The
global
caps and closures market features a highly fragmented vendor
landscape. To sustain the high competitive rivalry that a fragmented
arena invariably bears, key players are adopting strategies that
cater to the changing consumer requirements and help them in
establishing a strong presence in the market. According to the
research by Transparency Market Research (TMR), Berry Plastics,
Global Closure Systems, Silgan Holdings Inc., Crown Holdings Inc.,
Bericap, and Reynolds Group Holdings Ltd. Are among the torch bearers
in the global marketplace.
“Mergers
and acquisition and product innovation are some of the go-to
strategies for the majority of these players to expand their product
portfolio and stay relevant in the global caps and closure market,”
says TMR’s lead analyst. The market is anticipated to rise to a
valuation of US$51.57 bn by 2021, expanding at a 5.2% CAGR between
2015 and 2021.
Demand
for Caps and Closures to Remain High for Alcoholic Beverages through
2021
By
application, the alcoholic beverages segment will continue to account
for the leading share in the market in terms of revenue until 2021.
The growing consumption of beer and wine is supplementing the growth
of the segment. On the basis of geography, Asia Pacific will continue
to dominate the market until 2021, reaching a valuation of US$18.75
bn. The increasing sales of canned food and beverages due to the
improving living standards and rising purchasing power are fuelling
the demand for caps and closures in the region.
Flourishing
Growth of Packaging Industry to Provide Fillip to Caps and Closures
Market
With
the booming packaging industry worldwide, the global market for caps
and closures is expected to tread along a phenomenal growth
trajectory. Packaging helps in extending the shelf life of food and
beverages and also in retaining their flavor and texture for a longer
duration. “The rising health and hygiene consciousness among the
populace in countries such as Brazil, China, and India are causing a
shift in preference from unpackaged to packaged food items. This is
working in favor of the packaging industry, thus triggering the
demand for caps and closures,” says a TMR analyst.
The
soaring demand for plastic caps and closures in the beverages sector
is allowing the overall market to gain impetus. The spiraling use of
PET-based disposable bottles is translating into the greater sales of
plastic caps and closures.
Burgeoning
Adoption of Flexible Packaging to Hamper Growth Prospects
The
stiff competition from the flexible packaging industry is
jeopardizing the presence of caps and closures. Flexible packaging
systems such as pouches are making inroads into the shares of
containers using caps and closures, especially in the food and
beverage industry. In addition to this, flexible packaging is lighter
in weight due to materials such as aluminum, paper, PVC, and
polypropylene used for manufacturing it. This is allowing it to
emerge as a strong substitute for caps and closures.
Due
to the dynamic nature of the packaging industry, manufacturers are
constantly under the pressure of changing designs of their offerings.
The recent trend of lightweight packaging is prompting them to
manufacture lightweight and cost-effective caps and closures.
However, lightweight caps are highly susceptible to cracking and
contamination. This, in turn, is impeding the upward climb of the
market.
The
above preview is based on the report by TMR, titled “Caps and
Closures Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2015–2021.”
Global
Caps and Closures Market, by Food Closures Type
- Peel-off foils
- Easy-open can ends
- Metal lug closures
- Plastic screw closures
- Others
Global
Caps and Closures Market, by Beverage Closures Type
- Plastic screw closures
- Metal crowns
- Metal screw closures
- Corks
- Others
Global
Caps and Closures Market, by Application
- Alcoholic Beverages
- Non Alcoholic Beverages
Global
Caps and Closures Market, by Alcoholic Beverages type
- Beer
- Wine
- Others
Global
Caps and Closures Market, by Non Alcoholic Beverages type
- Bottled water
- Carbonated soft drinks
- Others
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