In 2022, the worldwide crown closures market holds a net worth of US$ 1.1 Bn. The market is projected to develop at a languid CAGR of 2.4% to arrive at a market worth of US$ 1.2 Bn toward the finish of 2027.
Nearly 185 billion units of crown closures were sold in the year 2018, according to a new intelligence outlook presented by Future Market Insights (FMI). Just-over 2% growth is estimated in the consumption of crown closures globally, in 2022.
Aluminum crown closures account for more than 70% of the total consumption of crown closures, according to the report. A majority of sales is registered by small-diameter (26mm) crown closures, compared to the crown closures that have large diameter (29mm).
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Beer Accounts for More than 70% of Demand for Crown Closures
The growth of food and beverages market has been closely influencing the performance of crown closures market. According to FMI’s analysis, alcoholic beverages, particularly beer and wine, will remain the most prominent end use categories in crown closures market. Beer currently holds just-over 70% share in the global demand for crown closures, followed by carbonated soft drinks.
While consumption of crown closures is likely to be sustained by increasing beer production as well as consumption, it has been observed that emergence of superior packaging alternatives in the beverages sector is particularly translating into the falling demand for crown closures in the carbonated soft drinks category.
According to FMI’s analysis, rapidly growing preference for PET (polyethylene) bottles over glass bottles for packaging of carbonated soft drinks will continue to hold significant impact on the demand for crown closures in years to come.
Emerging Regional Markets to be on Forefront Owing to Increasing Uptake of Beer, Wine, & Other Alcoholic Drinks
Led by China, Asia Pacific is projected to remain the preeminent market for crown closures manufacturers. Within APAC that currently accounts for an approximate volume share of a third of the total consumption of crown closures, the ASEAN countries, followed by India, will also be among the prominent markets for crown closures over the coming years.
Shifting dietary preferences of urban consumers, considerably increasing consumption of alcoholic beverages by younger demographics, and increasing spending power strongly backed by changing priorities will continue to collectively uplift the overall consumption of spirits, particularly beer and wine, in developing Asian countries. This according to the report will sustain the sales of crown closures in the near future.
The constantly improving export scenario of beer and soft drinks in China is especially offering a strong impetus to the country’s and in turn APAC’s crown closures market, as per FMI’s findings. Moreover, strengthening foothold of European and American beverage brands within Asian markets will also play a vital role in generating steady demand for crown closures.
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Latin America is also cited as an attractive market for crown closures owing to the increased production and consumption of beer and sparkling wine within the region.
However, rapid emergence of ring pull caps as an excellent alternative for crown closures is likely to affect the market growth in North American region. Furthermore, as the US-based beverage manufacturers are already looking forward to switching to recyclable plastics (cans and bottles) for beverage packaging, demand for crown closures is highly likely to be hampered within the region. The report opines that the falling beer production rate in North American markets will remain the key deterrent influencing crown closure sales.
Crown Closures Market: Competition Landscape Analysis
FMI’s report covers deep-dive strategic profiles of some of the key competitors operating in the global crown closures market landscape, including Astir Vitogiannis, Avon Crowncaps & Containers Nigeria Limited, Avon Crowncaps & Containers Nigeria Limited, Continental Crowns and Closures, Crown Holdings, Inc., Finn-Korkki Oy, Manaksia Industry Ltd., Nippon Closures Co. Ltd, Oricon Enterprises Limited, Pelliconi & C. SPA, Samhwa Crown & Closure Co., Ltd, Supertech-Crown Caps, TOKK Company, and Viscose Closures Ltd.
In addition to designing effective penetration strategies for entering new beer and wine categories, as well as mineral water segment, leading players in crown closures manufacturing landscape are focused on a few profitable trends such as customized crown closure designs, and embossed crown closures or those imprinted with raised figure. Several companies are also strategizing on the quality and material used in crown closures for efficient corking.
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