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The global caps & closures market was valued at USD 69.88 billion in 2022 and is projected to grow from USD 73.49 billion in 2023 to USD 111.02 billion by 2030, exhibiting a CAGR of 6.07% during the forecast period.
Caps & closures are the components that are used to seal and secure containers such as bottles, jars, and tubes. They are designed to provide a tight and secure seal to protect the contents of the container from air, moisture, and other contaminants. Caps & closures come in a wide range of shapes and sizes. Depending upon requirements and applications, they can be made from plastic, metal, rubber, cork, or other materials. They are an essential packaging component for many industries, including food & beverage, pharmaceutical, cosmetics, and household products. Caps & closures improve the product's shelf life, helping brands maintain product quality and value in the marketplace. The global market is driven by the increasing demand for convenience packaging solutions and sustainable packaging options. Plastic caps and closures are the most commonly used type due to their ease of use, durability, and cost-effectiveness. The rising sustainability trend will offer lucrative opportunities for the growth of the market over the forecast period.
COVID-19 Outbreak Reported Increased Demand for Caps & Closures
The sudden occurrence of the novel coronavirus had a mixed effect on this market. While the demand for caps and closures decreased in some industries like cosmetics and personal care, this market witnessed increased demand from industries such as food & beverage and pharmaceuticals. The imposed shutdowns and lockdowns in the early stages of the pandemic disrupted the supply chain. They caused a delay in the production and transportation of raw materials and finished goods, affecting the availability of caps and closures. However, this market is growing as the regulations are eased. An increasing demand for creative & innovative packaging solutions is observed after the ease of lockdown, which will further create profitable growth opportunities for this market.
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Utilization of Biodegradable or Recyclable Plastics and Growing Sustainability Trend
The rising concerns regarding environmental hazards have led to an increasing focus on sustainable & eco-friendly packaging solutions. Bio-degradable caps and closures, for example, are made from materials that break down naturally in the environment, such as plant-based plastics or biodegradable polymers. They can be composted or recycled after use, reducing their effect on the environment. On the other hand, recyclable caps and closures are made from recyclable materials such as aluminum or PET plastics. They can be recycled with other household or industrial waste. Overall, sustainable caps and closures offer a range of benefits, including reduced environmental impact, improved brand image, and increased customer loyalty. As sustainability continues to be a key driver in this market, manufacturers are investing in sustainable materials and developing new solutions to meet the growing demand for sustainable packaging.
Surge in Demand for Packaged Food & Beverages with Growing Urbanization Drives Market Growth
Rising demand for caps and closures is closely linked with growing urbanization. Urban consumers are inclined more towards convenient and on-the-go packaging solutions for food or beverage products. Caps and closures play a key role in providing convenience, ensuring the products are easy to open and close, and can be consumed without spillage. Caps and closures offer an airtight seal, preventing the entry of bacteria and keeping the product fresh for a longer time. They address the growing concern about safety and hygiene associated with food & beverage products by preventing spoilage. Manufacturers also offer various customization alternatives more suitable for the product, which helps retain their customers, thus boosting their market globally.
Properties such as Lightweight and Durability to Increase Demand Boosting Market Growth
Lightweight caps and closures offer a range of benefits to consumers and manufacturers, which has led to increased demand and adoption in the market. They use fewer resources and generate less waste making them eco-friendlier than conventional caps and closures. This is particularly important for companies looking to reduce their carbon footprint and minimize their environmental impact. In addition to the environmental concerns, lightweight caps and closures are more cost-effective than traditional options. They use fewer materials and are less expensive to produce and transport, which can significantly reduce manufacturers' costs and is thus anticipated to drive this market in the upcoming years.
Availability of Alternative Packaging Solutions to Hinder Market Growth
Flexible packaging alternatives like pouches, blisters, and others offer several benefits such as flexibility, lightweight, and cost-effectiveness that might be more attractive to some consumers. These flexible packaging solutions can provide unique branding, such as shaped pouches and blisters with custom graphics helping brands stand out and improve brand recognition. Rigid packaging solutions cost more to produce and transport than flexible packaging solutions. The time-and-effort-consuming process of designing customized products compared to alternative packaging solutions is the key factor that hampers the growth of the global market.
