ID: MRFR/PNT/0757-CR | September 2021 | Region: Global | 187 pages
Caps and Closures refer to the dispensing and sealing component of packaging. The caps and closures ensure inflow and outflow of product to/from the packaging product.
Caps & closures play an important role in packaging, and they include containers such as caps, cans, and others. It helps in the process to extend the shelflife of the products and provides a barrier to dirt, moisture, and oxygen. Rising demand for bottled water and smaller packaging sizes from the end-user industries such as food, beverage, and healthcare, and rising concerns toward product quality and safety are factors improving caps & closure market growth. The increasing use of packaging is driving the growth of the caps and closures market.
This reflects the significance of plastic containers in numerous markets and the growing prevalence of plastic closures on other container types. The outlook for plastic closures will be constrained by the alreadyhigh penetration of plastic containers in most markets and a lack of new large volume applications.
Despite ongoing losses due to inroads by plastic closures and the resurgence of aluminum cans in the beer market, units will increase modestly based on greater use of roll-on closures with wine and opportunities for screw and lug closures with ready to drink beverages such as iced tea and coffee, which are frequently packaged in glass.
The global caps & closures market size is anticipated to register a 4.7% CAGR between 2022 and 2030 and reach an approximate value of USD 91,718.9 million in 2027.
Caps and closures have several applications in the food & beverages industry, mainly due to their ease of application, transportation, and reduced costs, as well as the ability to preserve flavor, nutrition, and texture in the long run. Caps and closures help in extending the shelf-life of products along with strengthening brand identity.
The rise in demand for packaged foods & beverages, especially liquid & semi-liquid foods and drinks, is considered one of the major factors inducing the demand for caps and closures. There is an increased demand, which has been met by ensuring increased production of processed and packaged food and beverages across the globe. In Europe, the turnover of the food & beverage industry has gone up along with the emergence of new companies within the processed food and beverages market segment.
Technological advancements in packaging solutions play a vital role in driving the demand for caps and closures. Advanced technology has allowed companies to incorporate innovation in products instead of sticking to traditional ones. Due to this, several companies are investing in research & development and are coming up with technically advanced products with properties such as better sealing capabilities, extended shelf life, leakage proof, and reusability. Such properties effectively uphold the quality and consistency of food items while extending their shelf life without using additional preservatives.
The caps & closures market has become more technology-driven and pulls higher levels of R&D investment. Such investments lead to technology developments, which lead to value addition and the manufacture of premium products at lower costs. This helps them improve their competitive front and creates opportunities for plastic closure manufacturers through an organized infrastructure. Thus, the rapid innovation in packaging solutions is expected to drive the growth of the global caps & closure market during the forecast period.
Developing countries such as India, Brazil, and Indonesia have witnessed changing dynamics for packaged and processed food and beverage demand. The consumption patterns have changed in many years due to positive economic indicators such as the rising per capita disposable income, changing customer preferences, growing working women population, and the increasing number of retail outlets. This is expected to stagger the growth of the packaging industry, including caps and closures used extensively in food and beverage packaging. These countries are adapting smart packaging technologies, which present another opportunity for packaging companies to diversify and enhance their product offerings. A new suite of solutions can help brand owners as they seek to enhance shelf appeal and allow direct consumer interfacing via smartphones and designs that prolong shelf life through the use of temperature monitoring, insulated shipping, and other freshness indicators.
The raw material cost depends on the terms and duration with the resin manufacturers, which typically varies over one year to a couple of years. The availability of raw materials depends on the global and local demand & supply force and government regulations. The price of resin is subject to fluctuations due to external market conditions such as demand-supply forces, import-export scenario, and policies, and regulations. These factors would ultimately affect the raw material cost, which is the cost involved with resins. Also, due to this fluctuation, the financial performance of the company can adversely be affected.
