Presently standing at US$ 79.8 billion, the cap and closure market is poised for substantial growth, with a projected average Compound Annual Growth Rate (CAGR) of 5.4% from 2023 to 2033. The market’s value is forecasted to ascend to an impressive US$ 135.3 billion by 2033, indicating sustained demand and industry expansion. Factors driving this growth include evolving consumer preferences, advancements in packaging technologies, and the need for secure and innovative closure solutions across various sectors. As the market continues to adapt to changing dynamics, it is set to play a pivotal role in shaping the future of packaging industries globally.
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 cap and closure 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 cap and closure 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 cap and closure 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 cap and closure 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 cap and closure have remained the preferred choice for manufacturing units. Plastic cap and closure 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 Cap and Closure Market Report:
- The cap and closure market is expected to grow by 5.4% from 2023 to 2033.
- Plastic cap and closure dominate the global cap and closure 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 cap and closure market revenue.
- India is the leading market for cap and closure, 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 cap and closure market growth.
Market Drivers:
- Growing Packaging Industry: The cap and closure market often benefits from the overall growth of the packaging industry, as caps and closures are essential components for various types of packaging.
- Increasing Consumer Awareness: Consumers are becoming more conscious of product safety and freshness. This drives the demand for secure and tamper-evident closures to maintain the quality and integrity of packaged goods.
- Innovation in Materials: Advances in material science lead to the development of new, lightweight, and sustainable materials for caps and closures, contributing to increased demand.
- Regulatory Compliance: Stringent regulations related to product safety and hygiene in industries such as food and pharmaceuticals drive the adoption of advanced closure technologies.
- E-commerce Growth: The rise of e-commerce has increased the demand for packaging solutions, including secure caps and closures to prevent leakage and spillage during transportation.
Market Restraints:
- Raw Material Price Volatility: Fluctuations in the prices of raw materials, such as plastics and metals, can impact the production costs of caps and closures, potentially leading to reduced profit margins.
- Environmental Concerns: Increased awareness of environmental issues has led to a push for sustainable and eco-friendly packaging solutions. Manufacturers may face challenges in developing cost-effective, environmentally friendly closures.
- Intense Competition: The cap and closure market is often highly competitive, with numerous manufacturers vying for market share. Intense competition can put pressure on prices and limit profit margins.
- Supply Chain Disruptions: Global events, such as pandemics, natural disasters, or geopolitical tensions, can disrupt the supply chain, leading to shortages of raw materials and impacting production.
- Changing Consumer Preferences: Shifts in consumer preferences, such as a move towards products with different packaging formats, can impact the demand for specific types of caps and closures.
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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.
Key Players
- 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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