages packaging market owing to growth in consumption alcoholic beverages particularly India, China and ASEAN countries and is are anticipated to grow at a significant rate over the forecast period
Global Alcoholic Beverages Packaging Market – Key Players
Few of the key players that currently operate in the alcoholic beverages packaging market are United Bottles & Packaging., Vetreria Etrusca Srl., O-I Packaging Solutions, Encore Glass, Orora Packaging Australia Pty Ltd., Tetra Pak., Creative Glass UK., Brick Packaging, LLC, BALL CORPORATION and many more.
Information source:
https://www.futuremarketinsights.com/reports/alcoholic-beverages-packaging-market
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