The market for sport closures and caps, which was valued at US$ 1 billion in 2022, is expected to grow to US$ 1.5 billion by the end of 2030. This industry analysis predicts that sales of sport caps and closures will grow at a CAGR of 4.5% from 2022 to 2030.
The demand for caps and closures of all kinds has grown significantly over the past several years as the global consumption of packaged foods and beverages has increased. In 2021, shipments of sport caps and closures were 1.3% of the global market share for caps and closures.
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Key Takeaways
- Screw closures account for two-third share owing to their proven efficiency to offer effective sealing to the containers.
- Plastic-based sport caps and closures remain the top-selling variant, despite regulations and blanket ban
- Sport caps and closures with a diameter ranging between 21 mm and 30 mm are poised to account for more than 50% of market value.
- North America is projected to remain the most lucrative region through the assessment period, accounting for nearly 1/3rd of market value, backed by the presence of leading players
- Europe will prevail as the second most lucrative region, holding a quarter of the market value.
- East Asia and South Asia are foreseen to collectively capture over 1/4th of global value by the end of 2030.
“Market players are focusing on making products eco-friendlier to comply with the environmental regulations in place and are opting for recycled and recyclable plastic raw materials to achieve the same,” remarks FMI analyst.
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COVID-19 Impact on Sport Caps and Closures Market
The COVID-19 pandemic has led to muted demand for non-essential packaging solutions and sport caps and closures are no different.
Sporting events and fitness centers have remained crucial factors driving the demand for sport caps and closures, where they are used to store sports drinks, energy drinks, steel beverages, and water, among other beverages. The cancellation of major sporting events and shut-down of fitness centers to contain the outbreak are expected to create a contraction in demand during the pandemic.
On the supply side, disruptions such as hindered productions, workforce shortages, disturbances in delivery networks are leading to a plummet in production volume, thus adversely impacting the overall growth.
Demand Survey Of Sport Caps And Closures (2015 To 2021) Vs Market Estimates (2022 To 2030)
Consumption of sport caps and closures over the past few years saw a steady rise as they were predominantly being used to seal water bottles and other beverages. Demand for multiple beverages like healthy drinks, spirits, non-alcoholic beverages, etc., has increased and driven sport cap and closure sales, which rose at a CAGR of 3.9% from 2015 to 2021.
Increasing consumption of beverages across the world, rise in popularity of RTD (ready-to-drink) beverages, increasing demand for use of sustainable caps and closures, and stringent regulations regarding the use of plastics in packaging are some of the major factors that will influence the sport caps and closures market potential through 2030.
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Key Segments Of Sport Caps And Closures Industry Survey
Sport Caps and Closures Market By Cap Type :
- Screw Closures
- Snap Closures
- Push & Pull Closures
- Others
Sport Caps and Closures Market By Material :
- Plastic Sport Caps and Closures
- Polypropylene (PP) Sport Caps and Closures
- Polyethylene terephthalate (PET) Sport Caps and Closures
- Polystyrene (PS) Sport Caps and Closures
- Polyethylene (PE) Sport Caps and Closures
- Others Plastics
- Metal Sport Caps and Closures
- Steel Sport Caps and Closures
- Tin Plate Sport Caps and Closures
- Aluminium Sport Caps and Closures
Sport Caps and Closures Market By Diameter :
- Up to 20 mm Sport Caps and Closures
- 21-30 mm Sport Caps and Closures
- 31-40 mm Sport Caps and Closures
- Above 40 mm Sport Caps and Closures
Sport Caps and Closures Market By Region :
- North America Sport Caps and Closures Market
- Latin America Sport Caps and Closures Market
- Europe Sport Caps and Closures Market
- East Asia Sport Caps and Closures Market
- South Asia & Pacific Sport Caps and Closures Market
- Middle East & Africa (MEA) Sport Caps and Closures Market
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