Caps and Closures Market for Food and Beverages Industry to Reach US$51.57 bn by 2021: Transparency Market Research

Caps and closures may be defined as the methods or devices that are used to seal cans, bottles and tubes among others. These are mainly used in the packaging industry for preserving products thereby extending its shelf life. Factors such as growth in the packaging industry and rise in demand for plastic caps and closures are the key drivers of the global caps and closures market. However, factors such as competition from flexible packaging and impact of the recent trend of lightweight caps and closures are restraining the growth of this market.

Among the different regions including North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, in 2014, Asia Pacific held the largest market share of 38.13 % in terms of revenue followed by North America and Europe. In 2014 North America held a market share of 27.45 %.This trend is expected to be the same during the forecast period from 2015 to 2021. It is estimated that Asia Pacific would be the largest market for caps and closures for food and beverages by 2021, followed by North America. 

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The global caps and closures for food and beverages market was valued at USD 36.23 billion in 2014 and is estimated to reach USD 51.57 billion by 2021 in terms of revenue. The market in terms of revenue is projected to grow at a CAGR of 5.2 % from 2015 to 2021.

In terms of product type, the global caps and closures market has been segmented into food and beverages caps and closures. Beverages caps and closures held the largest revenue market share in 2014. Food closures are classified into peel-off foils, easy-open can ends, metal lug closures, plastic screw closures, and others. Under the food closures segment, peel-off foils held the largest market share both in terms of revenue and volume. Beverages closures are categorized into plastic screw closures, metal crowns, metal screw closures, corks, and others. Plastic screw closures held the largest market share both in terms of revenue and volume among all other beverage closures.

In terms of application, the global caps and closures for food and beverages market has been segmented into alcoholic and non-alcoholic beverages. Alcoholic beverages application includes caps and closures used in beer, wine, and spirit bottles. Non-alcoholic beverages caps and closures application has been further segmented into bottled water, carbonated soft drinks, and others. Caps and closures used in alcoholic beverages such as beer, wine and spirits held the largest market share both in terms of revenue and volume.

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