May 25, 2021
According to the research report titled ‘Global Caps and Closures Market by Product Type (Food caps and closure and Beverage caps and closure), by Application (Alcoholic and Nonalcoholic). Regional Forecasting 2020-2027’, available with Market Study Report, global caps and closures market was worth at USD 48.19 billion in 2019 and is anticipated to record 5.3% CAGR over 2020-2027, amassing USD 72.84 billion by the end of the forecast timeframe.
As per the report, surging demand from packaging industry is primarily stimulating global caps and closures market growth.
For the record, Statista cites that the overall packaging market will witness an increase of 11% during 2017-2021. Furthermore, according to the Indian Institute of Packaging, the Indian packaging sector is predicted to grow at a rate of 26.07 percent per year to USD 204.81 billion by 2025.
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Notably, caps and closures, which include canes, caps, and other items, are a significant aspect of packaging and help products last longer by acting as a barrier to moisture, water, oxygen, and grime. Caps and closures are designed to fulfill the demands of various types of containers.
The modern lifestyle necessitates packaging that is lightweight, easy to handle, and convenient. Many leading organizations have come forward to invest in the sector owing to importance of caps and closure, further adding impetus to the overall market development.
On the downside, varying price of raw material is negatively impacting worldwide caps and closures industry expansion.
Based on product type, the market is split into beverages caps and closures and food caps and closures. As per application spectrum, the industry segmentation comprises non-alcoholic beverages and alcoholic beverages.
Coming to the geographical bifurcation, Asia Pacific holds a major portion of worldwide caps and closures market share, owing to growing food & beverage sector along with expanding personal care industry in developing economies such as India and China.