Knowledge Sourcing Intelligence announces the publication of a new report on “Caps and Closures Market - Forecasts from 2020 to 2025” to their offering.
The growing working-class population coupled with the increasing consumption of both alcoholic and non-alcoholic beverages is expected to boost the demand for caps and closures.
As per the report, the market pertaining to the Caps and closures Market is expected to grow at a steady pace.
The demand for caps and closures is increasing from various end user industries extending from cosmetics to food and beverage to even pharmaceuticals. Increasing demand for alcoholic or non-alcoholic drinks, cosmetics products, and pharmaceutical products, on account of growing disposable incomes and rising healthcare expenditure in various parts of the world is expected to drive the growth of the caps and closures market throughout the forecast period.
By application cosmetics is expected to grow significantly over the forecast period. The demand for bottle based cosmetic packaging is rising owing to the rapid product launches of new solutions flooding the market with options for the cosmetic industry. For example, in September 2019, Virsopack expanded its range of molded glass bottles. Furthermore, the increasing focus on sustainable development by multiple key cosmetic companies is also anticipated to boost the market growth in the years to come. For example, in November 2019, L’Oreal tied up with Paper Bottle Company (PaBoCo), to accelerate the company’s paper bottle packaging innovations, and are targeting their first paper-based bottle product launches in 2021. In addition, innovations and development in the production process of cosmetic bottles are also anticipated to further fuel the market by decreasing manufacturing costs and improving the efficiency and quality of the final output. For example, at K 2019, Nissei ASB showed a small model of ASB-12M v2, with an optional IU-10L long-stroke injection that providing 50% increase in shot capacity for larger containers or heavy cosmetic bottles, resulting in the premium glass-like cosmetic bottle container using standard PET rather than high priced, low-crystalizing grade required for thicker containers. All such product launches and innovations are expected to drive the growth of the caps and closures market in the coming years.
Further, plant-based beverages are gaining popularity in the various parts of the world owing to the growing preference towards healthier diet trends. The demand for plant-based beverages is further projected to see a rise owing to the increasing investments and involvements of players in the market. Koia, a beverage manufacturer known for its plant-based ready to drink smoothies, introduced its new Koia Keto in December 2018, set to launch in 2019. In addition to this, multiple players are also receiving multiple funding to expand their market reach. Urban Remedy, a plant-based food and beverage manufacturer, received US$17 million series B fundraising round with leading investment coming from 301 Inc., the venture capitalist behind General Mills. Besides, the growing vegan population and the adoption of non-animal-based products are further influencing the plant-based beverages market positively which is further boosting the demand of advance packaging with innovative caps and closures.
In developing countries like Brazil where there is immense water supply, but still there is significant water scarcity in some of the country’s most populous cities due to the inefficiency in the distribution of water. In fact, according to the World Bank, at least of Brazil’s 22 water basins are facing critical shortages. The challenges of water scarcity, polluted water as well as unequal access to water among the region can be considered a boon for bottled water industry in the country which will increase the demand for caps closures of bottles water. The tropical climate of Brazil coupled with the growing tourism industry coupled with the rising sports industry is projected to enhance the growth rate of the market in the region during the forecast period. The growing number of investments by regional market players to expand their operational capabilities is further estimated to propel the rate of growth of the market in the country. For instance, in March 2018, Indaia Minalba a subsidiary of Brazillian conglomerate Edson Queiroz Group, announced the acquisition of Nestle Water Brazil to further increase their mineral water and other soft drinks portfolio.
As a part of the report, the major players operating in the Caps and closures market, which have been covered are Crown Holdings, Inc., WestRock Company, Amcor PLC, AptarGroup, Inc., Ball Corporation, Silgan Holdings, Saint-Gobain, Closure Systems International, Berry Global, Inc., and BERICAP Holdings GmbH.
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This report segmented the caps and closures market on the basis following terms