The persistent need to protect consumer interests will drive players in the global alcohol packaging market to innovation. And, it is on the back of innovative products that the market for alcohol packaging will sustain at a 5.5% CAGR during 2017-2025, a recent report by Transparency Market Research (TMR) finds. While this 5% might seem like a fairly competent growth rate, it is significant for a market that was valued at US$ 40 bn in 2017.
The evolution in consumer demand emerges from the growing awareness about alcohol. With exposure, consumers are spread across age groups, demography, and gender. As a result, alcohol companies are having to define consumer requirements categorically. A fallout of this approach invariably results in companies looking at fresh packaging designs to lure consumers, laying the basis for growth in the global alcohol packaging market.
As we speak of consumerism, it is important to know that user-behavior is typically short-lived, and this is common for global alcohol packaging market. This will push companies to stay on their toes, and grab on anything that can make a difference to their revenue figures. From new materials to design, alcohol packaging market’s companies are expected to try to their hands on every profitable idea. Results of proven analysts and experts from the industry indicate that the global alcohol packaging market will have potential for business worth US 57.74 bn by the end of the forecast period.
Bottles or Cans? Companies to Focus on Primary Packaging
Stacks of designer bottles neatly arranged in modern furniture is the first attraction for a people with interests in alcohol, be it a consumer or a collector. It is sight of light-to-dark colored bitter liquids gleaming out of glass bottles that adds the value of appearance to alcohol. Many companies in the global alcohol packaging market are consistent to with tweaking their design to offer something ‘new’ for their consumers.
Among several materials available like glass, metal, plastic, paperboard, etc. it is glass and metal that find prominence in packaging. Glass is the most preferred material, accounting for more than 80% share in the global alcohol packaging market, and is sought-after for packing both, beer and liquor. While printing is a tough ask from players manufacturing glass bottles for alcohol, the advantage lies in shaping the bottles, and more importantly preserving the taste of alcohol.
On the other hand, metals, though occupying a minute share in the global alcohol packaging market, is preferred by bear manufacturers as they are favorable for printing. Metals are malleable, and, thus companies find it feasible to print on a flat surface.
How Environment Laws will Shape Tomorrow’s Product Line?
PET – polyethylene terephthalate, a common material used for making bottles across the food and beverages industry. But, multiple studies have proven that it is a long haul to recycle PET bottles. That said, there is a parallel evolution in understanding the need to reduce plastic consumption to save the environment. As a result, countries have introduced laws that restrict the use of plastic in multiple forms, especially in the food and beverages industry.
For instance, California was one of the first states in the U.S. to impose ban on plastic bags. And, after a successful attempt to curb use of plastic bags, lawmakers now propose to phase out single-use plastics by 2030. It is likely that other states in the U.S. and other countries may follow suit. This is a cue for companies in the global alcohol packaging market as it might be right time for them to look at glass or metals as an option for tomorrow’s product line. Glass is more feasible as it might offer multiple-use with sustainable investment for facilitating reusability of bottles.
The above-mentioned study is based on a recent Transparency Market Research report titled “Alcohol Packaging Market (Primary Packaging (Bottles, Cans, Liquid Brick Carton, Bag-in Box, Growlers, and Pouches); Secondary Packaging (Boxes, Folding Cartons, Multipacks, and Tubes); Application - Beer, Wine, Spirits, Ciders, and FAB; Material - Glass, Metal, Plastic, Paper and Paperboard) Global Industry Analysis and Forecast 2017 – 2025.”
The global alcohol packaging market is segmented based on:
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