Caps and Closures Market to Garner $81.33 Bn, Globally, by 2031 at 4.9% CAGR: Allied Market Research
Rise in demand for plastic caps and closures for food & beverages and rise in competition and adoption of high-tech enlargement, plastic cups, and closures drive the growth of the global caps and closures market.
PORTLAND, Ore., March 15, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Caps and Closures Market by Product Type (Easy-open Can End, Metal Lug Closures, Peel-off Foils, Screw Closures, Metal Crowns, Corks, and Others), Raw Material (Plastic, Metal, Wood, and Others), and Application (Beer, Wine, Bottled Water, Carbonated Soft Drinks, Dairy Product, Condiments & Sauces, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031". As per the report, the global caps and closures industry accounted for $46.15 billion in 2020, and is expected to reach $81.33 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
Major determinants of the market growth
Rise in demand for plastic caps and closures for food & beverages and rise in competition and adoption of high-tech enlargement, plastic cups, and closures drive the growth of the global caps and closures market. However, adverse effects of use of plastic hinder the market growth. On the contrary, government support to promote go-green projects would open new opportunities.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/1806
Covid-19 scenario:
- The Covid-19 outbreak disrupted the supply chain in the food & beverage industry. Moreover, lockdown and strict regulations on social distancing hindered the manufacturing of caps and closures and impacted the procurement of raw materials.
- The pandemic presented several challenges such as safety, crisis management, re-forming business models, and other unintended consequences.
The screw closures segment dominated the market growth
By product type, the screw closures segment held the largest share in 2020, accounting for more than one-fifths of the caps and closures market, due to its wide use in beverage cans, canned liquid foods, and pulp fruit drinks. However, the easy-open can end segment is expected to manifest the highest CAGR of 6.9% during the forecast period, due to rise in demand for food & beverage cans with open end for easy accessibility.
The dairy product segment to manifest the highest CAGR through 2030
By application, the dairy product segment is projected to register the highest CAGR of 5.9% during the forecast period. In addition, the segment held the largest share in 2020, contributing to nearly one-fifths of the caps and closures market, due to rise in consumption of dairy products across the globe. The report also includes analysis of segments such as beer, wine, bottled water, carbonated soft drinks, condiments & sauces, and others.
North America held the largest share
By region, the market across North America is expected to showcase the highest CAGR of 4.1% during the forecast period, due to surge in westernization and adoption of innovative caps and closure products among food and beverage manufacturers for packaging. However, market across Asia-Pacific held the largest share in 2020, accounting for nearly two-fifths of the caps and closures market, owing to rise in use for manufacturing of food and beverage products in China, India, and Japan.
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/1806
Major market players
- Allstates Rubber & Tool Corp
- AptarGroup, Inc.
- Amcor Plc
- BERICAP GmbH & Co. KG
- Ball Corporation
- Crown Holdings, Inc.
- Berry Global, Inc
- JELINEK CORK GROUP
- GCL Holdings S.C.A.
- M.A. SILVA USA, LLC
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
Similar Reports:
Green Packaging Market: Global Opportunity Analysis and Industry Forecast 2022–2031
Food Intolerance Products Market: Global Opportunity Analysis and Industry Forecast 2020–2031
Plant-based Food Ingredients Market: Global Opportunity Analysis and Industry Forecast 2021–2030
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
Share this article