Caps and Closures Market by Product Type (Easy-open Can End, Metal Lug Closures, Peel-off Foils, Screw Closures, Metal Crowns, Corks, and Others), Raw Material (Plastic, Metal, Wood, and Others), and Application (Beer, Wine, Bottled Water, Carbonated Soft Drinks, Dairy Product, Condiments & Sauces, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031″. As per the report, the global caps and closures industry accounted for $46.15 billion in 2020, and is expected to reach $81.33 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
Rise in demand for plastic caps and closures for food & beverages and rise in competition and adoption of high-tech enlargement, plastic cups, and closures drive the growth of the global caps and closures market. However, adverse effects of use of plastic hinder the market growth. On the contrary, government support to promote go-green projects would open new opportunities.
Download Free Report Sample@ https://www.alliedmarketresearch.com/request-sample/1806
By product type, the screw closures segment held the largest share in 2020, accounting for more than one-fifths of the caps and closures market, due to its wide use in beverage cans, canned liquid foods, and pulp fruit drinks. However, the easy-open can end segment is expected to manifest the highest CAGR of 6.9% during the forecast period, due to rise in demand for food & beverage cans with open end for easy accessibility.
By application, the dairy product segment is projected to register the highest CAGR of 5.9% during the forecast period. In addition, the segment held the largest share in 2020, contributing to nearly one-fifths of the caps and closures market, due to rise in consumption of dairy products across the globe. The report also includes analysis of segments such as beer, wine, bottled water, carbonated soft drinks, condiments & sauces, and others.
By region, the market across North America is expected to showcase the highest CAGR of 4.1% during the forecast period, due to surge in westernization and adoption of innovative caps and closure products among food and beverage manufacturers for packaging. However, market across Asia-Pacific held the largest share in 2020, accounting for nearly two-fifths of the caps and closures market, owing to rise in use for manufacturing of food and beverage products in China, India, and Japan.
Covid-19 scenario:
The Covid-19 outbreak disrupted the supply chain in the food & beverage industry. Moreover, lockdown and strict regulations on social distancing hindered the manufacturing of caps and closures and impacted the procurement of raw materials. The pandemic presented several challenges such as safety, crisis management, re-forming business models, and other unintended consequences.
The players operating in the global caps and closures market have adopted various developmental strategies to expand their caps and closures market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Allstates Rubber & Tool Corp, Amcor Plc, AptarGroup, Inc., Ball Corporation, BERICAP GmbH & Co. KG, Berry Global, Inc, Crown Holdings, Inc., GCL Holdings S.C.A., JELINEK CORK GROUP, and M.A. SILVA USA, LLC
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/1806
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow us on: LinkedIn