The specialty can market is expected to have impressive growth over the next ten years, with a CAGR of 4.8%, and reach over $899.4 million by 2032.
Specifically, the global specialty cans industry reached a value of US$566.2 million in 2022. It is expected to have moderate growth with a compound annual growth rate of 4.8% during the period from 2022 to 2033, reaching a valuation of $899.4 million by 2032.
There is a high probability that the growing demand for healthy beverages and carbonated soft drinks, mainly from millennials and Generation Z, will have a positive impact on specialty can sales over the next ten years. In addition, some key companies are expected to contribute to the development of the global market through aggressive research and promotional strategies.
In addition, experts estimate that the main buyers of specialty cans in the world are the retail and food industries. This is due to the large number of supermarkets, grocery stores and distribution chains that have sprung up due to the growth of major food manufacturing companies. As a result, demand for specialty cans would be further boosted.
It is possible that the growth of small families will contribute to an increase in sales of products in smaller presentations. Major companies are working to expand their presence on e-commerce platforms, which is expected to result in higher sales of canned food at lower prices.
In the case of developed countries, the demand for metal cans will increase due to the fast-paced lifestyles of the working population. The millennial generation prefers healthy foods that are convenient and easy to prepare in a short amount of time, as they have busy schedules.
Sales of canned foods are likely to increase over the next ten years due to their convenience and durability. Offering ready-made foods in convenient packaging, cans are a popular choice for those looking for quick and easy meal solutions. In addition, the ability of cans to keep food fresh for long periods of time is an important factor that will contribute to increased sales in the future.
Based on capacity, the 200 ml to 500 ml segment is expected to have a large share of 48.6% by 2032. In terms of end-use, beverages are projected to have a large 28.9% share of the global specialty can market by the same year. Regarding the type of product, it is estimated that thin cans will have the largest share with a percentage of 61.6% for the year mentioned. In addition, the Brazilian market is expected to have a moderate market share of 43.9%, while in the United Kingdom this figure would be 12.1% for the same year.
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