Cap and Closure Trends: Charting the Path to a US$ 137.2 Billion...

Cap and Closure Trends: Charting the Path to a US$ 137.2 Billion Market by 2034

Posted 2024-02-29 07:04:43

Expected to reach a valuation of US$ 81.1 billion by 2024, the cap and closure market is poised for substantial growth, characterized by a moderate Compound Annual Growth Rate (CAGR) of 5.3% that is projected to persist until 2034. Anticipated to be valued at US$ 137.2 billion by 2034, this market demonstrates a significant trend towards expansion, reflecting the crucial role of caps and closures in various industries such as food and beverage, pharmaceuticals, and cosmetics. The projected trajectory underscores the enduring demand for reliable packaging solutions and opportunities for market players to capitalize on evolving consumer preferences.

The food and beverage sector's growing demand and heightened awareness of food safety are driving innovation in cap and closure solutions aimed at prolonging product shelf life. Similarly, the pharmaceutical industry's commitment to adhering to stringent regulatory standards is driving the adoption of secure and tamper-proof closures for medical products.

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Key Takeaways:

The Cap and Closure Market is expected to grow by 5.3% from 2024 to 2034.
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 Cap and Closure Market revenue.
India is the leading market for caps and closures, with a growth rate of 7.4% from 2024 to 2034.
India is followed by China (6.80%), Thailand (6.60%), and South Korea (5.90%) in terms of Cap and Closure Market growth.

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 September 2022, Berry Global Inc. launched a new bottle and cap combination product which is a PET bottle with a fully accredited child-resistant closure for liquid healthcare products.
In October 2021, Silgan Holdings Inc. announced that it has acquired the new business Easytech Closures S.p.A who manufactures easy-open and sanitary metal ends used with metal containers in Europe.
In June 2021, Guala Closures S.p.A announced the launch of its new product in the French market called Divinum Blossom, which is a sustainable screw cap.

Business Growth Drivers:

Increasing Demand in Beverage Industry: The beverage industry, including carbonated drinks, bottled water, juices, and alcoholic beverages, drives significant demand for caps and closures due to the need for secure packaging to maintain product freshness and prevent contamination.
Growing Packaging Industry: With the expansion of the global packaging industry, particularly in food and pharmaceutical sectors, there's a parallel rise in demand for caps and closures to ensure product safety, shelf life extension, and convenience in handling.
Technological Advancements: Innovations in materials and manufacturing technologies lead to the development of advanced caps and closures that offer improved functionality, such as tamper-evident features, dispensing systems, and enhanced barrier properties, driving market growth.
Increasing Consumer Preferences for Convenience: Consumers increasingly favor convenient packaging solutions that are easy to open, resealable, and offer portion control. This trend fuels the demand for caps and closures with user-friendly features, contributing to market growth.
Stringent Regulations: Regulatory requirements mandating the use of tamper-evident and child-resistant closures in certain industries, along with guidelines for packaging recyclability and sustainability, drive the adoption of compliant caps and closures, stimulating market growth.
E-commerce Expansion: The rapid growth of e-commerce channels necessitates robust packaging solutions to ensure product integrity during transit and delivery. Caps and closures play a crucial role in maintaining product quality and preventing leakage or spillage, supporting market growth.