The global snap-on closures market is expected to record a CAGR of 4.6% from 2023 to 2033. In 2023, the market size is anticipated to reach US$ 15.1 billion. By 2033, the numbers are projected to cross US$ 23.7 billion.
Due to their capacity for providing airtight sealing, the big pharmaceutical players are anticipated to invest heavily in snap-on closures. The need for snap-on closures is anticipated to increase throughout the forecast period as a result of this, along with their capacity to preserve hygiene and shield the beverage from contamination. The snap-on closures have witnessed increased demand in the personal care and cosmetics market. The application of snap-on closures ensures that the liquid/cream is not wasted. The quality of these products is not compromised when they come in contact with snap-on closures.
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.
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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.’
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.
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.
Personal Care & Cosmetics Support Maximum Sales of Snap-on Closures
Snap-on closures are the most prominently used types of closures by personal care and cosmetics industry players. In addition to hassle-free opening and closing, improved product security to prevent potential product wastage continues to play a vital role in compelling manufacturers to employ snap-on closures across maximum product lines.
With a collective value share of more than 60% in the global personal care and cosmetics industry, North America and Asia Pacific secure the top performing market positions in snap-on closures landscape.
In the personal care and cosmetics industry, Unilever, L’Oreal, Procter & Gamble, Shiseido, Coty, and Estée Lauder have been identified to be the major trendsetters in snap-on closures landscape.
Moreover, an expanding space of luxury cosmetics market is also creating impressive growth opportunities for suppliers of snap-on closures for expansion in coming years. FMI thus estimates promising growth prospects for high-end snap-on closures.
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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.
While the demand for snap-on closures from F&B, cosmetics, personal care products, and pharmaceuticals packaging manufacturers is consistently surging, the report projects that Asia Pacific will remain the largest regional market for snap-on closures in coming years. Rampant industrial developments, coupled with the elevating spending power of consumers in the region, are pushing the revenue growth outlook for snap-on closures across APAC’s industries. According to the report, ASEAN countries, China, and India are the major growth contributors in Asian market.
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
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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