The increasing demand for effective packaging to ensure the longer shelf life of food and beverages is the key factor driving the global caps and closures market. The market is currently witnessing impressive demand from Asia Pacific. As per Transparency Market Research (TMR), a paradigm shift in consumer preference from unpackaged to more convenient and packaged food products is fuelling the demand for caps and closures from the region’s packaging industry. The market is also gaining from the rising use of caps and closures in the alcoholic beverages segment.
Despite witnessing favorable growth opportunities, the advent of flexible packaging is likely to dampen the market’s growth to an extent. Nevertheless, the increasing investment by manufacturers in novel technologies, designs, and materials is expected to boost the market in the near future.
According to TMR, the global caps and closures market, which stood at US$36.23 bn in 2014, is expected to reach US$51.57 bn by the end of 2021. If these figures hold true, the global caps and closures market will exhibit a CAGR of 5.2% between 2015 and 2021
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Rising Consumption of Alcoholic Beverages to Fuel Demand for Caps and Closures
In terms of revenue, the alcoholic beverages segment held over 57.35% of the overall caps and closures market in 2014. The rising consumption of beer around the world has been fuelling demand from the alcoholic beverages segment. While this has led to the increasing use of metal crowns for beer bottles, metal screw closures are fast replacing corks used in wine bottles. The segment is also expected to gain impetus from the rising consumption of wine across emerging economies.
The non-alcoholic segment includes caps and closures manufactured for the packaging of bottled water and carbonated soft-drinks. The shifting demand of consumers from carbonated soft drinks to bottled water is expected to fuel the demand for caps and closures in this segment. Bottled water is calorie-free, which is the key factor boosting its sales worldwide. This will, in turn, fuel the demand for caps and closures.
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Increasing Purchasing Power of Consumers Puts Asia Pacific at the Fore
Regionally, Asia Pacific led the global caps and closure market in 2014, with China and India emerging as lucrative markets. The rising demand for canned food and beverages is the primary factor driving the Asia Pacific caps and closures market. Furthermore, due to rising purchasing power and improving living standards, consumers in this region have become more willing to spend on packaged products and convenient foods. The consumption of alcoholic beverages has increased as well. Spurred by these factors, the market for caps and closures in Asia Pacific is expected to reach US$18.75 bn by the end of 2021.
Besides this, TMR also projects that the market will witness considerable growth in developed economies across Europe and North America. The rising demand for plastic packaging in these regions is fuelling the demand for plastic screw caps, which in turn, boosts sales opportunities for caps and closures manufacturers.