According to a recent market analysis by Future Market Insights (FMI), the global snap-on closures market is set to reach an impressive valuation of USD 23.7 billion by 2033, recording a steady CAGR of 4.6% during the forecast period. The market is projected to achieve a value of USD 15.1 billion in 2023.
The growth of the snap-on closures market is being fueled by manufacturers catering to both hot and cold products, who are investing heavily in this packaging option. Snap-on closures do not require heat treatment, significantly reducing production costs, making them a favorable choice for cost-conscious brands.
For marketers, snap-on closures offer unique branding potential with ample surface area for clear messaging, effectively enhancing consumer engagement. This feature, alongside increasing environmental concerns, is expected to boost demand during the forecast period.
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Many manufacturers are now incorporating recyclable aluminum in snap-on closures to align with sustainability goals and address the rising issue of land pollution. This choice not only supports environmental standards but also meets international food safety regulations, as these closures undergo rigorous testing to ensure compatibility with food products and consumer safety.
Key Takeaways:
- In 2023, the market is expected to be valued at USD 15.1 billion.
- By 2033, the figures are anticipated to reach USD 23.7 billion.
- The CAGR during the forecast period is projected to be 4.6%.
- On the basis of regional analysis, Asia Pacific is expected to hold the leading market share.
- The United States market is expected to record a CAGR of 3.5%.
- The market in Germany is anticipated to record a CAGR of 3.2%.
- The snap-on closures market in China is projected to record a CAGR of 5.5%.
- The market in India is anticipated to record a CAGR of 6.1%.
- The market in Brazil is expected to record a CAGR of 4.4%.
- On the basis of material type, the polypropylene segment is expected to hold the leading market share during the forecast period, and the CAGR is expected to be at 4.9%.
- On the basis of end-use, the personal care and cosmetics segment is expected to hold the dominant market share during the forecast period, and is projected to record a CAGR of 4.2%.
- On the basis of neck diameter, the 34-44 mm segment is expected to occupy the dominant position.
Competitive Landscape
The key players operating in the snap-on closures market are focusing on product innovation. This would ultimately help in cost cutting as a result of which even the consumers have to pay less. The manufacturers are also focusing on mergers and acquisitions to increase their market share.
The focus is also on technological advancements as they would enhance the production capabilities. The manufacturers are also ensuring that they grab headlines by winning awards that are specific to the niche.
Key developments in the snap-on closures market:
- With the acquisition of MDK in January 2023, Amcor widened its healthcare platform in Asia Pacific. In December 2022, Aptar was in the top 15 America’s most responsible companies 2023 by Newsweek.
Snap-on Closures Market Segmentation
By Neck Diameter:
- Up to 24 mm
- 24-34 mm
- 34-44mm
- Above 44 mm
By Material Type:
- PP
- LDPE
- HDPE
By End Use:
- Food
- Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- The Middle East and Africa
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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