Plastic Dominates Owing to the Varied Features Offered by the Material
Based on the material, the market is segmented into plastic, metal, and others. Plastic by material holds the highest share of the global market. Plastic caps and closures are typically less expensive than other materials such as glass, wood, or rubber. Due to their chemical stability, plastic caps and closures are perfect for storing chemicals. Plastic caps and closures can be customized with various shapes, colors, and designs.
Screw Caps Dominate Owing to the Convenient Packaging & Protection Offered
Based on the product type, the market share is broken down into tethered caps, push/pull caps, screw caps, and others. Screw caps is the dominating segment. The significant factor driving the segment's growth is the convenience, child-resistant, and high sealing capability the screw caps offer. Screw caps can be used for various products and container types, including bottles, jars, and tubes. This versatility makes them popular for manufacturers who produce multiple products with different packaging needs.
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Food & Beverages Leads the Market Share Due to the Widespread Usage of Caps & Closures in the Food Industry
On the basis of the end-use industry, the market share is divided into food & beverages, pharmaceutical, consumer goods, personal care & cosmetics, and others. Food & beverages are the dominating segments. Changing lifestyle trends and increasing demand for processed food contribute to the growth. The use of customized packaging on beverages packaging products containing wine, alcohol, water, soda, and many others is increasing rapidly. The increasing inclination towards such beverages aids the segment's growth. Caps and closures improve brand awareness and sales for food and beverages, thus leading to the segment's rapid growth.
Asia Pacific Caps & Closures Market Size, 2022 (USD Billion)
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The market is analyzed for manufacturers across North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Asia Pacific is the dominating region of the market. The increasing population and number of SMEs for customized packaging enhance the market growth of Asia Pacific. The surge in demand from the cosmetic industry boosts regional market growth in Europe. The rapid shift in consumer lifestyles and rising disposable income that has increased demand for carbonated drinks, alcoholic beverages, and many others fosters growth in the European region.
North America also holds a large percentage of the global industry. The dominance can be attributed to key manufacturers, processed food & healthcare sectors, and increasing innovations. The U.S. is the leading country in the region and holds the largest global caps & closures market share. Latin America will experience steady growth owing to the region's rising food and beverage industries. The market in the Middle East & Africa is projected to grow moderately due to the rising demand in the personal care & cosmetics industries.
Leading Players Bound to Witness Robust Growth Opportunities
The global market is highly competitive and fragmented. The few large firms who dominate the market in terms of market share provide cutting-edge packaging for the packaging sector. These dominant market businesses never stop concentrating on growing their regional consumer bases, innovating, and raising market revenue.
BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc., Amcor Plc, Silgan Holdings Inc., Aptar Group, and others are significant market participants. Delivering cutting-edge packaging solutions is the primary goal of a large number of additional industry participants.
An Infographic Representation of Caps & Closures Market
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The report provides detailed market analysis and focuses on key aspects such as leading companies, competition landscape, marketing strategy, product/service types, porters five forces analysis, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the above factors, the report encompasses several factors that contributed to the market's growth in recent years.
CAGR of 6.07% from 2023 to 2030
Value (USD Billion) & Volume (Billion Units)
By Product Type
By End-use Industry
The Fortune Business Insights study shows that the global market was USD 69.88 billion in 2022.
The global market is projected to grow at a compound annual growth rate (CAGR) of 6.07% in the forecast period.
The market size of Asia Pacific stood at USD 24.44 billion in 2022.
Based on the material, the plastic segment dominates the global market share.
The global market size is expected to reach USD 111.02 billion by 2030.
The key market drivers are a surge in demand for packaged food & beverages and rising disposable incomes, to boost the market.
The top key players in the market are BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc., and Amcor Plc, among others.
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