Global Cap and Closure Market to expand at a 5.3% CAGR until 2034, reaching a Value of US$ 137.2 billion

Future Market Insights, Inc. (FMI) forecasts a dynamic future for the cap and closure market, propelled by rising demand in food & beverage and pharmaceuticals, sustainability initiatives, and technological breakthroughs.

NEWARK, Del., Jan. 23, 2024 /PRNewswire/ -- The Cap and Closure Market is estimated to reach a valuation of US$ 81.1 billion in 2024. The industry is projected to be worth US$ 137.2 billion by 2034, rising at a CAGR of 5.3% between 2024 and 2034. The dynamic market is witnessing significant growth driven by diverse industries and evolving consumer preferences. Caps and closures play a critical role in preserving the integrity of packaged products, ensuring freshness, safety, and convenience.

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The market encompasses a wide range of closures, including screw caps, flip-tops, dispensing caps, and tamper-evident closures, tailored to meet the specific needs of various applications. One key factor contributing to the expansion of the market is due to the rising demand in the food and beverage industry. As consumer awareness regarding food safety and quality increases, manufacturers prioritize innovative cap and closure solutions to enhance product shelf life and maintain freshness.

Similarly, in the pharmaceutical and healthcare sector, stringent regulatory requirements drive the adoption of secure and tamper-proof closures to safeguard the integrity of medical products. The packaging industry's focus on sustainability has also influenced the market. Manufacturers are increasingly exploring eco-friendly materials and designs, responding to the growing consumer inclination towards sustainable and recyclable packaging. This trend aligns with the broader industry shift towards environmental consciousness and corporate responsibility.

Technological advancements play a crucial role in shaping the market. Innovations such as child-resistant closures, smart packaging solutions, and anti-counterfeiting features are gaining prominence, addressing safety concerns and enhancing user experience. Adopting advanced manufacturing processes, including injection molding and 3D printing, contributes to producing intricate and customized closures. As the demand for efficient and sustainable packaging solutions continues to grow, the market is poised for further expansion and innovation to meet the evolving needs of diverse industries worldwide.

Caps and Closure Market Report Scope

Key Takeaways from the Market Study

•  Based on cap type, plastic closures are expected to hold a market share of 57.9% in 2024.

•  Japan is estimated to register at a CAGR of 3.5% by 2034.

•  The United States experiences significant growth, projected at a CAGR of 3.3% by 2034.

•  Based on end-users, beverages are anticipated to hold a market share of 46.4% in 2024.

"The escalating consumer demand for packaging solutions that offer both convenience and safety is a pivotal driver propelling the cap and closure market," says Ismail Sutaria (Lead Consultant, Packaging and Materials).

Competitive LandscapeTop of Form

The cap and closure market leaders engage in strategic initiatives like mergers, acquisitions, and collaborations to expand their product portfolios and global market presence.

The market also sees regional and niche players offering specialized closure solutions. Continuous innovation and responsiveness to evolving consumer demands shape the dynamic competitive landscape of the market.

•  Crown Holdings Inc.

•  Berry Global Inc.

•  BERICAP Holding GmbH

•  Guala Closures S.p.A

•  Closure Systems International Inc.

•  Amcor Plc

•  Silgan Holdings Inc.

•  Aptar Group

•  UNITED CAPS

•  Nippon Closures Co. Ltd.

•  Mold-Rite Plastics LLC

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Some of the recent developments are:

•  In February 2023, Berry Global Inc. unveiled an innovative packaging solution tailored for the pharmaceutical and herbal markets, focusing on syrup and liquid medicines.

The comprehensive offering features PET bottles and closures equipped with child-resistant and tamper-evident features, addressing safety and regulatory requirements in the healthcare sector.

•  In March 2023, UNITED Caps introduced the 23 H-PAK, a cutting-edge cap designed specifically for carton packaging.

The new cap brings advancements in functionality and design, catering to the evolving needs of industries utilizing carton-based packaging solutions.

More Valuable Insights Available

Future Market Insights offers an unbiased global cap and closure market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034

To understand opportunities in the cap and closure market, the report is segmented based on cap type (plastic closures, metal closures, rubber closures, and cellulose screw caps & seals), material (plastic, metal, rubber, and cellulose based), end use (food, beverage, pharmaceutical, household & toiletries, cosmetics & personal care, chemical & petrochemical, and others) and closure diameter (less than 20 mm, 21 mm to 60 mm, 61 mm to 100 mm, and more than 100 mm) across seven regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East and Africa).

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About the Packaging Division at Future Market Insights

The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.

About the Author:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power. 

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics. 

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association. 

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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