NEWARK, Del, Jan. 08, 2023 (GLOBE NEWSWIRE) — According to Future Market Insights, the global is predicted to grow at a CAGR of 5% over the forecast period, according to research by Future Market Insights. The industry’s estimated value is expected to increase from US$ 56 Bn in 2023 to US$ 91.1 Bn by 2033.
The market for metal cans has been driven by the heightened demand for the product in food and beverages industry. Metal cans helps prolong shelf-life of perishable food, provides extreme level protection from external contaminants, and offers high recyclability.
Surging health-conscious consumers, along with the rising awareness concerning availability of healthy nutrients in metal-canned food and beverages, is thrusting forward the market expansion in the coming years.
Additionally, the rising preference for eco-friendly packaging is adding onto the market growth of metal cans. Government initiatives to prohibit the use of single-use plastics due to accelerating plastic pollution is projected to be favorable for the demand of metal cans in food and beverages applications. The emerging trend of employing convenient packaging solutions, in tandem with the high recyclable rate of metals like steel and aluminum, is forecast to drive market expansion in the forecast period.
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Metal cans are also used to store edible oil. Beyond its application in food and beverage industry, metal cans also find utilization in various other applications, such as cosmetics, valuable healthcare products, and industrial chemicals like paints, dyes, and solvents, etc., as a convenient and eco-friendly packaging.
Key Takeaways from the Metal Cans Industry
- The U.S. metal cans market is assessed to lead the global market, attaining a market size of US$ 11.3 Bn by 2033. The market is being driven by the diversification of portfolios by firms operating in the region.
- The China metal cans market is projected to follow behind U.S. market, attaining the market size of US$ 9.1 Bn by 2033 end. The market is being driven by the increasing demand for sustainable solutions.
- India is predicted to be a significant market for metal cans in APAC. Fast-paced life of urban populace is boosting the purchases of canned foods due to their convenience and cost-effectiveness.
- Japan metal cans market is expected to attain US$ 3 Bn in 2033, expanding at a CAGR of 4.2% over the forecast period. The market is being driven by the increasing demand for canned food intact with nutritional values, and thriving packaging industry in the country.
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Following companies provide metal cans globally, as identified by FMI:
- Rexam PLC
- Silgan Containers LLC
- Kian Joo Can Factory Berhad
- Independent Can Company
- Trinity Holdings
- Berlin Packaging Company
- Crown Holdings, Inc.
- SKS Bottle & Packaging, Inc.
- Caira Can Company Limited
- Toyo Seikan Co LTD
Recent developments in the market are as follows:
- In November 2022, Independent Can, a leading manufacturer of specialty metal packaging, installed Metal Star 3 collection of nine-color printing line of Koenig & Bauer. The company has extensive selection of specialty can options, catering to a wide variety of markets.
- In October 2021, Ball Metalpack, a steel cans manufacturer for household and food products, based in North America, introduced production line for two-piece food cans, which is expected to underpin the production of over million food cans every year. Thereby meeting the expanding demand from clients in food and nutrition industries.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
Explore Wide-Ranging Coverage of FMI’s of Packaging
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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