A Future Market Insights study on the global composite paper cans market has shown increasing demand for sustainable packaging solutions in the food and beverage industry, driving growth to over 4.8 per cent CAGR between 2021 and 2031.
In the report, Future Market Insights provides a detailed segmentation on the global composite paper cans market, providing historical data for 2016-2020 and forecast statistics for 2021-2031. The potential, growth and scope of the market is segmented based on:
- closure type
- production type
- can diameter
- end use
The study found that manufacturers investing in research and development to curb plastic usage is fuelling the composite paper cans market growth. An end-user preference for bio-degradable materials has also contributed to this.
Also improving the demand is the end-use application of composite paper cans in retail packaging, beverage packaging and aerospace products. The advantages of durability, a longer shelf life and recyclable paper fibres are also playing a role in boosting sales.
Stringent regulatory policies are being implemented regarding the use of plastic in various countries, further driving demand and encouraging paper cans sales. This trend is evident in India, China, Germany and the US.
Meanwhile, the food and beverage industry has expanded through online platforms enabling the production of composite paper cans in India, the US and the UK. A surging demand for takeaway food, on-the-go beverages and frozen items has also bolstered demand.
“Growing concerns regarding environmental damage have pushed consumers towards adoption of eco-friendly packaging solutions,” a Future Market Insights analyst said.
“Hence, manufacturers have increased the production of composite paper cans to keep pace with evolving consumer preferences.”
Some key takeaways from Future Market Insight‘s composite paper cans market study include:
- Over 54 per cent of composite paper cans sales concentrates in food and beverage industry.
- In terms of closure type, caps are anticipated to be the leading segment, exhibiting a CAGR of over 4.7 per cent through 2031.
- The lids segment is anticipated to emerge as a lucrative segment after caps, on the back of surging demand within food and beverage industry.
- Spiral winding is the most preferred production type and is estimated to register over 46 per cent of composite paper cans sales.
- Composite paper cans with a diameter of 50mm to 100mm is mostly preferred among end-users.
- Germany will spearhead Europe’s composite paper cans market, accounting for a share of 15 per cent by 2031.
- China’s composite paper cans market to exhibit stellar growth on the back of rising sales in the food and beverage industry.
- The US will lead the composite paper cans market, registering over 60 per cent sales in North America.
- Sustainability concerns in India have compelled the manufacturers to increase composite paper cans production, widening growth opportunities for market players.
An increasing focus on providing sustainable solutions to meet the consumer demand have increased the production of composite paper cans, giving manufacturers remunerative growth opportunities for the coming years.
In March 2019, key market player A&R Carton launched small sustainable board composite cans to meet customer requirements and curb the use of plastic.
Other key players operating in the composite paper cans market, profiled by Future Market Insights, include:
- 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
To find out more about the global composite paper cans market, request a sample of the Future Market Insights report here: https://www.futuremarketinsights.com/reports/sample/rep-gb-13238.