The Europe canned beverages market size is expected to gain momentum by reaching USD 205.99 billion by 2028 from USD 156.38 billion in 2021 while exhibiting a CAGR of 4.0%between 2021 to 2028. In its report titled, Europe Canned Beverages Market, 2021-2028, Fortune Business Insights mentions that the market stood at USD 154.48 billion in 2020.The increasing demand for dairy-based beverages and flavored milk products is expected to spur the product demand. Moreover, due to busy schedules, people look for instant energy-boosting supplements to strengthen their immunity as well as body. Such factors are fueling the demand for canned products.
COVID-19 Impact
The COVID-19 pandemic crippled the global economy, and the canned beverages market also suffered a dip in its revenues. This is because government agencies worldwide declared a lockdown. It severely impacted the logistics, supply of raw materials, and unavailability of labor. Based on our analysis, the market is expected to exhibit a lower growth of 1.23% in 2021 than the average year-on-year growth during 2017-2020. However, the market is expected to revive as many countries are reopening.
Market Segmentation:
By product type, the market is segmented into alcoholic beverages, dairy-based beverages, sports energy drinks, RTD coffee tea, fruits vegetable juices, and others. Based on the distribution channel, it is divided into supermarkets/hypermarkets, specialty stores, convenience stores, online retail, and others.
- Based on distribution channels, the supermarket/hypermarket segment held the highest Europe canned beverages market share. This is attributable to consumer trends shifting towards impulse buying of food drinking items. This results in bulk shopping of food and other drinks, and it is driving the product revenues.
Lastly, in terms of region, the report talks about only Europe.
What does the Report Provide?
The market report provides a thorough analysis of various factors such as the drivers and restraints that will impact the markets growth. In addition, the report provides country insights that cover different regions of the country, contributing to the growth of the market. It includes the competitive landscape, recent industry developments that involve strategies, new launches, and several other insights of leading players that will contribute to the markets growth.
Driving Factors
Regular Introduction of Nutritious Canned Drinks to Fuel Market Growth
The regular launches of canned drinks by major players of the market are expected to drive the Europe canned beverages market growth as the new launches grab the attention of consumers. For instance, in March 2019, The Coca-Cola Company announced the launch of a 250 ml, sugar-free calorie-free energy drink in the Spain and Hungarian markets. The canned drink is healthy as it is made of naturally-derived sources such as guarana extract and vitamin B in its formulation.
Country Insights
Germany Held USD 40.53 Billionin 2020
The European market for canned beverages is mainly driven by the growing demand for taking in canned ciders. For instance, as per the data presented by the European Ciders Fruit Wine Association, in 2018, the consumption volume of the ciders in the U.K. was 10.04 million hectoliters. Furthermore, consumers inclination towards consuming elite and premium beverages is further sky rocketing the market growth in the U.K. Germanys market share stood at USD 48.72 billion in 2019 and USD 40.53 billion in 2020.
Competitive Landscape
Key Players to Focus on Acquisitions to Strengthen Market Prospects
This market is consolidated by the presence of major companies that are striving to maintain their position by establishing partnerships, collaborations, and new launches. For instance, in December 2019, Diageo Plc. announced the acquisition of Tripple worth. It is a spirit production company that offers a line of canned spirit cocktails to Great Britain, U.K.'s populations. Such strategic moves are expected to intensify the market for Europe canned beverages during the forecast period.
Industry Development
- April 2021: Inc. launched a new line of canned drink Rockstar Energy + Hemp in Germany. It is a hemp-based energy drink.
Source:
https://www.fortunebusinessinsights.com/europe-canned-beverages-market-105965
