The global caps and closures for food and beverages market was valued at USD 36.23 billion in 2014 and is estimated to reach USD 51.57 billion by 2021 in terms of revenue. The market in terms of revenue is projected to grow at a CAGR of 5.2 % from 2015 to 2021.
Albany, NY -- (SBWIRE) -- 11/18/2015 -- Caps and closures is an important segment of the packaging industry that helps in extending and protecting the shelf life of end-products. Plastic and metal are the major raw materials used in the manufacture of caps and closures. Other raw materials include glass, wood, and paper.
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In terms of market size, beverage caps and closures account for the largest market share globally. Packaging aims to provide extended shelf life to food and beverages, and also to other end-products, retaining their texture, taste, and flavor for a long period of time. The rise in demand from the packaging industry is expected to drive the caps and closures market during the forecast period. Moreover, shift from unpackaged to packaged goods in emerging countries such as China, India, and Brazil is expected to fuel demand for caps and closures. Increased use of PET-based disposable bottles and consumption of bottled water globally is mainly driving the plastic caps and closures market in the beverages industry. Plastic is expected to replace metal caps and closures due to improvement in the quality of raw materials used in plastic caps and closures.
Among the different geographies Asia Pacific held the largest market for the caps and closures market in terms of both revenue and volume in 2014 and is projected to stay as the market leader over the forecast period. China and India are the dominant market for caps and closures in Asia Pacific region. Increase in demand for metal food cans acts as a driving factor in the growth of metal caps and closures market in Asia Pacific. Latin America is the fastest growing region for global caps and closures for food and beverages market. Brazil is the fastest growing country in Latin America and demand for caps and closures is expected to be high during the forecast period. Increase in consumption of non alcoholic beverages acts as a driving factor in the growth of plastic screw closures in Brazil.
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In terms of product type, the global caps and closures market has been segmented into food and beverages caps and closures. Food closures are categorized into peel-off foils, easy-open can ends, metal lug closures, plastic screw closures, and others. Beverages closures are categorized into plastic screw closures, metal crowns, metal screw closures, corks, and others. In terms of application, the global caps and closures market has been segmented into alcoholic and non-alcoholic beverages. Alcoholic beverages application includes caps and closures used in beer, wine, and spirit bottles. Non-alcoholic beverages caps and closures application has been further segmented into bottled water, carbonated soft drinks, and others.
This report also provides an understanding of volume (billion units) and value (USD billion) of caps and closures for food and beverages market. The study also provides forecast from 2015-2021 and highlights current and future market trends.
By geography, the market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America. This report helps distributors, suppliers and manufacturers to formulate strategies based on understanding of the trends in this market.
Plastic screws dominate the closure type in beverages since they are widely used in dressings, condiments, and soft and alcoholic drinks. In the beverage segment, caps and closures are mostly used in alcoholic beverages such as beer and wine as compared to non-alcoholic beverages which include bottled water and carbonated soft drinks. Increasing demand for bottled water due to rising health consciousness among consumers is expected to propel the demand for caps and closures used in the bottled water market
The leading players in the caps and closures for food and beverages market include Silgan Holdings Inc, Bericap, Crown Holdings, Inc., Berry Plastics, Reynolds Group Holdings Ltd. and Closure Systems International (CSI).
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