Caps and Closures Market to Surpass 2,799 Billion Units in 2021 as Application Surges in the Food & Beverage Industry

Future Market Insights

The latest survey conducted by FMI analyzes macro and micro trends affecting the growth outlook for the caps and closures market. The report also discloses hidden opportunities across various segments including products, production process, material, end use, and region during the assessment period 2021-2031

DUBAI, U.A.E, Oct. 18, 2021 /PRNewswire/ -- As per a recently published report by FMI, the global caps and closures market is estimated to total US$ 79.1 Bn in 2021. Thanks to the increasing demand from personal and home care, pharmaceutical, and food & beverage industries, the market is poised to reach US$ 141 Bn by 2031, growing at a CAGR of 5.6% during the forecast period from 2021 to 2031.

Caps and closures application is rising in the food & beverage industry. They are used for packaging bottles, jars, containers, and packaging items. Rise in consumption of ready-to-eat food and drinks will therefore create opportunities for sales. Also, increasing demand for small and convenient packaging solutions for personal care and beverages owing to the "on-the-go" trend is expected to create lucrative growth opportunities for the market.

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Growing concerns regarding kids' safety and regulations mandating child-resistant packaging have compelled leading manufacturers to focus on producing child-resistant (CR) caps and closures. For example, Berry Global, Inc. a packaging giant announced introducing new PalmSoft child-resistant closure in 2019, with innovative features such as easy to open and close. Driven by such developments, the sales of caps and closures are expected to reach 2,799 billion units, growing at a year-on-year (YoY) growth of 3.1% in 2021.

On the basis of product type, screw closures are estimated to hold a lion's share in the market, accounting for around than 51% of total sales. Attributes such as easy closing and opening mechanism, and reasonable cost of manufacturing and selling are facilitating the growth of the segment.

"Increasing number of research and development (R&D) activities to develop sustainable packaging solutions and adoption of strategies such as product customization as per end-use requirements will bode well for the market in the forthcoming years," says the FMI analyst.