The global caps & closures market size is expected to reach USD 104.04 billion by 2030 according to a new study by Polaris Market Research. The report “Caps & Closures Market Share, Size, Trends, Industry Analysis Report, By Raw Material (Plastic, Metals, Others); By End-Use (Food, Beverage, Healthcare, Cosmetics & Toiletries, Others); By Type; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing demand for convenient and easy-to-open packs, changes in consumer preference, and rapid urbanization are the chief factors accelerating the market growth around the world. In addition, the thriving growth of the food & beverage sector, coupled with the packaging industry, is attributed to the market development. Moreover, growing concerns for maintaining product quality and safety, rising disposable income, and increasing industrialization are further fueling the market demand in the forecasting years.
Based on the type, the plastic closures segment is dominating the global market. It is anticipated to lead the market over the forecasting period due to the shifting lifestyle's growth and growing demand for packed food and beverages. It offers several benefits such as better convenience, low weight, and cost-effectiveness, gaining massive traction among the varied verticals.
Accordingly, these plastic caps & closures features are fueling the segment growth globally. In contrast, the metal caps & closures segment also exhibits significant growth in the global market. These metal caps & closures are highly used in packaging glass bottles, and the growing demand for gourmet food & beverages is driving considerable segment growth over the coming years.
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The growth of emerging nations such as India, China, Australia, Brazil, and Indonesia is witnessing the positive growth of the market across the globe. In developing countries, the number of working people rises that exhibiting the changing lifestyle and customer preferences of the population.
Accordingly, these factors propel the growth of the packaging industry including caps and closures owing to the consumption of packed food and beverages increases, which may fuel the market growth. The novel collection of solutions helps brand owners direct consumer interface through smartphones and designs and also boosts the shelf life of the products and allows them to export goods across various geographical limits.
Thereby, these factors are acts as catalyzing factors for market growth. Moreover, the exponential growth of the food & beverage industry, rising industrialization, and rapid urbanization are also creating various lucrative opportunities for the market demand. Market participants such as AptarGroup Incorporated, RPC Group PLC, Amcor Limited Plc, Rexam PLC, Crown Holdings Incorporation, Berry Plastics Corporation, Silgan Holdings Inc., and Guala Closures Group are some of the key players operating in the global market.
Further, the companies are initiating collaborative initiatives in order to increase their market share. For instance, in April 2021, HEXO Corp and Molson Coors Beverage Company entered into a joint venture named Truss CBD USA. The objective of this joint venture is to present five types of CBD drinks across Canada that use glass bottle bundling with crown execution in two types and the remaining three items are packaged in metal jars.
Polaris Market Research has segmented the caps & closures market report on the basis of raw material, type, end-use, and region:
Caps & Closures, Raw Material Outlook (Revenue - USD Million, 2018 - 2030)
Caps & Closures, Type Outlook (Revenue - USD Million, 2018 - 2030)
Caps & Closures, End-Use Outlook (Revenue - USD Million, 2018 - 2030)
Caps & Closures, Regional Outlook (Revenue - USD Million, 2018 - 2030)