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New metal packaging market reports predict strong growth for the industry in the next decade, with one predicting the value of the global metal packaging market to reach more than US$150bn by 2026.
Prepared by Transparency Market Research (TMR), the Metal Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2026 report says cans are the most commonly used metal packaging type in the world, and it makes the US$150bn growth projection on the basis of two key factors.
The first is the changing lifestyle of many around the world, with time-poor consumers increasingly opting for pre-prepared food and beverages packed in metal containers. The report predicts a surge in the consumption of canned fruits and vegetables in particular.
The second growth factor for metal packaging is its ability to protect products from "microbiological deterioration". The report points out this attribute is especially important for developing countries with limited access to refrigerated food storage.
The report also predicts that this benefit of metal packaging will see an increase in the use of metal packaging by the pharmaceutical and personal care industries.
While the overall outlook is for strong growth, the report does identify challenges facing the metal packaging industry in the form of the growing use of HDPE (high density polyethylene) and PET bottles.
It says metal packaging companies will need to keep developing new and innovative metal packaging prototypes, and continue to develop new marketing strategies, in order to broaden their share of the market.
Outlook by region
The report identifies North America as the dominant metal packaging market due to it having the highest rate of global canned food consumption. Europe is the second largest market, followed by Asia-Pacific and Latin America.
High growth is predicted in the Asia-Pacific and Latin American metal packaging markets thanks to strong demand for convenient, safe and hygienic packaging by end-use industries.
Many of the predictions outlined in the TMR report are shared by the Global Metal Packaging report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014-2021, published by Decision Databases.
This report declares metal is the most recycled of all packaging materials and says at least 80 per cent of metal packaging is recycled and reused - with no impact on quality or loss of nutrients in food or beverage applications.
It concurs with the findings of the TMR report in predicting that the pharmaceutical and cosmetics industries will increase their use of metal packaging thanks to its ability to protect products from contamination while maintaining optimum temperatures.
The Decision Databases report also predicts strong growth in metal packaging demand in the Asia-Pacific region thanks to rising standards of living and an increase in the consumption of alcoholic beverages. It also mentions significant growth in demand in the Middle East and Africa and Eastern Europe.
Jamestrong managing director John Bigley said the predictions in the two reports augur well for the future of the metal packaging industry globally.
"These reports paint a bright picture of the future of the global metal packaging industry," he said.
Mr Bigley said the metal packaging industry is well placed to continue to innovate and diversify its products to meet changing demands in the market.
"In our own case at Jamestrong we recently opened our new formally zoned, dedicated infant formula can production line at our Kyabram plant.
"This $10 million investment in the new 300 can-per-minute line is aimed directly at meeting stringent domestic and international food safety standards while capitalising on regional demand for Australasian infant formula products," Mr Bigley said.
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