Global data depicting the snap-on closures consumption by F&B and personal care products manufacturers underscores the impressive rate of revenue growth of the snap-on closures market. In a new market research study presented by Future Market Insights, the global snap-on closures landscape is analyzed in depth to deliver a set of actionable insights for businesses operating across the snap-on closures market value chain.
In 2022, the global market for snap-on closures is expected to be worth roughly US$ 14.4 billion. The total market is expected to grow at a 5.1 percent CAGR between 2022 and 2027, reaching a valuation of US$ 18.5 billion by 2027, thanks to rising demand for more convenient packaging solutions across various industries such as food & drinks, pharmaceuticals, and personal care.
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“Forecast to surpass the valuation of US$ 12 billion in 2019, the global revenue through sales of snap-on closures will witness a promising 4.8% year over year growth. While this yearly growth is projected to be over 5% consistently over the near future, the report estimates total volume consumption of snap-on closures to reach beyond 215,000 units in 2019,” says a senior research analyst at FMI.
Key Insights Drawn from the Global Snap-on Closures Market Report
- Diameter-wise, the top selling segment is 34-44 mm snap-on closures that currently hold more than 40% share in the total market value.
- Based on the material of snap-on closures, PP (polypropylene) remains the most favored, following LDPE (low density polyethylene).
- By the end use industry analysis, maximum consumption of snap-on closures is registered in by personal care and cosmetics manufacturers, followed by food and beverage manufacturing companies.
Personal Care & Cosmetics Support Maximum Sales of Snap-on Closures
Snap-on closures are the most prominently used types of closures by personal care and cosmetics industry players. In addition to hassle-free opening and closing, improved product security to prevent potential product wastage continues to play a vital role in compelling manufacturers to employ snap-on closures across maximum product lines.
With a collective value share of more than 60% in the global personal care and cosmetics industry, North America and Asia Pacific secure the top performing market positions in snap-on closures landscape.
In the personal care and cosmetics industry, Unilever, L’Oreal, Procter & Gamble, Shiseido, Coty, and Estée Lauder have been identified to be the major trendsetters in snap-on closures landscape.
Moreover, an expanding space of luxury cosmetics market is also creating impressive growth opportunities for suppliers of snap-on closures for expansion in coming years. FMI thus estimates promising growth prospects for high-end snap-on closures.
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Asia Pacific Holds a Lion’s Share in the Global Snap-on Closures Market
- Asia Pacific accounts for around 37% of the global cosmetics industry.
- Around 25% revenue of the global pharma packaging market belongs to Asia Pacific.
While the demand for snap-on closures from F&B, cosmetics, personal care products, and pharmaceuticals packaging manufacturers is consistently surging, the report projects that Asia Pacific will remain the largest regional market for snap-on closures in coming years. Rampant industrial developments, coupled with the elevating spending power of consumers in the region, are pushing the revenue growth outlook for snap-on closures across APAC’s industries. According to the report, ASEAN countries, China, and India are the major growth contributors in Asian market.
Snap-on Closures for Highly Profitable Skincare & Hair Care Products Projected for Innovations
The trending snap-on closures features with flip-top dispensing nozzle are tamper-evident and thus offer multiple additional benefits to personal care products manufacturers such as prevention of the product loss in form of clogging, leakage, or dripping. Snap-on closures manufacturers are especially focusing on innovating the range for high-viscosity liquid products that are suited for smaller, controlled doses. FMI indicates highest innovation potential for snap-on closures used in case of hair care and skincare products that make up for an approximate revenue share of 60% in the personal care and cosmetics industry, at present.
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Snap-on Closures Market by Category
- Upto 24 mm
- 24-34 mm
- Above 44 mm
- Personal Care & Cosmetics
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 5-years.
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