In 2022, Europe accounted for more than one-third of the global demand for composite paper cans. Germany is expected to account for 15% of the European market by the end of 2033. One of the primary factors driving the country's growth is important firms' strong presence in the European market, which results in cost-effective domestic sales in the region.
NEWARK, DE / ACCESSWIRE / October 7, 2024 / The global composite paper cans market is projected to grow at a CAGR of 5.6% from 2023 to 2033, surpassing the 3.3% CAGR recorded between 2016 and 2022, according to new industry forecasts. The market is anticipated to reach a valuation of USD 895.9 million by 2023 and USD 1,539.9 million by 2033, driven by increasing investments in sustainability and the rising demand for eco-friendly packaging solutions among end-users.
Germany is emerging as a key player in the European market, with the German composite paper cans market valued at USD 261.6 million in 2022. In North America, the United States is expected to contribute 16.2% of global sales of composite paper cans, further cementing its position as a major regional player.
Among different product categories, composite paper cans with diameters between 50 mm and 100 mm are expected to lead in terms of consumption, with projections estimating sales of nearly 58 billion units by 2031.
The shift towards sustainable materials in the production of composite paper cans is attracting the attention of environmentally conscious consumers, further boosting market demand. The food and beverage packaging sector accounted for 49.8% of the market in 2022, as composite materials offer greater durability compared to traditional paper cans.
Market Value of Composite Paper Cans by Country
Country | CAGR (2023 to 2033) |
United Kingdom | 4.10% |
China | 9.10% |
Europe | 15% |
India | 9% |
"Composite paper cans are gaining traction as an eco-friendly packaging solution, offering durability, versatility, and recyclability. With increasing demand for sustainable options, this market is set to see significant growth across various industries." Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Prominent Drivers of the Composite Paper Cans Market
Growing Demand for Sustainable Packaging: The rising consumer preference for eco-friendly and recyclable packaging materials is driving demand for composite paper cans, as they offer a more sustainable alternative to plastic and metal packaging.
Expansion of the Food & Beverage Industry: The growth of the food and beverage sector, especially in the snack, powdered, and beverage segments, is boosting the adoption of composite paper cans due to their superior protective qualities and shelf appeal.
Increasing Focus on Lightweight Packaging: Composite paper cans are lightweight, which reduces transportation costs and carbon footprint. This is becoming a key factor as companies focus on optimizing supply chain efficiencies.
Customization and Branding Opportunities: The ability to offer high-quality printing, branding, and custom designs on composite paper cans is driving their adoption in industries seeking attractive packaging to enhance consumer engagement.
Stringent Regulations on Single-Use Plastics: Governments worldwide are implementing stricter regulations to reduce the use of single-use plastics, creating a shift towards alternative packaging solutions like composite paper cans, which comply with these new standards.
Key Takeaways: Composite Paper Cans Market
The global composite paper cans market is witnessing strong growth with a CAGR of 3.3% from 2016 to 2022.
Germany is projected to be valued at USD 261.6 million by 2022, accounting for 15% of the Europe market share by 2033.
China dominates the East Asia market, with 58.2% market share and a projected 9.1% annual growth rate during the forecast period.
In North America, the U.S. accounts for 66.3% of composite paper cans sales and is expected to experience moderate growth.
In Oceania, Australia's market share is 58.4% in 2023, with anticipated moderate growth in the forecast period.
Caps and lids are key closure types, with caps holding 70.2% share in 2023, growing at a 4.7% CAGR.
The food and beverage industry leads in market share, accounting for 49.8% globally, followed by the agriculture and retail sectors.
See How Things Have Changed: Access the Old Source for This Report!
https://www.prnewswire.com/ae/news-releases/rising-applications-within-food--beverage-industry-to-push-composite-paper-cans-sales-future-market-insights-study-301306823.html
Competitive Landscape
Key competitors in the composite paper cans market are working on developing sustainable solutions to stay up with changing consumer expectations while reducing plastic usage. For example:
Mondi Group PLC used 37% less plastic materials in their portfolio, saving around 35 tons of plastic in 2020. The company also has its own sustainably managed forest, which is the main source of raw materials. The company leveraged its unique "EcoSolutions" for product designs to encourage recycling.
Amcor plc announced an investment of US$ 100Million for the development of new packaging solutions for sustainability objectives. The company has joined various government initiatives, such as the Healthcare Plastics Recycling Council, where sustainable products used in the healthcare segment focus on the recyclability of packaging products.
EnvoPAP announced a research and development program to develop composite cans from agro-waste instead of conventional wood sources required for paper could increase production, to further reduce environmental impact.
Some Other Leading Companies Operating in the Market are
Smurfit Kappa Group PLC
Mondi Group PLC
Amcor PLC
Sonoco Products Company
Ace Paper Tube Corp.
Irwin Packaging Pty Ltd.
Paper Tubes And Sales(PTS) Manufacturing
Canfab Packaging Inc.
Bharath Paper Conversions
Nagel Paper
Key Segments of Composite Paper Cans Market
By Closure Type:
Caps
Snap On
Plug
Lids
Aluminum Membrane
Plastic Membrane
Paperboard
By Production Type:
Spiral Winding
Convolute Winding
Linear Draw
By Can Diameter:
Less than 50 mm
50 mm to 100 mm
Above 100 mm
By End-Use:
Food and beverages
Tea or Coffee
Snacks
Alcoholic Beverages
Others
Agriculture
Household
Personal & Cosmetics
Others
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Have a Look at Related Research Reports on the Packaging Domain:
The metal can market share is estimated to show consistent growth throughout the forecast period, expanding at a CAGR of 2%. The metal can market value is expected to expand from USD 40.4 billion in 2024 to USD 49.3 billion by 2034.
The growth of metal food cans is driven by increasing consumer demand for durable, recyclable packaging solutions, rising food preservation needs, and expanding packaged food markets globally.
The composite cardboard tube packaging market is set to enjoy a valuation of USD 1.7 Billion in 2022, and further expand at a CAGR of 5.4% to reach USD 2.9 Billion by the year 2032.
The demand for paper cores is steadily increasing due to their versatile applications in industries such as packaging, textiles, and construction, driving growth in sustainable and cost-effective core solutions.
The beverage industry is the key driver of the aluminum cans market. Carbonated soft drinks and beer are the primary beverages packaged in aluminum cans.
The paper recycling market is anticipated to be worth USD 7.5 billion in 2024. For 2023, the value was tipped to be USD 7.1 billion. The market is expected to grow at a moderate rate over the period from 2024 to 2034, with a CAGR of 5.7%.
The growing demand for flexible packaging paper is driven by increasing consumer preferences for eco-friendly, lightweight, and recyclable packaging solutions across industries like food, beverages, and personal care products.
The global can holders market is set to enjoy a valuation of USD 399.4 Million in 2022, and further expand at a CAGR of 3.6% to reach USD 567.7 Million by the year 2032.
The growing demand for eco-friendly, lightweight packaging solutions is driving significant growth in the global cans market, especially in the beverage and food sectors, due to sustainability trends.
The global sales of beverage aluminum cans are estimated to be worth USD 31 billion in 2021 and are anticipated to reach a value of USD 43.6 billion by 2031.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: [email protected]
Website:https://www.futuremarketinsights.com
LinkedIn | Twitter | Blogs | YouTube
SOURCE: Future Market Insights Inc.