The Latin America Alcoholic Drinks Packaging market is projected to grow at a CAGR of around 4.7% in the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The increasing number of alcohol consumers in the region, owing to the growing popularity of alcoholic drinks, is one of the factors that is accelerating the growth of the packaging of the alcohols in the market. Further, the launch of the new alcoholic drinks with unique & impressive packaging is also attracting the customers to try out these products. Additionally, the growing tourism industry of the different countries in the Latin American region has also enhanced the sales of alcoholic beverages as the tourists prefer to spend on the alcoholic drinks that are famous in the region.
Besides, the packaging of these alcoholic drinks is essential to protect them from sunlight, loss of carbonation, dissolution of the packaged material components in the drinks, etc. As a result, these elements could make beverages' flavor & quality worse, which might further lead to health problems for consumers, harming the companies' brand image. Hence, owing to the above-listed factors, the packaging of alcoholic beverages is the utmost priority of the companies as the packaging enhances the brand image & acts as the marketing factor of the alcoholic beverages.
Furthermore, the growing demand for sustainable packaging by the customers is further shifting the companies towards using sustainable packaging materials in their alcoholic drinks, which is also enhancing their brand value in the market, further states the research report, "Latin America Alcoholic Drinks Packaging Market Analysis, 2022-2027."
Increased Demand for Beer to Lead the Packaging Market in the Coming Years
Based on the drink type, the market bifurcates into Beer, Wine, Rum, Tequila, Spirits, and Others. Of them, the Beer drink type held a significant share in the Latin America Alcoholic Beverage Packaging market due to its popularity in Latin American countries as a celebration drink. Hence, this segment created a high demand for the packaging products. However, during the COVID-19 pandemic, European countries were unable to supply the raw materials and ingredients of the alcoholic products that were imported from them, further impacting their sales.
Moreover, the increasing number of local micro-breweries in Latin America has created an opportunity for the beer packaging companies to recover from the pandemic slowdown. Hence, as restrictions were eased, beer demand in the market increased significantly. Therefore, owing to the increased demand for the beer, the segment would lead the market growth during the forecast period as well.
Domestic Production of Alcohol Led the Brazil Alcoholic Beverage Packaging Market
Geographically, Brazil held a considerable share of the Alcoholic Beverage Packaging market among other countries in the Latin American region. Some of the factors that have contributed to the growth of the market include the domestic production of alcoholic drinks by local brands in Brazil, which further led to the increased demand for the packaging industry in the country.
Furthermore, Brazil is one of the largest consumers of beer as the consumer opted for the trend of "drink less but drink better”, this further shifted their preference to try out new brands & created an opportunity for premium & new alcoholic drinks in the market, thus these factors have led the market growth, reveals MarkNtel Advisors in their research report, "Latin America Alcoholic Drinks Packaging Market Analysis, 2022-2027."
According to MarkNtel Advisors, the leading players in the Latin America Alcoholic Drinks Packaging Market are Cristalerias de Chile, Owens-Illinois Inc., Crown Holdings Inc., Amcor plc, Ball Corporation, United Bottles & Packaging, Envases Venezolanos, Ambev, and others.
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