The global Caps And Closures Market size is expected to surpass USD 143,699.6 million by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. The market is projected to be driven by the growth in the food & beverage industry across the globe, contributing to an increased usage of packaging products.
Rising
counterfeiting activities in the alcoholic beverages market are
likely to boost demand for anti-tamper or tamper-evident closure. For instance,
Everledger launched a new line of anti-tamper closures for wine and spirit
bottles in April 2020, wherein the bottle cap is provided with Near Field
Communication (NFC)-powered tamper detection label. The label, in turn, will
allow the beverage manufacturer to track the bottle during shipping. This is
anticipated to fuel the need for tamper-evident bottle closures of alcoholic
beverages.
Peanut
butter, jellies, ketchup, and other spreadable & condiments are widely used
in households and foodservice restaurants in countries, such as the U.S and
Canada. As per YouGov America’s survey result published in August 2019, about
66% of the surveyed individuals ‘really like’ or ‘somewhat like’ the peanut
butter & jelly sandwich. This, in turn, is expected to boost demand for
dispensing caps & screw closures used for sealing containers of various
spreadable items.
Closures
play an important part in protecting canned food from moisture and dust
particles. As per data released by the U.S. Department of Agriculture, about
31.4 pounds of tomatoes were available per person for consumption, after
adjusting for losses, in the U.S. in 2019, of which 60% were available in
canned form. Consumer preference for canned foods due to their multiple
benefits is anticipated to augment demand for can metal ends.
The
screw closures segment accounted for the second-highest share of 29.1% in 2020.
Screw caps are used for closing containers of liquid products, such as
beverages, edible oils, syrups, and motor oil. As per the Department of Food
and Public Distribution, Government of India, the net availability of edible
oils from all domestic sources was 8,630 thousand tons in 2015-16, which
increased to an estimated volume of 10,655 thousand tons in 2019-20 in India.
Therefore, the increasing demand for liquid product packaging solutions is
expected to drive the segment growth.
The
cosmetics & toiletries application segment held a significant market share
and is expected to register the fastest CAGR from 2021 to 2030. Cosmetic usage
is increasing worldwide, which is expected to propel the demand for cosmetic
packaging products. Players are focusing on developing new closures designs
that are convenient to open and close as well as offer excellent seals. For
instance, Berry Global Inc. introduced PalmSoft child-resistant closure for
beauty and personal care products in 2018. This closure provides soft rubber
feel at the top with an enhanced grip for patients with arthritis and other
individuals facing difficulty in opening the bottle.
Players
are focusing on making plastic closure sustainable by using recycled packaging
materials. For instance, in September 2020, Coca-Cola North America introduced
caps made from recycled High-Density Polyethylene (HDPE) plastic for DASANI
bottles. Similarly, 20-oz., half-liter, and 1-liter PET bottles of Reyes
Coca-Cola have re-sealable closures that are derived from 30% recycled content.
Related Press
Release@ Caps And Closures Market Report
List of Key Players of Caps And Closures Market
- Crown
- Amcor plc
- Closure
Systems International
- Ball Corp.
- Silgan
Holding, Inc.
- Berry
Global, Inc.
- AptarGroup,
Inc.
- BERICAP
- Nippon
Closures Co. Ltd.
- Sonoco
Products Company
Caps And Closures Market Report Highlights
- The metal
segment is projected to grow at a CAGR of 4.8% from 2021 to 2030 due to
rising usage of metals on account of higher durability and sustainability
than plastic
- As per CAN
manufactures Institutes’ 2019-20 Annual Report, total metal cans shipped
from the U.S. were 125,123 million in 2018 that increased to 127,042
million in 2019 that are used for various food and beverage products
- Furthermore,
the COVID-19 pandemic is expected to increase the demand for
energy-boosting drinks, protein shakes, and dietary supplements that
promote health and improve the immune system
- This, in
turn, is expected to fuel demand for food-grade packaging solutions
including caps & closures in the near future
- Companies in
the caps & closures industry are adopting various strategies, such as
capacity expansion and strengthening market presence through mergers &
acquisitions
- For
instance, in June 2020, Silgan acquired Albéa Group's 10 manufacturing
facilities under its dispensing operations. This acquisition is expected
to aid Silgan to expand its closures franchise along with dispensing
systems operations
Caps And Closures Market Report
Scope
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 92,027.3 million |
|
Revenue forecast in 2030 |
USD 143,699.6 million |
|
Growth rate |
CAGR of 5.0% from 2021 to 2030 |
|
Base year for estimation |
2020 |
|
Historical data |
2017 - 2019 |
|
Forecast period |
2021 - 2030 |
Related Reports@
Caps And Closures Market Segmentation
Grand
View Research has segmented the global caps and closures market on the basis of
material, product, application, and region:
Caps & Closures Material Outlook (Revenue, USD
Million, 2017 - 2030)
- Plastic
- Metal
- Others
Caps & Closures Product Outlook (Revenue, USD
Million, 2017 - 2030)
- Dispensing
Caps
- Screw
Closures
- Crown
Closures
- Aerosol
Closures
- Others
Caps & Closures Application Outlook (Revenue, USD
Million, 2017 - 2030)
- Food
- Beverages
- Functional
Beverages
- CBD
Beverages
- Healthcare
- Cosmetics
& Toiletries
- Automotive
- Pharmaceutical
- Dietary
Supplements
- Others
Caps & Closures Regional Outlook (Revenue, USD
Million, 2017 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- Central
& South America (CSA)
- Brazil
- Middle East
& Africa (MEA)
- Saudi
Arabia
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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