Caps And Closures Market expected to register the fastest CAGR from 2021 to 2030

Posted on 2022-08-19 by researchinsights in Industrial // 0 Comments

Caps And Closures Market Industry Overview

The global caps and closures market size was valued at USD 88,042.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2021 to 2030.

Growing demand for various food products and alcoholic & non-alcoholic beverages is anticipated to drive market growth. Caps & closures act as a barrier and prevent the packaged contents from getting exposed to ambient air, light, and dust particles, and thus expanding the product’s shelf life. Tight seals are essential in food & beverage packaging as these products are prone to microbial attacks. A food-grade material is therefore required for covering the containers. Caps & closures have applications in several other end-use industries, such as pharmaceutical, personal care & home care, and automotive.

Gather more insights about the market drivers, restrains and growth of the Global Caps And Closures Market

Moreover, rising awareness about the benefits of healthy eating is likely to boost the demand for dietary supplements, which will further drive demand for packaging products. Council for Responsible Nutrition (CRN) conducted a consumer survey in 2020 on dietary supplements, wherein vitamins and minerals were consumed by 98% of the participants, followed by herbals and botanicals used by 44%, sports nutrition by 30%, and weight management supplements by 19%. All these factors are expected to contribute to market growth.

The alcoholic beverage industry was negatively impacted in the wake of the COVID-19 pandemic due to the closure of resorts, hotels, and bars in the year 2020. However, countrywide lockdown restrictions across the globe increased at-home consumption of beverages, such as beer. As per the National Beer Wholesalers Association, the share of beer cans increased to 67% in 2020 from 60% in 2019 among all the packaging types for beer. This is attributed to the fact that cans are more likely to be used for at-home consumption due to their convenient packaging size, giving a boost to metal can closure demand.

Raw material suppliers are focusing on offering materials with excellent packaging properties that allow closure manufacturers to produce customized designs. The company has developed a new multi-modal grade of HDPE having organoleptic properties and Environmental Stress Cracking Resistance (ESCR). These properties will enable the cap manufacturers to develop lightweight closures as well as closures that do not affect the taste of the packaged contents, such as bottled water.

Companies are also focusing on procuring recycled materials for caps manufacturing. Post-Consumer Recycled aluminum, steel, and plastic are being explored, which can be processed further and used as raw materials. For example, in October 2020, Closure Systems International launched a beverage closure made from 30% PCR content in partnership with Coca-Cola to increase product sustainability.

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