The
increasing demand for effective packaging to ensure the longer shelf
life of food and beverages is the key factor driving the global caps
and closures market. The market is currently witnessing impressive
demand from Asia Pacific. As per Transparency Market Research (TMR),
a paradigm shift in consumer preference from unpackaged to more
convenient and packaged food products is fuelling the demand for caps
and closures from the region’s packaging industry. The market is
also gaining from the rising use of caps and closures in the
alcoholic beverages segment.
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Despite
witnessing favorable growth opportunities, the advent of flexible
packaging is likely to dampen the market’s growth to an extent.
Nevertheless, the increasing investment by manufacturers in novel
technologies, designs, and materials is expected to boost the market
in the near future.
According
to TMR, the global caps and closures market, which stood at US$36.23
bn in 2014, is expected to reach US$51.57 bn by the end of 2021. If
these figures hold true, the global caps and closures market will
exhibit a CAGR of 5.2% between 2015 and 2021.
Rising
Consumption of Alcoholic Beverages to Fuel Demand for Caps and
Closures
In
terms of revenue, the alcoholic beverages segment held over 57.35% of
the overall caps and closures market in 2014. The rising consumption
of beer around the world has been fuelling demand from the alcoholic
beverages segment. While this has led to the increasing use of metal
crowns for beer bottles, metal screw closures are fast replacing
corks used in wine bottles. The segment is also expected to gain
impetus from the rising consumption of wine across emerging
economies.
The
non-alcoholic segment includes caps and closures manufactured for the
packaging of bottled water and carbonated soft-drinks. The shifting
demand of consumers from carbonated soft drinks to bottled water is
expected to fuel the demand for caps and closures in this segment.
Bottled water is calorie-free, which is the key factor boosting its
sales worldwide. This will, in turn, fuel the demand for caps and
closures.
Increasing
Purchasing Power of Consumers Puts Asia Pacific at the Fore
Regionally,
Asia Pacific led the global
caps and closure market in 2014, with China and India
emerging as lucrative markets. The rising demand for canned food and
beverages is the primary factor driving the Asia Pacific caps and
closures market. Furthermore, due to rising purchasing power and
improving living standards, consumers in this region have become more
willing to spend on packaged products and convenient foods. The
consumption of alcoholic beverages has increased as well. Spurred by
these factors, the market for caps and closures in Asia Pacific is
expected to reach US$18.75 bn by the end of 2021.
Besides
this, TMR also projects that the market will witness considerable
growth in developed economies across Europe and North America. The
rising demand for plastic packaging in these regions is fuelling the
demand for plastic screw caps, which in turn, boosts sales
opportunities for caps and closures manufacturers.
Some
of the leading companies operating in the global caps and closures
market are Silgan Holdings, Plastics Corporation, Crown Holdings,
Closure Systems International, Aptar Group, and Pact Group Holdings.
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