Caps and Closures Market is estimated to attain the market size of USD 65.12 billion by forecast 2023
Summary
Global Caps and Closures Market information By Material (Plastic, Metal, and others), By Type (Caps, Closures, Corks, Stoppers, Cans, and others), By End-User (Food & Beverage, Pharmaceutical, Cosmetics, Automotive and Others) And Region - Forecast 2023
Caps and Closures Market Synopsis
Furthermore, technological advancements, replacing metal closures with glass or plastic food containers, such factors assist to use caps & closures for consumer products and in industrial applications, market, to protect and distribute several products. According to research, the caps & closures market is estimated to attain the market size of USD 65.12 billion by the end of the review period with a CAGR of 5.2% between 2017- 2023.
Market Segmentation
On the basis of material, the Caps and Closures Market is divided into Metal, Plastic, and others. The plastic segment leads the material vertical of the market.
On the basis of type, the market is segregated into Corks, Closures, Caps, Cans, Cap, Ends Stoppers, and Others. Screw caps are extensively used for packaging of beverage products such as fruit juices, and bottled water.
Regional Analysis
On the basis of geography, the market has been divided into Europe, Asia Pacific, North America, and RoW. Regionally, Asia Pacific leads the global Caps and Closures packaging market by acquiring the largest market share. Hygiene consciousness, a trend in preference from unpackaged to packaged food items, utilization of closures on famous container types are some of the elements which are propelling the market growth.
With the flourishing packaging industry at a global level, the global market for caps and closures is estimated to expand. The need for packaged products has been on an upsurge in the APAC market, primarily because of the changing lifestyle and increase in purchasing power. This will result in a greater demand for plastic caps & closures, thus expanding the market growth. Asia-Pacific leads the Global Caps and Closures Market. Emerging economies such as India, Brazil and, China have affected their buying trend by purchasing more and more packaged foods. The requirement for packaged products has been rising in the APAC region, primarily owing to the lifestyle change and the expansion in purchasing power. This will result in a higher demand for caps & closures. Europe and North America is also a potent land for Caps & Closures. Rising demand for beverage products such as beer and bottled water is affecting the growth of the market.
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