Caps and Closures Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 01/25/2017 -- The global caps and closures market is a highly fragmented arena. Transparency Market Research (TMR) observes that several players in the market are pouring sizeable funds into the research and development of new products and fine-tune existing products in order to better serve their customer base. Some of the leading players in the market are Silgan Holdings Inc., Bericap, Global Closure Systems, and Crown Holdings Inc. "The majority of the prominent players have adopted mergers and acquisitions as a part of their key business strategies in order to enhance their product portfolio and consolidate market position," says TMR's lead analyst.
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Beverage Caps and Closures to Retain Dominance Until 2021
The global caps and closure market stood at approximately 1429 bn units in 2016 and is expected to reach 1702.17 bn units by 2021, progressing at a CAGR of 3.5% from 2015 to 2021. On the basis of product, the market will continue to be dominated by beverage caps and closures until 2021, primarily owing to the rising consumption of alcoholic and non-alcoholic beverages. The food caps and closures segment is anticipated to rise at a higher CAGR of 4.0% in terms of volume during the forecast period.
Asia Pacific will continue to be the leading regional segment until 2021, accounting for more than 35% of the overall market volume. The growth of the region can be attributed to the increasing demand for metal food cans, rapid urbanization, and rising purchasing power. The growth of the market will be majorly stimulated by the growing demand for caps and closures from China and India. Latin America is poised to exhibit a CAGR of 6.1% during the same period. The rising consumption of non-alcoholic beverages is contributing to the growth of the region.
Growing Demand from Packaging Industry to Propel Growth Prospects
Packaging aims at providing extended shelf life to food and beverages and other end-products, retaining their taste, texture, and flavor for a long period of time. Since caps and closures play a crucial role in extending the shelf life of food and beverages, their demand across the packaging industry is increasing sharply. In addition, the shifting preference of consumers in emerging countries such as India, Brazil, and China from unpackaged to packaged goods is triggering the demand for caps and closures.
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Moreover, the growing demand for plastic caps and closures is working in favor of the growth of the overall market. "The light weight, high convenience, and cost effectiveness of plastics is driving their adoption for the manufacturing of caps and closures," says a TMR analyst.
Rising Adoption of Flexible Packaging to Hamper Market Growth
The growth of the market is threatened by the increasing adoption of flexible packaging. Flexible packaging includes pouches, which are increasingly replacing caps and closures, due to their convenience and durability of raw materials used. Moreover, manufacturers are focusing towards the production of lightweight and cost effective caps and closures due to the increasing pressure from consumers regarding cutting down the cost. However, this is adversely affecting the growth of the market as light weight products are more susceptible to contamination, cracking, and sealing failure, thereby resulting in leakage.
The above data is collated from a research report released by TMR, titled "Caps and Closures Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021."
The report segments the global caps and closures market as follows:
Global Caps and Closures Market, by Product Type
Food Caps and Closures
Easy-open can ends
Metal lug closures
Plastic screw closures
Beverages Caps and Closures
Plastic screw closures
Metal screw closures