The global caps & closures market is estimated to be valued at US$ 89.9 billion in 2023. By 2033, the market valuation is anticipated to reach US$ 157.0 billion, with overall caps & closure sales exhibiting a CAGR of 5.7% between 2023 and 2033.
Caps and closures serve as the gateway to a product, ensuring its integrity throughout its lifecycle. They are used in a wide range of industries, including food and beverages, pharmaceuticals, cosmetics, and household chemicals. The market for caps and closures is diverse, encompassing various types such as screw caps, snap-on caps, dispensing closures, and tamper-evident closures.
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Key Factors Driving the Growth of the Caps and Closures Market
The growth of the Caps and Closures Market can be attributed to several key factors:
- Increasing Demand for Convenience: With changing lifestyles and busy schedules, consumers prefer packaging solutions that offer convenience. Caps and closures provide easy access to products, allowing for effortless opening and closing.
- Product Safety and Security: In an era where product authenticity and safety are of paramount importance, caps and closures play a vital role in ensuring that products reach consumers in their original state. Tamper-evident closures, for instance, provide visual cues to consumers, assuring them of the product’s integrity.
- Sustainability Initiatives: The growing awareness of environmental concerns has led to an increased focus on sustainable packaging solutions. Caps and closures made from recyclable materials help reduce the carbon footprint and contribute to a more sustainable future.
- Innovation and Customization: Manufacturers are constantly innovating in the caps and closures space, introducing designs that enhance functionality and meet the specific needs of different industries. Customization options, such as embossing, printing, and color coding, enable brand differentiation and enhance consumer engagement.
“Customized solutions aligned with end-use requirements offered by market players, along with intensive research and development to launch sustainable packaging solutions will continue augmenting the global caps and closures market growth through 2031,” says the FMI analyst.
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Key Takeaways:
- By product type, the screw closures segment is projected to hold 51% of the total caps and closures sales.
- In terms of material type, plastic will emerge as the most-preferred material, growing at a 5.7% CAGR.
- By end-use, the food & beverage segment is estimated to remain the major revenue contributor in the global caps and closures market. The segment is projected to offer an incremental opportunity of US$ 35.2 Bn during the assessment period.
- The U.S. will continue witnessing high demand for caps and closures, with sales increasing at a 3.5% CAGR through 2031.
- Germany will lead the European caps and closures market, holding 16% of the total sales in Europe.
- India will emerge as an attractive market, accounting for nearly 23% of the APAC caps and closures market.
- The Japanese caps and closures market is projected to grow at a 6.8% CAGR
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.
are also the noticeable players in the caps and closures market? The Tier 3 players in the market hold 85-95% in the global caps and closures market. In conclusion, key players contribute almost 05-15% of the global market. For instance, in 2021, Berry Global Inc. one of the leading packaging and caps and closure manufacturer has introduced lightweight plastic caps through the reduction in overall plastic usage.
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Market Segments Covered in Caps and Closures 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
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