Currently standing at a valuation of US$ 79.8 billion, the cap and closure market is poised for steady growth, projecting an average Compound Annual Growth Rate (CAGR) of 5.4% from 2023 to 2033. Anticipated to reach a substantial US$ 135.3 billion by 2033, the market reflects sustained demand for closures in various industries. This positive trajectory is attributed to the indispensable role of caps and closures in preserving product integrity, ensuring freshness, and meeting evolving consumer preferences. The market’s expansion underscores its critical function in packaging solutions and its responsiveness to changing dynamics across diverse sectors.
Experiencing substantial growth, the packaging and logistics sector is witnessing a surge in demand, driven by the flourishing global e-commerce landscape. The pandemic-induced focus on health has prompted increased interest in cosmetics and self-care brands, presenting a prime opportunity for market expansion. The caps and closures market, being integral to meeting the packaging needs of these industries, has consequently experienced significant growth. This collective trend underscores the pivotal role of caps and closures in catering to the evolving demands of health-conscious consumers and supporting the packaging requirements of dynamic sectors such as cosmetics and self-care.
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In the forecast period from 2023 to 2033, the caps and closures market in India is expected to exhibit impressive growth at a CAGR of 7.7%. This upward trend is closely linked to the increasing disposable income among the urban population, leading to a preference for packaged food items over home-cooked alternatives. The market expansion in India reflects the evolving consumer behavior and a growing demand for convenient and packaged goods, emphasizing the role of caps and closures in meeting the packaging needs of a population increasingly inclined towards ready-to-use and on-the-go food options.
The demand for caps and closures in the manufacturing sector is going through a substantial upsurge as it finds applications in various industries like pharmaceutical, food and beverage, chemical, etc. These industries use caps and closures for packaging products such as bottled beverages, condiments, dairy products, and sauces. Since the pandemic, these industries have expanded significantly, and with this, the demand for caps and closures is also experiencing considerable growth.
Apart from the pharmaceutical industry, caps and closures also find applications in the food and beverage sector. It stores various products like spices, carbonated drinks, protein shakes, etc. The beverage industry extensively utilizes the capabilities of caps and closures as it offers secure sealing, tamper-evident features, and convenient dispensing mechanisms for a wide range of beverages.
Despite the increasing concerns of eco-conscious consumers worldwide, plastic caps and closures have remained the preferred choice for manufacturing units. Plastic caps and closures are affordable, readily available, and lightweight, making them a perfect choice for these companies. Governments worldwide are constantly promoting sustainable materials for the packaging needs of these products.
“Caps and closure market is going through transitional phases now where key players in the market are in the process of developing eco-friendly packaging solutions. These companies should tap emerging economies where e-commerce businesses are on the verge of booming.”, opines an FMI analyst.
Key Takeaways from the Caps and Closures Market Report:
- The caps and closures market is expected to grow by 5.4% from 2023 to 2033.
- Plastic caps and closures dominate the global caps and closures market, with an overall revenue share of 58.5%.
- Regarding the end-use category, the beverage industry captures a significant 47.1% share of the global caps and closures market revenue.
- India is the leading market for caps and closures, with a growth rate of 7.7% from 2023 to 2033.
- India is followed by China (6.80%), Thailand (6.60%), and South Korea (5.90%) in terms of caps and closures market growth.
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Competitive Landscape:
The caps and closures market worldwide has reached a competitive landscape that calls for innovations and sustainable changes. With a loyal consumer base, numerous international players dominate the market. Small entrants catering to local consumers are emerging with new materials to meet the demands of eco-conscious industries. The growth of e-commerce businesses in emerging economies is expected to contribute significantly to expanding the caps and closures market in the foreseeable future.
Competitive Landscape
- BERICAP Holding GmbH,
- Crown Holdings Inc,
- Guala Closures S.p.A,
- Closure Systems International, Inc
- Amcor Plc,
- Silgan Plastic Closure Solutions,
- Aptar Group,
- UNITED CAPS,
- Nippon Closures Co., Ltd.
Recent Developments in the field:
- In 2022, AptarGroup acquired CCL Industries’ caps and closures business for US$ 1.9 billion, expanding its innovative solutions.
- In 2021, Amcor’s US$ 6.8 billion acquisition of Bemis created a comprehensive packaging solutions provider in and around the continent.
- In 2020, Closure Systems International’s US$ 1.2 billion acquisition of Silgan Holdings’ closures business 2020 brought manufacturing capabilities and customer relationships together, yielding synergistic benefits.
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Market Segments Covered in Cap and Closure Market Analysis
By Product:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Tethered Caps
- Others
By Production Process:
- Injection Molding
- Compression Molding
- Others (Blow Molding, and more)
By Material:
- Plastic
- Metal
- Aluminium
- Others
By End Use:
- Food & Beverage
- Consumer Goods
- Personal and Homecare
- Pharmaceuticals
- Other
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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