Caps & Closures Market to Witness Unprecedented Growth in Coming Years
The global "Caps & Closures Market is estimated to be USD 65.0 billion in 2021 and is projected to reach USD 85.0 billion by 2026, at a CAGR of 5.5% from 2021 to 2026. Thedriving factors for the caps & closures market is increase in demand for easy-to-open and sustainable packs, demographic trends, and rapid urbanization contribute to the demand and adoption rate of caps & closures. These are widely used in the food & beverage industry for various applications, such as bottled water, carbonated drinks, mayonnaise, ketchup, and alcoholic beverages.
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Browse 337 market data Tables and 46 Figures spread through 252 Pages and in-depth TOC on "Caps & Closures Market”
Driver: Increase in the demand for bottled water
Bottled water is one of the fastest-growing beverage categories in terms of volume. The increase in consumer demand for bottled water over the forecoming four to five years will drive the demand for tamper-evident caps & closures. Changes in lifestyles and per capita consumption are the factors driving the growth of the bottled water industry. The rise in the income levels of consumers has resulted in the increased sales of premium bottled water. Bottled water manufacturers have thus been encouraged to launch premium bottled water products with attractive capping solutions.
Restraint: Availability of substitutes to hinder the growth of caps & closures market
The growth of the caps & closures market is threatened by the increase in the use of packages without closures, such as pouches and blister packages. These types of packaging offer various benefits to the packager, such as material cost reduction compared to traditional methods of rigid packaging and sustainability issues. Other options for the food & beverage packaging is the pouch packaging format which is adopted by multiple FMCG companies as a packaging innovation tool to provide additional convenience to consumers. Several new easy-open and easy-reclose options are being added to the multitude of design possibilities across all end-use segments.
Challenges: Stringent environmental regulations
Packaging waste harms the ecosystem as it takes decades to decompose. Caps & closures are mostly made of plastic, which is not easily degradable. Governments across the globe are addressing this issue by imposing strict laws on the packaging industry. In Europe, governments have undertaken key steps to deal with packaging waste and recycling issues. In addition, governments across the developing nations have also become additionally concerned with respect to protecting the environment and have thus adopted measures to promote sustainable packaging. The caps & closures industry needs to adapt to these new regulatory requirements and promote recycling to decrease the carbon footprint. As these laws restrain the companies from sourcing raw materials through unethical practices such as procuring low cost products, the cost of raw materials might increase, thus increasing the operation costs. This affects the overall caps & closures market revenue.
“APAC is the largest market for caps & closures”
APAC led the global caps & closures market, accounting for a share of 35.8% in 2020. APAC comprises two high-growth economies—China and India. The standard of living is improving in this region, which is accelerating the per-capita spending on packaging. Hectic lifestyles result in the demand for packaged products for on-the-go consumption. This consequently leads to the demand for closures that are easy to open, can be re-sealed, and those that keep the products fresh for a longer period. Economies such as Indonesia, Malaysia, and Singapore offer significant opportunities for the caps & closures market.
The continuous growth in the packaged food & beverage market is expected to support the growth of the plastic caps & closures industry over the next five years. The Indian packaging industry is likely to grow further because of the rising demand for plastic caps & closures, an increase in exports, and the growing food processing and beverage industry. The continuous influx of international manufacturers into the food & beverage, pharmaceutical, and cosmetic sectors is expected to increase the demand for packaging. This has also encouraged manufacturers and suppliers to shift to retail, smaller size, and unit level packaging, providing attractive growth opportunities for the plastic caps & closures market. Owing to the continuous growth and innovation in the packaging industry, the plastic caps & closures market is expected to grow over the next five years.
Key Market Players
RPC Group PLC (UK), Crown Holdings Incorporation (US), Amcor Limited Plc (Australia), Rexam PLC (UK), Berry Plastics Corporation (US), Silgan Holdings Inc. (US), AptarGroup Incorporated (US), and Guala Closures Group (Italy) are the key players operating in the caps & closures market.
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