Future Market Insights (FMI) has released a comprehensive forecast indicating robust growth in the global plastic caps & closures market. The market, valued at US$ 45.91 billion in 2023, is expected to expand at a noteworthy CAGR of 5.3% from 2023 to 2033, reaching US$ 76.95 billion by the end of the forecast period. This growth trajectory is driven by increasing consumption of carbonated and non-carbonated drinks, advancements in packaging technologies, and rising demand for convenient and recyclable packaging solutions across industries.
Key Market Insights:
Impact of Rising Consumption of Carbonated and Non-Carbonated Drinks on Market Growth
The increasing consumption of carbonated and non-carbonated drinks, valued at US$ 20.2 billion in 2021, is a major driver for plastic caps and closures. These closures are integral to sealing various types of beverage bottles, supporting the market’s expansion. The surge in demand for diet drinks, driven by changing consumer preferences toward healthier lifestyles, further boosts market growth. The beverage segment is expected to maintain its prominence in market value throughout the forecast period.
Dominance of Screw Closures: In 2022, screw closures accounted for approximately three-fourths of the plastic caps & closures market by market value. This dominance underscores the versatility and widespread adoption of screw closures across different packaging applications, contributing significantly to the market’s growth trajectory.
Beverage Segment Leading the Market: With the beverage segment expected to maintain its lead in market share throughout the forecast period, the demand for plastic caps and closures is projected to witness a steady rise. The beverage industry’s reliance on efficient and secure packaging solutions further propels the demand for plastic caps and closures.
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Screw Closures Reign Supreme, Beverages Take the Lead
Screw closures are projected to maintain their dominance, accounting for nearly three-quarters of the market share by value in 2022. When it comes to end-user applications, the beverage segment is anticipated to lead the market throughout the forecast period.
Asia Pacific and North America: Regional Powerhouses
The Asia Pacific (excluding Japan) and North American regions are poised to capture nearly half of the global plastic caps & closures market by 2033. The United States, in particular, is expected to witness profitable growth due to ongoing product development and a thriving food and beverage sector.
Fizz for the Market: Rising Beverage Consumption Fuels Growth
The carbonated and non-carbonated beverage segment, valued at US$ 20.2 billion in 2021, is a key driver of market growth. This surge in beverage consumption is fueled by a growing millennial population in developing countries, coupled with rising disposable incomes. Additionally, the demand for diet drinks, driven by consumer health preferences, is further contributing to market expansion.
Growth Factors and Future Opportunities
- Rising Production of Packaged Food and Beverages: The increasing demand for convenience and longer shelf life is driving the production of packaged food and beverages, which in turn fuels the need for secure and reliable caps and closures.
- Surging Consumption of Bottled Water, Carbonated, and Non-Carbonated Drinks: The growing popularity of bottled water and other convenient beverage options is creating a significant demand for plastic caps and closures.
- Growing Inclination Towards Healthy Lifestyles: The market is adapting to meet evolving consumer preferences for healthy options. For instance, the demand for diet drinks with plastic caps and closures is on the rise.
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Plastic Caps & Closures Market by Category By Caps Type:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Others
By Material Type:
- Thermoplastic
- PE
- LDPE/LLDPE
- HDPE
- PP
- Others (PS, PET etc.)
- PE
- Thermosets
By End Use:
- Beverage
- Food
- Pharmaceutical
- Household
- Cosmetics & Personal Care
- Others (Chemicals, Fertilizers etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- MEA
- Japan
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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