The vendor landscape of the global caps and closures has been rendered largely fragmented due to the presence of a massive set of regional as well as international players. Transparency Market Research (TMR) observes in a recent report that numerous companies in the market are diverting sizeable funds towards the development of innovative products and the improvement of existing products to gain a stronger hold on the market.
Companies are also focusing on ways of consolidating the market through strategic collaborations such as mergers and acquisitions in order to expand their product portfolios and geographical outreach and serve a larger consumer base across the globe. Some of the leading companies in the market are Crown Holdings Inc., Silgan Holdings Inc., and Bericap, Global Closure Systems.
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According to the report, the global caps and closure market had a valuation of 1429 bn units in 2016 and is likely to rise to a revenue opportunity of 1702.17 bn units by 2021, exhibiting a 3.5% CAGR from 2015 to 2021. Based on product type, the market acquires a large share of its revenue from the sales of beverage caps and closures and the segment is likely to remain lucrative over the next few years as well. Based on geography, the market in Asia Pacific is likely to retain its leading position owing to the rising uptake of metal food cans, increased disposable incomes, and rising demand for packaged foods and beverages.
Thriving Packaged Foods and Beverages Sector to Drive Market
The vast rise in demand for packaged foods and beverages from across the globe and the critical role played by caps and closures in keeping packaged consumables fresh for extended periods are likely to remain some of the leading growth factors for the caps and closures market. The market is also expected to benefit from the vast rise in modern retail outlets such as supermarkets and hypermarkets in emerging economies such as India, China, and Brazil and the consecutive rise in demand for conveniently packaged products that are easy to display in shelves as compared to loose products.
Increased Demand for Flexible Packaging Could Hamper Market Growth Prospects
The market is also expected to benefit from the rising preference of packaging companies to plastic caps and closures owing to their light weight and inexpensive nature. However, the rising demand for flexible packaging solutions such as pouches due to the extra convenience and the durability of the material used for manufacturing these solutions could act as a hindrance to the growth prospects of the market to a certain degree. Moreover, the rising demand for more inexpensive and lightweight products to cut down the cost of the overall packaging could also adversely affect the growth promise of the market as these products are more vulnerable to sealing failure, cracking, and contamination.
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