A study by Transparency Market Research states that the India and Iran market for metal cans is projected to reach a value of US$38.2 mn by the end of 2024, registering a 2.20% CAGR between 2016 and 2024. On the other hand, the India and Iran market for glass jars is estimated to reach a value of US$184.9 mn by the end of 2024, exhibiting a 3.60% CAGR between 2016 and 2024.
In this blog, TMR provides answers to significant questions related to the metal cans and glass jars market in India and Iran, focusing on the potential opportunities and growth prospects.
What is proving an impetus to the metal cans and glass jars market in India and Iran?
Packaged foods offered in metal cans and glass jars are convenient to use, which is one of the key factors for the increased demand for metal cans and glass jars in these countries. The hectic lifestyle of the population demands canned foods, which are easy to store and consume. In addition, the high recovery rate and recyclability of metal cans and glass jars are some of the other factors augmenting the growth of the market. The major players operating in the India and Iran market for metal cans and glass jars are making efforts to introduce attractive products to expand their consumer base in the next few years.
Which of the two regions is projected to contribute substantially towards the growth of the metal cans and glass jars market?
In the last few years, India has been in the topmost position on the basis of metal cans and glass jars manufacturing. The improving lifestyle of the Indian population and growing disposable income are the major factors contributing towards the growth of the market. Moreover, the growing urban population is augmenting the demand for convenient packaging, which indirectly is driving the metal cans and glass jars market. Furthermore, several leading players in this region are encouraging recycling of packaging products in order to protect the environment and reduce the burden on waste management systems.
What are the potential opportunities for the key players in the near future?
Government bodies in both the countries are taking initiatives to create awareness regarding waste segregation and recycling. These projects are expected to encourage the use of recycled items, such as metal and glass products that can further help in keeping the country clean. The Government of India has launched the “Swachh Bharat” campaign, which also promotes the use of products that can be recycled. In addition, several companies such as ITC, Aujan Group, and Hindustan Unilever Limited are making efforts to create awareness regarding recycling projects, which in turn are potential opportunities for the major players operating in the metal cans and glass jars market in India and Iran.