Latin America Shows the Fastest Growth Rate in Global Caps and Closures Market
Caps and closures form a crucial segment of the packaging industry. Their primary usage is to protect a product within its holding container and to extend its shelf life. The two primary raw materials used in the global caps and closures market are metal and plastic. The global caps and closures market also makes use of other raw materials such as paper, wood, and glass.
The global caps and closures market is growing at a CAGR of 5.2% from 2015 to 2021. The market’s value at the end of 2014 was US$36.23 bn. By the end of 2021, the global caps and closures market is expected to reach US$51.57 bn. According to volume, the global caps and closures market is growing at a CAGR of 3.5% from 2015 to 2021, going from a 2014 volume of 1,345.2 bn units to a predicted 1,702.1 bn units in 2021.
Latin America the Fastest-Growing Region in Global Caps and Closures Market
In terms of revenue, the Latin America caps and closures market for food and beverages is expected to grow at a CAGR of 7.1% from 2015 to 2021. The same market is expected to show a CAGR of 6.1% for volume in the same forecast period. It is the fastest growing regional segment of the global caps and closures market. Within Latin America, Brazil is the fastest growing national caps and closures market. The key growth driver for the Latin America caps and closures market for F&B is the increasing consumption of packaged soft drinks, alcoholic drinks, and bottled water. The increase in consumption of carbonated water and soft drinks is especially predicted to be a major driving force for the growth of the plastic screw closures segment in Brazil.
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Asia Pacific Largest Region in Global Caps and Closures Market
While Latin America is set to be the fastest growing region in the global caps and closures market, Asia Pacific is currently its largest region. Experts believe that the current rate of growth in terms of revenue and volume is expected to help Asia Pacific retain its leading position in the global caps and closures market. The region is propelled by an increase in demand for screw closures in the dairy industry, especially in India, Japan, and China. The growing number of Asia Pacific consumers of bottled water and fruit drinks is also boosting the global caps and closures market.
Beverage Caps and Closures Dominate Global Market
The shift from unpackaged to packaged goods is creating a growth in demand from the global caps and closures market in developing regions. These regions have shown a high preference to beverages that use caps and closures that will extend the product’s longevity, and ensure the taste and safety of the beverage. On the other hand, plastic screws dominate the beverage closures segment due to their high rate of use in major drinks, condiments, and dressings.
The top companies operating in the global caps and closures market are Crown Holdings, Inc., Bericap, Global Closure Systems, and Siligan Holdings, Inc