Lack of time and rise of fast moving population of the world are driving the industry for packaged goods. This trend is also influencing the global packaging industry. predominant motive of the packaging industry is to provide food and beverages with extended shelf-life and the products that can retain their taste, texture and flavor for a long time. Caps and closures play a vital role in this process of extending shelf-life and end products. Naturally, the caps and closures market is gaining momentum with the rise in demand for packaging market. Increasing demand for packaged goods will help the industry to maintain steady growth rate and achieve remarkable revenue across different regions worldwide.
Scope of Research in Caps and Closures Industry
Experts segment the caps and closures market based on the types of applications, raw materials, types, geographic demand and country-level markets. Packaging caps are available plastic, metal and other types of closures, which are made using the particular raw materials. Plastic caps are further segmented into screw, dispensing and other types of caps. Metal caps on the other hand are categorized into screw and lugs, can ends and other types of caps. Applications of these products include for the packaging of food, beverages, pharmaceuticals, industrial products, and personal and home care products. Based on geographic regions, the market is segmented into Asia Pacific, North America, Europe and rest of the world. The market is further divided based on prominent country-level markets.
Trends and Forecasting
Closures and caps become imperative for packaging industry, which is serving as the driving factor for the industry. In terms of applications and end user market, beverages are expected to remain the largest segment of the industry. However, pharmaceuticals market is poised to witness strong growth during the forecasting period of next five years. From 2013 to 2018, the caps & closures market is expected to grow at an estimated CAGR of 4% and reach $56.6 billion by the end of the forecasting period. In 2012, the market was worth $42.7 billion. In terms of geographic growth and revenue trends, Asia Pacific dominated the global market, which is followed by North America and Europe. Rapidly changing lifestyle in emerging markets and growth of packaging industry is Asian region are the strongest drivers.
Countries like India, Russia, Brazil, China and other regions are growing at an impressive rate. Beverage industry on the other hand is creating better opportunities for caps and closures market thanks to heavy disposable income and growing awareness about safety.