The global sport caps and closures market is poised for substantial growth, with a predicted total valuation of US$ 1,074 million by 2023 and an estimated reach of US$ 1,652 million by 2033, according to industry analysis by Future Market Insights (FMI). Over the forecast period, sales of sport caps and closures are projected to increase at a Compound Annual Growth Rate (CAGR) of 4.4%.
Market Analysis:
The demand for sport caps and closures has seen significant growth in recent years, driven by the increasing consumption of packaged foods and beverages on a global scale. Shipments of sport caps and closures have contributed to the growth of the global caps and closures market in 2022, with the beverage industry being a leading contributor to sales.
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Key Drivers:
The beverage industry’s increasing consumption is driving the demand for lightweight and reliable packaging solutions, with beverage companies opting for sport caps and closures with less plastic content to decrease costs and ensure leak-free packaging. This trend aligns with regulatory bans on single-use plastics, reflecting rising environmental awareness.
Industry Trends:
Manufacturers in the sport caps and closures market are launching innovative products to meet changing consumer preferences and drive revenue potential. For instance, Tetra Pak announced the deployment of its tethered cap solutions in April 2021, aimed at minimizing waste and meeting sustainable packaging goals.
Opportunities and Challenges:
The increasing popularity of ready-to-drink beverages presents significant growth opportunities for the sport caps and closures market. However, regulatory bans on the use of plastics in packaging and closure manufacturing pose challenges, although demand for plastic caps is expected to remain high.
Key Companies Profiled
- 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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By Cap Type:
- Screw Closures
- Snap Closures
- Push & Pull Closures
- Others
By Material:
- Plastic
- Polypropylene (PP)
- Polyethylene terephthalate (PET)
- Polystyrene (PS)
- Polyethylene (PE)
- Other Plastics
- Metal
- Steel
- Tin Plate
- Aluminum
By Diameter:
- Up to 20 mm
- 21-30 mm
- 31-40 mm
- Above 40 mm
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East & Africa
- Oceania
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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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