The primary purpose of caps and closures is to safeguard products and lengthen their shelf life. Caps and closures help keep the contents sealed and fresh for a specific shelf life when the contents are adequately dispensed. The closures and caps guard against sand, moisture, and other undesirable early openings. A cap has benefits like exceptional taste and odor-restraining abilities, resistance to stress cracks and creeps, impact performance, and scalability.
Worldwide consumption of alcoholic and non-alcoholic beverages has increased over the past ten years. In several markets, including the Philippines, South Africa, the UK, the United Arab Emirates, and Saudi Arabia, higher or new soda sugar taxes have been enacted. So, there is a rising need for healthy alternatives. As a result, the market for non-alcoholic beverages has undergone two significant changes: first, the acceptance of packaged herbal or green teas and juices as natural soft drink substitutes, and second, the rise in popularity of functional drinks that are fortified with botanicals, herbs, vitamins, and minerals.
Asia-Pacific is the most significant shareholder in the global caps and closures market and is expected to grow at a CAGR of 5.6% during the forecast period. The main factor driving caps and closures is the high market penetration of ready-to-drink beverages in several regional countries. Consumers are starting to demand alternatives to packaged foods and beverages as their disposable incomes increase. As a result, beverage manufacturers have begun experimenting with various packaging choices, which has sparked the development of new caps and closures like sipper bottles and ready-to-drink coffee packaged in containers.
North America is expected to grow at a CAGR of 3.6%, generating USD 27,522.5 million during the forecast period. The demand for crown closures and metal ends in the region is anticipated to rise due to the widespread consumption of beer, wine, and spirits in countries like the United States and Canada. For instance, the Food Industry Association reported that the value of alcoholic beverage sales in supermarkets in the United States in 2018 was USD 24,313.51 million in data published in January 2020. The rising number of beverage businesses in the area is expected to increase demand for beverage packaging components.
The global caps & closures market’s major key players are Crown, Amcor plc, Closure Systems International, BALL CORPORATION, Silgan Holdings Inc., Berry Global, Inc, AptarGroup, Inc., BERICAP, Nippon Closures Co., Ltd., and Sonoco Products Company.