THE GLOBAL caps and closures market size is expected to surpass USD 143,699.6 million by 2030, expanding at a CAGR of 5.0% over the forecast period. The market is projected to be driven by the growth in the food & beverage industry across the globe, contributing to an increased usage of packaging products.
This, according to Caps and Closures Market Size, Share & Trends Analysis Report by Product (Dispensing Caps, Screw, Crown), by Material (Plastic, Metal), by Application (Food, Cosmetics & Toiletries), by Region and Segment Forecasts, 2021-2030 from ResearchAndMarkets.com.
Rising counterfeiting activities in the alcoholic beverages market are likely to boost demand for anti-tamper or tamper-evident closure. For instance, Everledger launched a new line of anti-tamper closures for wine and spirit bottles in April 2020, wherein the bottle cap is provided with Near Field Communication (NFC)-powered tamper detection label. The label, in turn, will allow the beverage manufacturer to track the bottle during shipping. This is anticipated to fuel the need for tamper-evident bottle closures of alcoholic beverages.
Peanut butter, jellies, ketchup and other spreadable & condiments are widely consumed in households and foodservice restaurants in countries, such as the U.S and Canada. As per YouGov America's survey result published in August 2019, about 66% of the surveyed individuals 'really like' or 'somewhat like' the peanut butter & jelly sandwich. This, in turn, is expected to boost demand for dispensing caps & screw closures used for sealing containers of various spreadable items.
Closures play an important part in protecting canned food from moisture and dust particles. As per data released by the U.S. Department of Agriculture, about 31.4 pounds of tomatoes were available per person for consumption, after adjusting for losses, in the U.S. in 2019, of which 60% were available in canned form. Consumer preference for canned foods due to their multiple benefits is anticipated to augment demand for can metal ends.
The screw closures segment accounted for the second-highest share of 29.1% in 2020. Screw caps are used for closing containers of liquid products, such as beverages, edible oils, syrups and motor oil. As per the Department of Food and Public Distribution, Government of India, the net availability of edible oils from all domestic sources was 8,630 thousand tons in 2015-16, which increased to an estimated volume of 10,655 thousand tons in 2019-20 in India. Therefore, the increasing demand for liquid product packaging solutions is expected to drive the segment growth.
Players are focusing on making plastic closure sustainable by using recycled packaging materials. For instance, in September 2020, Coca-Cola North America introduced caps made from recycled High-Density Polyethylene (HDPE) plastic for DASANI bottles. Similarly, 20-oz., half-liter and 1-liter PET bottles of Reyes Coca-Cola have re-sealable closures that are derived from 30% recycled content.
Market report highlights
• The metal segment is projected to grow at a CAGR of 4.8% from 2021 to 2030 due to rising usage of metals on account of higher durability and sustainability than plastic
• As per Can Manufacturers Institute’s 2019-20 Annual Report, total metal cans shipped from the U.S. were 125,123 million in 2018 that increased to 127,042 million in 2019 that are used for various food and beverage products
• The COVID-19 pandemic is expected to increase the demand for energy-boosting drinks, protein shakes and dietary supplements that promote health and improve the immune system
• This, in turn, is expected to fuel demand for food-grade packaging solutions including caps & closures in the near future
• Companies in the caps & closures industry are adopting various strategies, such as capacity expansion and strengthening market presence through mergers & acquisitions
• For instance, in June 2020, Silgan acquired Albea Group's 10 manufacturing facilities under its dispensing operations. This acquisition is expected to aid Silgan to expand its closures franchise along with dispensing systems operations
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