The Latin America Beverage Packaging Market was worth USD 19.66 billion in 2021 and estimated to be growing at a CAGR of 4.18%, to reach USD 24.13 billion by 2026. The market is showing great potential in the mentioned forecasting period. Beverage packaging is done to safeguard the ingredients in a container whether it is of glass, metal, plastic, or paperboard. Their use in day-to-day life drives opportunities in the Latin America beverage packaging market.
Beverage packaging is an easy and important way of protecting the beverages from external materials which would otherwise make it unfit to drink and will subsequently decrease the quality of the product. Beverage packaging is the way the brand communicates with its consumers as they can touch and feel the product through packaging. Protecting the beverage and keeping its taste requires packaging and these product features help build trust and loyalty among its consumers.
The market is driven by the changing lifestyles in the Latin America region. In the recent times, the on-the-go consumption has increased in the developing countries of Brazil and Mexico. This is a main reason for the growth of the Beverage packaging market in this region. Brazil, Mexico and Argentina have moderate disposable income thus making Latin America a more suitable market for the beverage packaging industry. Many technological advancements are made in the field of beverage packaging which aids in the development of innovative, environment friendly and cost-effective products.
The Latin America market for Beverage Packaging is broadly segmented into Type (Bottle, Can, Pouch, Carton), Material (Glass, Plastic, Metal, Paperboard). Based on Application, the market is further segmented into Alcoholic, Non-Alcoholic and Dairy beverages packaging. Plastic-based beverage packaging accounted for the highest revenue of the overall market and is projected to witness high growth rate during the forecast period.
Geographically the Latin America Beverage Packaging Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The beverage packaging market was dominated by Brazil, with the highest share of market in terms of revenues. Brazil was followed by Mexico and Argentina. Mexico is predicted to grow at a rapid pace in the coming few years.
Key Players in the Market:
Major Key Players in the Latin America Beverage Packaging Market are
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