The global snap-on closures market is on an upward trajectory, with a forecasted valuation of US$ 23.7 billion by 2033, according to the latest research from FMI. This growth is underscored by a robust Compound Annual Growth Rate (CAGR) of 4.6% throughout the forecast period. As of 2023, the market is projected to already reach a substantial value of US$ 15.1 billion. These findings indicate a persistent demand for snap-on closures, driven by factors such as convenience, efficiency, and evolving consumer preferences, positioning the market for significant expansion and economic impact in the years ahead.
The manufacturers who are into the production of snap-on closures are taking special care of the type of products to be utilized during the production process. Owing to this, a lot of them are making use of aluminum as it is recyclable and bio-degradable. Thus, the application of snap-on closures allows a lot of companies to achieve sustainability goals. Such factors are expected to surge the sales of snap-on closures during the forecast period.
China, a pivotal hub for personal care and cosmetic product manufacturing, stands out as a global leader, fueled by a convergence of factors such as prominent manufacturers, abundant access to cost-effective raw materials, and cutting-edge technology for closure production. The dynamic market witnessed a substantial boost in 2020, with cosmetic sales soaring to an impressive US$ 52.3 billion. Notably, Chinese manufacturers of snap-on closures are strategically emphasizing product innovation, potentially resulting in price reductions, exemplified by innovations like the snap-on jump box application. This trend, coupled with evolving lifestyles and the burgeoning pharmaceutical sector, is anticipated to further propel growth in the foreseeable future.
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One of the key benefits which have attracted a lot of investment is the fact that the snap-on closures have the capability to handle both hot and cold products. This has drawn a lot of attraction, especially from the players across the beverage market.
Thus, the FMI analysts are of the view that ‘increased demand in the pharmaceutical sector, personal care and cosmetics sector, beverage sector, the ability to be recycled, and a lot of other factors are expected to surge the snap-on closures market growth during the forecast period.’
Market Drivers-
- Consumer Convenience: Snap-on closures provide easy, one-handed access to packaged products, making them a preferred choice for consumers looking for convenience in their daily lives.
- Food and Beverage Industry Growth: The food and beverage industry relies on snap-on closures to maintain product freshness and safety, with a wide range of applications in bottling, dairy, condiments, and more.
- Demand for Reusable Packaging: Snap-on closures are often used in reusable packaging, such as sports bottles, lunch containers, and storage containers. The push for sustainable and eco-friendly options drives demand in this sector.
- Pharmaceutical and Healthcare Packaging: Snap-on closures are crucial in pharmaceutical packaging to ensure product safety and tamper-evidence, which are essential for patient health and regulatory compliance.
- E-commerce Packaging: With the growth of e-commerce, snap-on closures are used in various packaging solutions to ensure products remain secure during transit, offering a cost-effective and user-friendly sealing option.
- Innovations in Design: Advances in snap-on closure design, including child-resistant and tamper-evident features, expand their application in different industries and improve safety.
- Customization and Branding: Companies can use snap-on closures to incorporate branding elements, colors, and unique designs that enhance the product’s appearance and differentiate it from competitors.
Key Takeaways:
- In 2023, the market is expected to be valued at US$ 15.1 billion.
- By 2033, the figures are anticipated to reach US$ 23.7 billion.
- The CAGR during the forecast period is projected to be 4.6%.
- On the basis of regional analysis, Asia Pacific is expected to hold the leading market share.
- The United States market is expected to record a CAGR of 3.5%.
- The market in Germany is anticipated to record a CAGR of 3.2%.
- The snap-on closures market in China is projected to record a CAGR of 5.5%.
- The market in India is anticipated to record a CAGR of 6.1%.
- The market in Brazil is expected to record a CAGR of 4.4%.
- On the basis of material type, the polypropylene segment is expected to hold the leading market share during the forecast period, and the CAGR is expected to be at 4.9%.
- On the basis of end-use, the personal care and cosmetics segment is expected to hold the dominant market share during the forecast period, and is projected to record a CAGR of 4.2%.
- On the basis of neck diameter, the 34-44 mm segment is expected to occupy the dominant position.
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Competitive Landscape
The key players operating in the snap-on closures market are focusing on product innovation. This would ultimately help in cost cutting as a result of which even the consumers have to pay less. The manufacturers are also focusing on mergers and acquisitions to increase their market share. The focus is also on technological advancements as they would enhance the production capabilities. The manufacturers are also ensuring that they grab headlines by winning awards that are specific to the niche.
Key developments in the snap-on closures market:
- With the acquisition of MDK in January 2023, Amcor widened its healthcare platform in Asia Pacific. In December 2022, Aptar was in the top 15 America’s most responsible companies 2023 by Newsweek.
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.
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
Neck Diameter
- Upto 24 mm
- 24-34 mm
- 34-44mm
- Above 44 mm
Material Type
- PP
- LDPE
- HDPE
End Use
- Food
- Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Others
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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