Allied Market Research adds “Caps & Closures Market” new report to its research database. The report provides a comprehensive analysis of current & future trends and emerging avenues for the growth of this market globally.
Caps & closures are used in various applications such as products and containers. They are mainly used in the packaging industry to preserve products to extend their shelf life. The caps and closures industry uses different type of materials to manufacture suitable product packaging such as plastics, metals, rubber, paperboard, and others. Factors such as growing demand for packaging industry, use of eco-friendly caps and closures, and increasing demand for plastic caps & closures provide significant opportunities for the market players. However, fluctuating prices of raw materials is has hampered the growth of the market.
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The global caps and closures market for food and beverages is projected to account for $56,057 million, registering a CAGR of 5.3% from 2016 to 2022. Increase in demand for packaging industry and upsurge in demand for plastic caps and closures have increased the adoption of caps and closures in the food & beverages industry. However, fluctuating prices of raw material hamper the market growth. Furthermore, the development of eco-friendly caps and closures is expected to offer lucrative growth opportunities to the market in the future.
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Based on product type, the beverage caps and closures segment contributed the highest revenue in 2015, accounting for three-fifths share of the total revenue. Moreover, the food caps and closures segment accounted for two-fifths share of the overall revenue in 2015. Increase in demand for packaged foods & beverages and improvement in lifestyle are some of the key growth factors of the caps and closures market for food & beverages applications.
Based on application, the market is bifurcated into alcoholic and non-alcoholic segments. The alcoholic beverages segment is expected to dominate the market in terms of volume, registering a CAGR of 5.1% during the forecast period.
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