With a projected valuation of US$ 81.1 billion by 2024, the cap and closure market is poised for notable growth. Sustaining this trajectory is a moderate Compound Annual Growth Rate (CAGR) of 5.3%, anticipated to persist until 2034. By the end of this period, the market is forecasted to surge to a substantial valuation of US$ 137.2 billion. This market trend reflects the enduring demand for caps and closures across various industries, driven by factors such as evolving consumer preferences, product innovation, and stringent packaging regulations. As industries continue to prioritize quality and convenience, the market is set to witness significant expansion.
Experiencing substantial growth, the packaging and logistics sector is witnessing a surge in demand, driven by the flourishing global e-commerce landscape. The pandemic-induced focus on health has prompted increased interest in cosmetics and self-care brands, presenting a prime opportunity for market expansion. The cap and closure market, being integral to meeting the packaging needs of these industries, has consequently experienced significant growth. This collective trend underscores the pivotal role of caps and closures in catering to the evolving demands of health-conscious consumers and supporting the packaging requirements of dynamic sectors such as cosmetics and self-care.
Request Sample Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-13955
In the forecast period from 2023 to 2033, the caps and closures market in India is expected to exhibit impressive growth at a CAGR of 7.7%. This upward trend is closely linked to the increasing disposable income among the urban population, leading to a preference for packaged food items over home-cooked alternatives. The market expansion in India reflects the evolving consumer behavior and a growing demand for convenient and packaged goods, emphasizing the role of caps and closures in meeting the packaging needs of a population increasingly inclined towards ready-to-use and on-the-go food options.
The demand for cap and closure 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 cap and closure 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 cap and closure 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 cap and closure have remained the preferred choice for manufacturing units. Plastic cap and closure 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 Cap and Closure Market Report:
- The cap and closure market is expected to grow by 5.4% from 2023 to 2033.
- Plastic cap and closure dominate the global cap and closure 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 cap and closure market revenue.
- India is the leading market for cap and closure, 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 cap and closure market growth.
Market Drivers:
- Growing Packaging Industry: The expanding packaging industry, driven by increasing consumer demand for packaged goods, especially in sectors like food and beverage, pharmaceuticals, and personal care, fuels the demand for caps and closures.
- Innovations in Closure Technologies: Ongoing innovations in closure technologies, such as tamper-evident seals, child-resistant closures, and dispensing systems, drive market growth by offering enhanced functionality and convenience to consumers.
- Rising Concerns for Product Safety and Integrity: Heightened awareness about product safety and integrity drives the demand for advanced closure solutions that ensure protection against contamination, tampering, and counterfeit products.
- Environmental Concerns and Sustainability: The shift towards eco-friendly and sustainable packaging solutions encourages the adoption of recyclable, biodegradable, and lightweight closures, thus driving market growth.
- Preference for Convenience: Consumer preferences for convenient packaging solutions, including resealable closures and easy-to-open designs, stimulate innovation in cap and closure designs, further boosting market growth.
- Emerging Markets and Urbanization: Rapid urbanization, particularly in emerging markets, along with the expanding middle-class population, drives increased consumption of packaged goods, thereby boosting the demand for caps and closures.
- Regulatory Compliance and Quality Standards: Stringent regulations and quality standards imposed by regulatory authorities, especially in the food and pharmaceutical sectors, mandate the use of high-quality closures, thereby driving market growth.
Request Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-13955
Market Restraints:
- Fluctuating Raw Material Prices: Volatility in raw material prices, especially plastics and metals used in cap and closure manufacturing, can impact profit margins and pricing strategies, acting as a restraint on market growth.
- Environmental Concerns and Plastic Regulations: Heightened environmental concerns and regulatory measures aimed at reducing plastic waste, such as bans on single-use plastics and extended producer responsibility (EPR) regulations, pose challenges for traditional plastic cap manufacturers.
- Competition from Alternative Packaging Formats: Growing consumer preference for alternative packaging formats, such as pouches and flexible packaging, especially in certain product categories like beverages and snacks, poses a competitive challenge to the cap and closure market.
- Technological Disruptions and Automation: Increasing automation and technological disruptions in the packaging industry may require cap and closure manufacturers to invest in new technologies and processes, which could pose initial challenges and cost implications.
- Supply Chain Disruptions: Disruptions in the global supply chain, such as trade conflicts, natural disasters, or pandemics, can impact the availability of raw materials and logistics, leading to production delays and increased costs, thereby restraining market growth.
- Brand Loyalty and Established Suppliers: Established brand loyalties and long-standing relationships between packaging manufacturers and suppliers may act as barriers to entry for new players in the cap and closure market, limiting market expansion opportunities.
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.
Key Players
- 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.
Seize the Opportunity: Get Report Now for a Thorough Report
https://www.futuremarketinsights.com/checkout/13955
Market Segmentations:
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube