The cap and closure market is likely to hold a valuation of US$ 135.3 billion by 2033. As of 2023, the market value is estimated to reach US$ 79.8 billion. As the pharma industry foresees growth, the caps and closures market, too, is expected to grow by 5.4% from 2023 to 2033.
South Korea’s Sustainable Caps and Closures Market Thrives with Government Support
South Korea is witnessing a robust growth in the caps and closures market, thanks to the active support from the government in promoting sustainability and eco-friendly practices. With a focus on reducing plastic waste and encouraging sustainable packaging solutions, the demand for caps and closures made from eco-friendly materials is on the rise in the region. The market is expected to experience a steady growth rate of 5.9%, driven by government subsidies and policies that encourage innovations like paper-based caps and closures crafted from plant-based materials.
United Kingdom’s Embrace of Sustainability Fuels Caps and Closures Market
The United Kingdom is experiencing a notable shift toward sustainability, and this change is significantly impacting the caps and closures market. Consumers in the UK are becoming increasingly aware of the environmental consequences of single-use plastics, including caps and closures, and are actively seeking more eco-friendly alternatives. Caps and closures made from fully recycled materials are gaining popularity across the country. The market for caps and closures in the United Kingdom is poised for moderate growth, with a projected Compound Annual Growth Rate (CAGR) of 4.7% in the forecast period, reflecting the nation’s strong emphasis on sustainability.
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The demand for caps and closures in the manufacturing sector is going through a substantial upsurge as it finds applications in various industries like pharmaceutical, food and beverage, chemical, etc. These industries use caps and closures for packaging products such as bottled beverages, condiments, dairy products, and sauces. Since the pandemic, these industries have expanded significantly, and with this, the demand for caps and closures is also experiencing considerable growth.
Apart from the pharmaceutical industry, caps and closures also find applications in the food and beverage sector. It stores various products like spices, carbonated drinks, protein shakes, etc. The beverage industry extensively utilizes the capabilities of caps and closures as it offers secure sealing, tamper-evident features, and convenient dispensing mechanisms for a wide range of beverages.
Despite the increasing concerns of eco-conscious consumers worldwide, plastic caps and closures have remained the preferred choice for manufacturing units. Plastic caps and closures are affordable, readily available, and lightweight, making them a perfect choice for these companies. Governments worldwide are constantly promoting sustainable materials for the packaging needs of these products.
“Caps and closure market is going through transitional phases now where key players in the market are in the process of developing eco-friendly packaging solutions. These companies should tap emerging economies where e-commerce businesses are on the verge of booming.”, opines an FMI analyst.
Key Takeaways from the Caps and Closures Market Report:
- The caps and closures market is expected to grow by 5.4% from 2023 to 2033.
- Plastic caps and closures dominate the global caps and closures market, with an overall revenue share of 58.5%.
- Regarding the end-use category, the beverage industry captures a significant 47.1% share of the global caps and closures market revenue.
- India is the leading market for caps and closures, with a growth rate of 7.7% from 2023 to 2033.
- India is followed by China (6.80%), Thailand (6.60%), and South Korea (5.90%) in terms of caps and closures market growth.
Competitive Landscape:
The caps and closures market worldwide has reached a competitive landscape that calls for innovations and sustainable changes. With a loyal consumer base, numerous international players dominate the market. Small entrants catering to local consumers are emerging with new materials to meet the demands of eco-conscious industries. The growth of e-commerce businesses in emerging economies is expected to contribute significantly to expanding the caps and closures market in the foreseeable future.
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Competitive Landscape
- BERICAP Holding GmbH,
- Crown Holdings Inc,
- Guala Closures S.p.A,
- Closure Systems International, Inc
- Amcor Plc,
- Silgan Plastic Closure Solutions,
- Aptar Group,
- UNITED CAPS,
- Nippon Closures Co., Ltd.
Recent Developments in the field:
- In 2022, AptarGroup acquired CCL Industries’ caps and closures business for US$ 1.9 billion, expanding its innovative solutions.
- In 2021, Amcor’s US$ 6.8 billion acquisition of Bemis created a comprehensive packaging solutions provider in and around the continent.
- In 2020, Closure Systems International’s US$ 1.2 billion acquisition of Silgan Holdings’ closures business 2020 brought manufacturing capabilities and customer relationships together, yielding synergistic benefits.
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Market Segments Covered in Cap and Closure Market Analysis
By Product:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Tethered Caps
- Others
By Production Process:
- Injection Molding
- Compression Molding
- Others (Blow Molding, and more)
By Material:
- Plastic
- Metal
- Aluminium
- Others
By End Use:
- Food & Beverage
- Consumer Goods
- Personal and Homecare
- Pharmaceuticals
- Other
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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