Introduction
The Sport Caps And Closures Market is a dynamic and rapidly evolving sector within the broader sports industry. This article provides a detailed exploration of this market, offering valuable insights and expert knowledge. With a focus on both the technical aspects and market trends, we aim to unlock the potential of sport caps and closures.
With a predicted total valuation of US$ 1,074 million by 2023, the global sport caps and closures market is expected to further grow and is estimated to reach US$ 1,652 million by 2033, showcasing promising expansion over the forecast period.
In the realm of sport caps and closures, North America is poised to maintain a dominant position, driven by escalating consumption of both alcoholic and non-alcoholic beverages in the region, coupled with the presence of key market players. Europe, following closely, is anticipated to be the second-leading market in terms of both volume and value. Notably, high demand for sport caps and closure products is expected from key European countries, including Germany, Italy, France, and the United Kingdom.
The East Asia sport caps and closures industry is forecasted to experience steady growth with a consistent Compound Annual Growth Rate (CAGR). China, in particular, is projected to spearhead sport cap and closure shipments in the region. This surge is attributed to the significant uptick in beverage consumption, fueled by rapidly changing lifestyle trends within the nation. As a result, East Asia emerges as a promising market for sport caps and closures, with China playing a pivotal role in shaping industry dynamics.
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Key Takeaways
- Screw closures account for two-third share owing to their proven efficiency to offer effective sealing to the containers.
- Plastic-based sport caps and closures remain the top-selling variant, despite regulations and blanket ban
- Sport caps and closures with a diameter ranging between 21 mm and 30 mm are poised to account for more than 50% of market value.
- North America is projected to remain the most lucrative region through the assessment period, accounting for nearly 1/3rd of market value, backed by the presence of leading players
- Europe will prevail as the second most lucrative region, holding a quarter of the market value.
- East Asia and South Asia are foreseen to collectively capture over 1/4th of global value by the end of 2030.
“Market players are focusing on making products eco-friendlier to comply with the environmental regulations in place and are opting for recycled and recyclable plastic raw materials to achieve the same,” remarks FMI analyst.
The sport caps and closures market report profiles the following key players
- Berry Global Inc.
- Silgan Holdings Inc.
- Aptar Group Inc.
- BERICAP Holding GmbH
- Closure Systems International Inc.
- UNITED CAPS
- Pro-Pac Packaging Limited
- Caps & Closures Pty Ltd.
- Georg MENSHEN GmbH & Co. KG
- Blackhawk Molding Co Inc.
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Factors Driving the Sport Caps And Closures Market
The Sport Caps And Closures Market’s growth is influenced by several key factors:
1. Changing Consumer Lifestyles
The rising trend of health-consciousness and active lifestyles has led to an increased demand for on-the-go sports drinks and beverages, fueling the need for innovative and user-friendly caps and closures.
2. Technological Advancements
Advancements in closure design and materials have revolutionized the sport caps industry. Manufacturers are now utilizing cutting-edge technologies to enhance product functionality, safety, and sustainability.
3. Expanding Sports and Fitness Industry
With the sports and fitness industry experiencing significant growth, there is an escalating demand for sport caps and closures in various applications, including water bottles, energy drinks, and protein shakes.
4. E-Commerce Boom
The widespread adoption of e-commerce platforms has created new opportunities for sport caps and closures manufacturers to reach a global audience and establish a strong online presence.
Demand Survey Of Sport Caps And Closures (2015 To 2021) Vs Market Estimates (2022 To 2030)
Consumption of sport caps and closures over the past few years saw a steady rise as they were predominantly being used to seal water bottles and other beverages. Demand for multiple beverages like healthy drinks, spirits, non-alcoholic beverages, etc., has increased and driven sport cap and closure sales, which rose at a CAGR of 3.9% from 2015 to 2021.
Increasing consumption of beverages across the world, rise in popularity of RTD (ready-to-drink) beverages, increasing demand for use of sustainable caps and closures, and stringent regulations regarding the use of plastics in packaging are some of the major factors that will influence the sport caps and closures market potential through 2030.
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Key Segments Of Sport Caps And Closures Industry Survey
Sport Caps and Closures Market By Cap Type :
- Screw Closures
- Snap Closures
- Push & Pull Closures
- Others
Sport Caps and Closures Market By Material :
- Plastic Sport Caps and Closures
- Polypropylene (PP) Sport Caps and Closures
- Polyethylene terephthalate (PET) Sport Caps and Closures
- Polystyrene (PS) Sport Caps and Closures
- Polyethylene (PE) Sport Caps and Closures
- Others Plastics
- Metal Sport Caps and Closures
- Steel Sport Caps and Closures
- Tin Plate Sport Caps and Closures
- Aluminium Sport Caps and Closures
Sport Caps and Closures Market By Diameter :
- Up to 20 mm Sport Caps and Closures
- 21-30 mm Sport Caps and Closures
- 31-40 mm Sport Caps and Closures
- Above 40 mm Sport Caps and Closures
Sport Caps and Closures Market By Region :
- North America Sport Caps and Closures Market
- Latin America Sport Caps and Closures Market
- Europe Sport Caps and Closures Market
- East Asia Sport Caps and Closures Market
- South Asia & Pacific Sport Caps and Closures Market
- Middle East & Africa (MEA) Sport Caps and Closures Market
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Sport Caps And Closures market analysis from 2022 to 2032 to identify the prevailing Sport Caps And Closures market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Sport Caps And Closures market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global Sport Caps And Closures market trends, key players, market segments, application areas, and market growth strategies.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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