Albany, NY -- (SBWIRE) -- 10/12/2020 -- The caps & closures market is expected to witness major growth as popular beverages continue to make the much-needed shift towards natural varieties. The market rose to a valuation of US$2.64 bn in 2016. Rising at 4.3% CAGR during 2018-2026, the market will likely reach a valuation of US$3.82 bn.

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The rise in natural beverages is apparent in growth of single-serve beverages. Major soft drink brands like Coca-cola, and Dr Pepper have announced natural beverages in line with their premium products. The increasing appeal of these product amidst a rising fight with obesity in the North America region, continues to drive growth. The rising number of diabetic patients, and growing elderly patients will also drive growth in the caps and closures market for non-carbonated beverages.

Among regions, the caps & closures market for non-carbonated beverages will likely grow at the fastest CAGR in Asia Pacific region. The changing lifestyle in the region, large population, and rising disposable income in the region will promise new avenues for growth. Moreover, several plastic bans applied in Europe for single-serve drinks have not been introduced yet in many countries in the region. This continues to make its forecast more optimistic.

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The polypropylene bags have remained the most promising segment in the market for some time. These promise to hold over 60% share in the caps & closures market for non-carbonated beverages. The bags will also witness the biggest opportunity for growth as its cost-advantages continue to create more opportunity for end-players. Additionally, other segments in the market like HDPE will also witness promising growth. The easier-availability of the product, and its similar cost-effective nature will promise a CAGR of 13% during 2018-2026.

The caps and closures market report will feature various reports including snap on caps, screw caps, and push on caps. Among these, the screw caps will likely witness major growth as end-application like ready-to-drink milk remains most promising. It is estimated that milk continues to remain in fashion with an average person drinking over ¾ cups each day.

The easy-to-open mechanism, and wide availability of ready-to-drink milk cartons remains a promising prospect. Moreover, the fruit beverage segment will also witness promising growth as retail chains, and rising health fitness trends continue to drive growth for natural beverages.

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This review of the market is based on a recent market research report published by Transparency Market Research, titled, "Caps & Closures Market for Non-carbonated Beverages (Cap Type - Screw Caps, Snap On Caps, and Push On Caps; Material - PP, LDPE, HDPE, PS, PVC, and PET; Application - Bottled Water, Fruit Beverages, Ready to Drink Tea and Coffee, Sports Beverages, Energy Drinks, and Non-dairy Milks) - U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."