Caps & Closures Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Caps & Closures Market grew at a CAGR of 4.8% between 2017-2021 and is estimated to be US$ 58,936.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.2% and is expected to reach a valuation of US$ 97,845.2 Mn by 2032 end.
The market demand for Caps and Closures is expected to be driven by the escalating demand for several food products and alcoholic and non-alcoholic beverages, coupled with increased disposable income levels of customers in developing economies.
RISE IN DEMAND FOR BOTTLED BEVERAGE IS DRIVING THE MARKET
Bottled water & Beverage is one of the fastest-growing beverage types in terms of volume. The rise in consumer demand for bottled water over the forthcoming four to five years will drive the demand for tamper-evident caps & closures. Changes in lifestyles and per capita expenditure are the factors driving the growth of the bottled water industry. The rise in the income levels of customers has resulted in increased sales of premium bottled water. Bottled water companies have thus been encouraged to launch premium bottled water products with attractive capping solutions.
AVAILABILITY OF CONTAINERS THAT REPLACES CLOSURES HAMPER THE MARKET GROWTH
The development of the caps & closures market is jeopardized by the increase in containers without closures, such as pouches and blister packages. These types of packaging offer several benefits to the packager, such as material cost reduction associated with traditional approaches of rigid packaging and sustainability issues. Another option for food & beverage packaging is the pouch packaging format which multiple FMCG companies adopt as a packaging innovation tool to provide additional convenience to consumers.
STRINGENT GOVERNMENT REGULATIONS AFFECTS THE MARKET
Packaging waste harms the ecology as it takes decades to decompose. Caps & closures are mainly made of plastic, which is not easily degradable. Countries across the globe have imposed strict laws on the packaging industry to address this issue. In Europe, governments have commenced key steps to deal with packaging waste and recycling issues and promote sustainable packaging. The caps & closures industry needs to acclimate to these new regulatory requirements and encourage recycling to decrease the carbon footprint, affecting overall cap and closure market revenue
COVID-19 has shown a substantial impact on the various sector of the economy. The caps & closures market was also adversely affected due to regulatory bodies’ imposition of stringent lockdowns across several regions. Caps & closures are mainly adopted in pharmaceuticals, cosmetic products, food & beverages, and household goods. They are the final constituent for the packaging of goods and for maintaining the reliability of the product packaging.
During this period, the growth of the food & beverage sector has declined as well because of preoccupation with virus spreading. However, the readiness of safe and hygienic products is paving the way for potential growth prospects for the closing market over the next few years.
Market Segments Covered in Report
By Region and Country:
Why is it expected that the Plastic segment prevail in a very competitive market during the forecast period?
Based on material, the global Caps and Closures market is dominated by plastic, which accounts for 36.0%. Plastic caps & closures have high mechanical strength, stiffness, and resistance to wear and corrosion, and thus making it the perfect material. Metal caps and closure hold a significant share of the global caps & closure market. Metals caps and closures, generally aluminum caps & closures, are mainly used for glass containers, jars, and bottles as it provides a high fit ability to glass than plastics.
Why is the Food & Beverage segment expected to expand the fastest during the forecast period?
The food & beverage segment is projected to witness a significant growth of 31.0% in 2022. Caps & closures are used as a medium to enhance the shelf life while retaining the taste and texture of beverages.
This can be attributed to the growing popularity of PET packaging and high-value-added products such as baked goods, beverages, and confectionery. The demand for premium caps & closures in the beverage industry drives this market. There are several types of caps & closures that can be employed to seal or package non-alcoholic beverages
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
With the growth of the global caps and closures market, companies are adopting various marketing strategies such as new product launches, geographical expansion, partnerships, and collaborations to identify the interest of potential buyers and create a larger customer base.
These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for Caps & Closures worldwide, market players can anticipate attractive growth prospects in the future.
Some of the key developments that have taken place in the Caps & Closures Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Material, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.2%.
The market is expected to witness a rise in demand for caps & closures from emerging economies and the growing popularity of growing demand packed and on-the-go food & beverage products.
Major global Caps & Closures Market players are Amcor Plc, Silgan Plastic Closure Solutions, Aptar Group, UNITED CAPS Crown Holdings Inc, BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc, Nippon Closures Co., Ltd., Mold-Rite Plastics, LLC, Pelliconi & C. Spa., Weener Plastik GmbH, Blackhawk Molding Co. Inc., O.Berk Company, LLC.
The caps & closures industry must adapt to the new regulatory requirements and promote recycling to decrease the carbon footprint. As the laws forbid companies from sourcing unethical raw materials, the cost of raw materials might increase, thus increasing the operational costs.
The North America region is expected to account for the largest market revenue share in the Global Caps & Closures market.
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