12 October 2020
Visiongain has published a new report on Caps & Closures Market Report: Forecasts by Material (Plastics (Screw-On Caps, Dispensing Caps, Liquid Carton Closures, Plastic Lotion Pumps, Plastic Aerosol Sprays), Metals (Roll-On Pilfer-Proof Caps, Easy-Open Can Ends, Non-Refillable Closures, Crown Caps, Metal Lug Closures), Corks (Rubber Stoppers, Glass Stoppers, Other Products), by Application (Alcoholic Beverages (Beer, Wine, Other Alcoholic Beverages), Non-Alcoholic Beverages (Bottled Water, Carbonated Soft Drinks, Non-Carbonated Soft Drinks, Juices & Health Drinks, Dairy Drinks), Food, Healthcare, Other Applications), by Distribution Channel (Online and Offline) and Leading Regional/Country market analysis. PLUS Analysis of Leading Caps & Closures Companies AND COVID-19 Recovery Scenarios.
Global Caps & Closures market was valued at US$ xx billion in 2021 and is projected to reach at a market value of US$ xx billion by 2031. Key trend driving the market growth is, rising demand of packaged goods in developing countries such as India and China. Some of the factors that improve the growth of caps and closure markets are increasing demand for bottled water and smaller packaging sizes from end-user industries such as food, beverages and healthcare, as well as growing concerns about product quality and safety. Increased use of packaging for caps and closures drives market growth.
COVID-19 Impact on Caps & Closures Market
North America is one of the most impacted region with massive number of COVID-19 cases & deaths. Rapid increase in number of COVID-19 positive patients in countries like the U.S., Canada and Mexico etc. is anticipated to bring economic slowdown in the near future. The respective countries in the region are making efforts to contain the situation by implementing strict rules. Due to various restrictions imposed on many industries or sectors the global turnover of various industries are expected to take a hit during the forecasted timeline.
Due to imposition of travel restrictions, the global air travel industry's revenue is expected to fall US$ xx billion. North America is expected to report a loss of xx%. Automotive sector also severely affected due to this pandemic. It is estimated that factory closures in North America have caused some 2.5 million passenger vehicles to be removed from production schedules, at a cost of US$xx billion in lost revenue for automotive and parts manufacturing companies.
Demand from Non-alcoholic Beverages Industries
Global beverage industry is increasing at a higher pace in last few years. The demand for natural products and low calory products are driving key manufacturer to increase their product line in beverage segment which will have a positive effect in caps and closure market growth. As per the data of New Zealand based organization, “Plant and Food Research Institute”, Food and beverage market is growing with an annual growth of xx%. This market will reach US$ xx trillion by 2031. Moreover, rising demand of bottled drinking water in developing economies at global level will work as a positive impact in the market growth.
Furthermore, new product development in premium food and beverage segment will also create significant opportunity in sugar substitute product market. Key beverage manufacturer including Companies including Coca-Cola and Pepsico are working on increasing their production rate. This will boost the market growth.
Increasing Demand of Long Shelf Life Food and Beverage
Online penetration of fresh food is significantly low and limiting producers to enhance their presence and reach through online platforms which are excessively used by tech-savvy consumers. Currently, food & beverages industry is facing the challenge posed by the perishable nature of food items with shorter lifespans. However, with the advancements in packaging technology and the introduction of smart packaging products companies from the food & beverages industry are using active and smart packaging solutions to preserve content for a longer time and improve shelf life.
This enables retailers to promote available food items online and enhance online sales. Further, RFID tags attached with packed items can monitor the temperature and condition of the item and calculate the remaining shelf life. This allows distributors, and retailers to manage stock, quality, and saleability.
Demand of Caps & Closures in Pharmaceutical Segment
Urbanization plays a crucial role in in the development of infrastructural facilities, and infrastructural growth is the prime reason for demand for new installation of transmission and distribution products. Rising demand for pharma products with increasing adoption by smartphone users is expected to drive the caps and closure market during the forecast period.
The pandemic has exploited all the healthcare facilities around the world. During pandemic, the usage of medical equipment's such as ventilators, patient monitoring, etc. were widely used which are dependent on various packaged product thus creating a market for caps and closures. The rise in healthcare sector will create a new business opportunity during the forecast period.
Product Development in Caps and Closure Market
Global packaging companies are always looking for new materials, new processes and new packaging designs to attract new customer companies and lead the packaging market. For example, biodegradable plastics are tested by major companies such as Plant Bottle. Despite concerns about the availability, cost and quality of recovered feed, RPET is increasingly used. Broad growth of sachets with the better package: Weight ratio of the bottle.
Some of the companies profiled in the report include Amcor Ltd., AptarGroup Inc., Ball Corporation
and BASF SE. In August 2020, Amcor announced today it has joined the U.S. Plastics Pact, a collaborative, solutions-driven initiative. In March 2020, DS Smith has worked closely with food retailers across Europe to design, develop and produce new boxes designed to supply emergency provision boxes to the most vulnerable. In January 2020, Aptar launched active packaging solution combining moisture adsorption with oxygen scavenging.
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