In 2022, the global crown closures market holds a net value of US$ 1.1 Bn. The market is projected to evolve at a sluggish CAGR of 2.4% to reach a market worth of US$ 1.2 Bn by the end 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.Crown closure sales accounted for 3.5% of the global metal caps and closures market in 2021. Shipments of crown closures are majorly driven by the beer industry, which is estimated to account for more than 70% of crown closure sales over the forecast period.
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Demand Analysis of Crown Closures (2013 to 2021) Vs Market Forecasts (2022 to 2027)
The beverage industry has grown exponentially over the past few years and has seen profitable growth on a global level. The increasing consumption of beverages has subsequently driven the demand for crown closures. From 2013 to 2021, sales of crown closures rose at a sluggish CAGR of 2.1%.
Increase in health consciousness driving consumption of healthy beverages and drinks, changing lifestyle choices in urban cities, increasing consumption of alcoholic beverages and spirits, rising awareness about the benefits of crown closures in packaging, and increasing per capita spending potential in emerging economies are some of the major factors driving increased crown closure shipments.
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.
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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.
Competitive Landscape
Crown closure companies are focusing on research and development of eco-friendly and sustainable closures in order to keep up with the growing demand for sustainable packaging. Crown closure manufacturers are adopting organic and inorganic growth strategies in order to boost their sales over multiple regions.
- In April 2021, Crown Holdings Inc., a leading name in the caps and closures industry announced that it had entered into an agreement with KPS Capital Partners for the sale of European Tinplate business. Crown Holdings will be retaining a 20% stake in the business which spans over 17 countries with 44 manufacturing facilities.
- In June 2021, BERICAP GmbH & Co. KG, a renowned name in the closure manufacturing industry announced the acquisition of a German manufacturer of aluminium closures called Mala Verschluss-Systeme. This acquisition is aimed at developing new innovative closure solutions that would combine plastics and aluminium to achieve sustainable products.
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Key Companies Profiled
- Astir Vitogiannis
- Avon Crown caps & Containers Nigeria Limited
- AMD Industries Limited
- Continental Crowns and Closures
- Crown Holdings Inc.
- Crown Seal PCL
- Finn-Korkki Oy
- Manaksia Industry Ltd.
- Nippon Closures Co. Ltd.
- Oricon Enterprises Limited
- Pelliconi & C. SPA
- Samhwa Crown & Closure Co. Ltd.
Key Segments of Crown Closures Industry Survey
Crown Closures Market by Diameter:
- 26 mm Crown Closures
- 29 mm Crown Closures
Crown Closures Market by Material:
- Aluminium Crown Closures
- Steel Crown Closures
Crown Closures Market by End Use:
- Crown Closures for Beer
- Crown Closures for Carbonated Soft Drinks
- Crown Closures for Food
- Others
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