LONDON, Feb. 13, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s caps and closures global market report 2024, the global caps and closures market is set to witness substantial growth in the coming years. The caps and closures market, which attained a value of $73.17 billion in 2023, is projected to reach $77.46 billion in 2024, growing at a compound annual growth rate (CAGR) of 5.9%. Furthermore, the caps and closures market expected to expand to $97.78 billion by 2028, exhibiting a CAGR of 6.0% during the forecast period.
Growth Potential and Drivers
The historic and forecast period's growth can be attributed to several key drivers, including consumer packaging trends, expansion in the food and beverage industry, pharmaceutical packaging needs, and heightened environmental concerns. Looking ahead, strong growth is anticipated, propelled by factors such as the rise in e-commerce packaging, sustainability initiatives, expansion in the healthcare industry, and innovations in tamper-evidence technologies. Notably, the increasing consumption of non-alcoholic beverages is expected to further drive caps and closures market growth, with caps and closures playing a crucial role in maintaining product integrity and freshness.
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Major Trends and Development
Key trends shaping the caps and closures market include the adoption of smart packaging solutions, customization and personalization options, innovations in child-resistant closures, and advancements in dispensing systems. These trends underscore the industry's commitment to meeting evolving consumer demands, enhancing product safety, and promoting sustainability.
Segments and Leading Regions
The caps and closures market is segmented based on type (screw caps, dispensing caps, other types), raw material (plastic, metals, others), technology (injection molding, compression molding, post-mold tamper-evident band), and end-users (food, beverage, healthcare, cosmetics and toiletries, other end-users). Asia-Pacific emerged as the largest region in the caps and closures market in 2023, with significant growth opportunities anticipated across various regions, particularly in North America and Europe.
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Major players in the caps and closures market, including Reynolds Group Holdings Limited, WestRock Company, Ball Corporation, and others, are focusing on innovating advanced packaging solutions to maintain a competitive edge. For instance, companies like Guala Closures Group are expanding through strategic acquisitions, as demonstrated by its acquisition of Labrenta Srl, enhancing capabilities in the luxury closures segment.
To leverage growth opportunities in the market, industry players can utilize the insights provided in the comprehensive report to identify emerging trends, assess market segments, and formulate strategic business plans. By staying informed about market dynamics and consumer preferences, businesses can position themselves for success, drive innovation, and capitalize on evolving market trends.
Caps And Closures Global Market Report 2024 by The Business Research Company provides insights on the caps and closures market size, caps and closures market segments, caps and closures market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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