By 2023, it is expected that the market for sport closures and caps would have reached a valuation of US$ 1,074 million. The market is anticipated to reach US$ 1,652 million by the end of 2033. Sales of sport caps and closures are anticipated to grow at a CAGR of 4.4% during the forecast period, according to Future Market Insights’ (FMI) industry report.
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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According to an FMI estimate, the market for sports caps and closures is predicted to grow by 80 basis points (BPS) in H1-2022 (O) over H1-2021. However, when comparing the predicted and prospective periods for H1-2022,
Some possible market restraints for the sport caps and closures market may include:
- Cost: The cost of production for sport caps and closures can be relatively high due to the use of specialized materials and manufacturing processes. This can make them less accessible to some consumers and limit their adoption in certain markets.
- Competition: The sport caps and closures market is highly competitive, with many players vying for market share. This can make it difficult for new entrants to gain a foothold or for established players to maintain their position.
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.
Some possible market growth drivers for the sport caps and closures market may include:
- Increasing demand for convenience: Sport caps and closures offer a convenient way to access and consume beverages and other products on-the-go. With busy lifestyles and increasing urbanization, the demand for convenient packaging solutions is likely to grow.
- Growing sports and fitness industry: The sports and fitness industry is expected to continue to grow, driven by rising health and wellness trends. This could create opportunities for sport caps and closures, which are commonly used in sports drinks, protein shakes, and other products marketed to athletes and fitness enthusiasts.
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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.
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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Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Sport Caps And Closures market analysis from 2022 to 2032 to identify the prevailing Sport Caps And Closures market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Sport Caps And Closures market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global Sport Caps And Closures market trends, key players, market segments, application areas, and market growth strategies.
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