Key industry participants in the capsand closuresindustry include Crown; Amcor plc; Closure Systems International; Ball Corp.; Silgan Holding, Inc.; Berry Global, Inc.; AptarGroup, Inc.; BERICAP; Nippon Closures Co. Ltd.; Sonoco Products Company
The global market forthe caps & closures market has been segmented based on type, material type, end-use industry, and region. Based on type, the global caps & closure market is segmented into plastic caps & closures, roll-on balls, and others. Plastic caps and closures have gained popularity for the packaging of bottled water, carbonated soft beverages, and non-carbonated soda drinks.
Based on material type, the global caps & closure market is segmented into plastic, metal, and others. An increase in demand for bottled water, need for convenience, concerns about product safety & security, product differentiation & branding, and decreasing package sizes are driving the market for plastic caps & closures. Plastic containers are economical and lightweight. Metal closures offer a reliable barrier from external elements, keeping drinks fresh and providing the convenience of an easily recloseable package. Also, brand owners prefer metal closures because they want to offer the package a traditional look and feel that it is known and trusted.
Based on end use industry, the global caps & closure market is segmented into food, beverages, packaged water bottles, pharmaceutical, cosmetics, automotive, and others.The beverages segment is further segmented into alcoholic beverages and non-alcoholic beverages. The rise in demand for fresh and quality packaged food, consumer convenience, and manufacturers’ concern for a longer shelf life of the food products drive the market for s and closures. Many companies offer a wide selection of caps and closures, which is suitable for packaging a variety of food products. With an increase in the consumption of food, there has been an increase in the consumption of caps and closures.For a long time, the beverages industry has been the major contributor to the rising demand for caps and closures. But in recent times, this has been closely competed by other industries such as healthcare. The rising popularity of dispensing closures and pump closures in various product groups such as beverages is likely to spur the growth of the caps & closures market.
The global caps & closures market is expected to witness high growth during the forecast period owing to the growing packaging industry across the globe. The Demand for caps and closures is expected to be driven by the continued construction of smart cities across geographies and other mega construction projects, particularly in developing economies.
Based on region, the caps and closures market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. China is expected to be one of the largest markets for caps and closures, owing to the change in its economic structure from production-based to consumption-based, and factors such as rise in disposable income and high consumption of processed and packaged food and beverage items. The increasing export from these countries is leading to the growth of the caps & closures market. The region offers a flourishing market for such technologically advanced packaging solutions. The FDI in retail has further widened the scope of packaging and lures foreign players to enter the market with new solutions; the increasing demand backs this for packaged food and beverages in China and India due to increasing disposable income.Europe has always played a key role in the innovation and development of personal care, hygiene, and beauty products and packaging. Increased demand for consumer-friendly products that are lightweight and easily transportable, growing focus on sustainability, the increased need for extended shelf life, and rising hygiene standards are the major drivers of the caps & closures market.
Key industry participants in the caps and closuresindustry include Crown Holdings; Amcor plc; Closure Systems International; Ball Corp.; Silgan Holding, Inc.; Berry Global, Inc.; AptarGroup, Inc.; BERICAP; Nippon Closures Co. Ltd.; Sonoco Products Company
|CAGR||4.7% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material , Type , End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Rexam PLC (U.K), Berry Plastics Corporation (U.S.), AptarGroup Inc. (U.S.), RPC Group Plc. (U.K.), Crown Holdings Inc. (U.S.), Amcor Limited (Australia), Reynolds Group Holdings Limited (New Zealand), and Silgan Holdings Inc. (U.S.), Guala Closures Group (Italy), and BERICAP GmbH Co. & KG (Germany).|
|Key Market Opportunities||The increasing demand for packaged food and beverage products|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global caps and closures market is expected to reach USD 91,718.9 million by 2030.
Global caps and closures market is expected to exhibit a strong 5.6% CAGR over the forecast period from 2022 to 2030.
The increasing demand for packaged food and beverage products is likely to be a key driver for the caps and closures market.
Asia Pacific dominates the global caps and closures market.
Leading players in the global caps and closures market include Rexam plc, Amcor Ltd., and Berry Plastics Corporation, among others.