The
global caps and closures market is a highly fragmented arena.
Transparency Market Research (TMR) observes that several players in
the market are pouring sizeable funds into the research and
development of new products and fine-tune existing products in order
to better serve their customer base. Some of the leading players in
the market are Silgan Holdings Inc., Bericap, Global Closure Systems,
and Crown Holdings Inc. “The majority of the prominent players have
adopted mergers and acquisitions as a part of their key business
strategies in order to enhance their product portfolio and
consolidate market position,” says TMR’s lead analyst.
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Beverage
Caps and Closures to Retain Dominance Until 2021
The
global caps and closure market stood at approximately 1429 bn units
in 2016 and is expected to reach 1702.17 bn units by 2021,
progressing at a CAGR of 3.5% from 2015 to 2021. On the basis of
product, the market will continue to be dominated by beverage caps
and closures until 2021, primarily owing to the rising consumption of
alcoholic and non-alcoholic beverages. The food caps and closures
segment is anticipated to rise at a higher CAGR of 4.0% in terms of
volume during the forecast period.
Asia
Pacific will continue to be the leading regional segment until 2021,
accounting for more than 35% of the overall market volume. The growth
of the region can be attributed to the increasing demand for metal
food cans, rapid urbanization, and rising purchasing power. The
growth of the market will be majorly stimulated by the growing demand
for caps and closures from China and India. Latin America is poised
to exhibit a CAGR of 6.1% during the same period. The rising
consumption of non-alcoholic beverages is contributing to the growth
of the region.
Growing
Demand from Packaging Industry to Propel Growth Prospects
Packaging
aims at providing extended shelf life to food and beverages and other
end-products, retaining their taste, texture, and flavor for a long
period of time. Since caps and closures play a crucial role in
extending the shelf life of food and beverages, their demand across
the packaging industry is increasing sharply. In addition, the
shifting preference of consumers in emerging countries such as India,
Brazil, and China from unpackaged to packaged goods is triggering the
demand for caps and closures.
Moreover,
the growing demand for plastic caps
and closures is working in favor of the growth of the overall
market. “The light weight, high convenience, and cost effectiveness
of plastics is driving their adoption for the manufacturing of caps
and closures,” says a TMR analyst.
Rising
Adoption of Flexible Packaging to Hamper Market Growth
The
growth of the market is threatened by the increasing adoption of
flexible packaging. Flexible packaging includes pouches, which are
increasingly replacing caps and closures, due to their convenience
and durability of raw materials used. Moreover, manufacturers are
focusing towards the production of lightweight and cost effective
caps and closures due to the increasing pressure from consumers
regarding cutting down the cost. However, this is adversely affecting
the growth of the market as light weight products are more
susceptible to contamination, cracking, and sealing failure, thereby
resulting in leakage.
The
above data is collated from a research report released by TMR, titled
“Caps and Closures Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2015 - 2021.”
The
report segments the global caps and closures market as follows:
Global
Caps and Closures Market, by Product Type
Food
Caps and Closures
- Peel-off foils
- Easy-open can ends
- Metal lug closures
- Plastic screw closures
- Others
Beverages
Caps and Closures
- Plastic screw closures
- Metal crowns
- Metal screw closures
- Corks
- Others
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