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Comprehensive Market Analysis on Caps & Closures Market projected to reach USD 13,167.2 Million by 2030, includes Partner and Customer Ecosystem | New Developments, Vendor & Technology Assessment
According to a research report "Caps & Closures Market, By Source (Single Strain, Multi Strain, Dropper Caps, Anti-Counterfeit Caps, Others), Material, Application (Cosmetics/Beauty Care, Pharmaceuticals) & Region - Global Forecast to 2030.
Caps And Closures Market Scope:
- Market size value in 2023 - USD 9,083.4 Million
- Market size value in 2030 - USD 13,167.2 Million
- CAGR (2023-2030) - 5.3%
- Forecast Period - 2023-2030
- Historic Data - 2019
- Segments Covered - Source, Material, Application & Region
- Geographies Covered - North America, Europe, Asia Pacific, and RoW
- Sample of Companies Covered - Berry Global Inc, CL Smith (Novvia Group), Closure Systems International, Mold-Rite Plastics, Nippon Closures Co., Ltd, Takemoto Yohki Co., Ltd
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Browse in-depth TOC on "Caps And Closures Market"
- 144 - Tables
- 99 - Figures
- 362 - Pages
Market Overview: The Global Caps And Closures Market is witnessing robust growth, driven by evolving consumer preferences, technological advancements, and a surge in end-use industries such as food and beverage, pharmaceuticals, and personal care. The market is characterized by a dynamic landscape, with several trends shaping its trajectory. Key market dynamics include a growing emphasis on sustainable and eco-friendly packaging solutions, a rise in demand for tamper-evident and child-resistant closures, and a continuous innovation in materials and design to enhance product functionality and aesthetics.
Market Dynamics
Drivers:
- Rising Consumer and Industrial Goods Demand
- Technological Advancements and Innovation
- Increasing Sales in the Beverage Sector
- Increasing Emphasis on Sustainability
Opportunities:
- Material Innovations: Paving the Way for Advanced Caps and Closures
- Sustainability Drive: Eco-Friendly Caps and Closures on the Rise
- Smart Packaging Revolution: Caps and Closures with Tech Integration
- Branding Power: Customization Trends in Caps and Closure Solutions
North America dominates the market for Caps And Closures.
The robust growth of the consumer and industrial goods sectors in North America is driving an increasing demand for advanced packaging materials capable of withstanding challenging conditions without compromising product quality. Significant investments are being directed towards the development of plastic caps and closures, specifically tailored to meet the unique needs of end-users, particularly in sectors like household chemicals.
Plastic caps and closures play a crucial role in preserving the freshness and characteristics of packaged products, offering features such as leak resistance and protection against contamination. Additionally, they contribute to factors such as visual appeal, brand differentiation, and consumer convenience. Their significance is highlighted in the packaging industry, acting as a key driver for market growth. The North American market is poised to maintain a steady momentum, fueled by the increasing demand for packaged products, with the food and beverage industry emerging as a major contributor to the caps and closures market in the United States.
According to data from the US-based National Retail Solutions (NRS), independently owned convenience stores in North America experienced a noteworthy 4.6% year-on-year growth in July 2021. The use of caps and closures is further accelerated by heightened sales of beverages, with beer, flavored malt beverages (FMBs), and hard cider witnessing a remarkable 10.7% growth in July 2021 across nearly 12,000 individual outlets, compared to a 7.5% year-to-date basis.
The caps and closures market in North America displays a notable degree of fragmentation, with innovation in design, technology, and application serving as a key avenue for establishing a sustainable competitive advantage. Over the past decade, market penetration levels have seen substantial growth, driven by increasing demand from the cosmetics and pharmaceutical industries in the region. The market is also witnessing various mergers and acquisitions, signaling strategic developments within the industry.
In October 2021, a collaboration between Albéa, Berry, and Verfora resulted in the creation of a cap specifically tailored for joint pain relief, intended for Verfora's PERSKINDOL DOLO GEL 100ml tube. This innovative cap aims to streamline the opening of pain relief ointment tubes for individuals dealing with arthroses or arthritis, ensuring ease, comfort, and a painless experience. Launched in the Swiss market, the product garnered attention at Pharmapack in Paris, reflecting the commitment of the North American market to addressing specific needs through inventive solutions.
Top key players covered in the market report:
- Amcor plc
- AptarGroup, Inc
- BERICAP
- Berry Global Inc
- CL Smith (Novvia Group)
- Closure Systems International
- Mold-Rite Plastics
- Nippon Closures Co., Ltd
- Takemoto Yohki Co., Ltd
- West Pharmaceutical Services, Inc
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Segmentations Analysis of Caps & Closures Market: -
- By Source
- By Material
- By Application
- By Region
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