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
Future Market Insights (FMI), Dubai: 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.
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-13955
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.
Key Takeaways from Caps and Closures Market Study
Visit for Report Preview with TOC@ https://www.futuremarketinsights.com/reports/caps-and-closures-market
As per FMI, top seven player operating in the global market are Crown Holdings Inc, BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc., Berry Plastics Group, Inc, Amcor Plc, and Silgan Plastic Closure Solutions. These players are expected to account for nearly 05% to 10% revenue share in the market.
Leading players are focusing on capacity expansion and acquisition of local and regional players, to increase the production capacity, minimize operational costs, and expand regional footprint. For instance,
Some of the key players operating in the market profiled by FMI are:
Talk to Market Research Expert – https://www.futuremarketinsights.com/ask-question/rep-gb-13955
More Valuable Insights on Caps and Closures Market
FMI, in its new report, offers an unbiased analysis of the global caps and closures market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in caps and closures market with detailed segmentation:
By Production Process:
By End Use:
Key Questions Covered in the Report
[Talkshow] The rise of modest packaging to an intelligent eco-friendly solution driving consumer experience has been stupendous! Join our talk show ‘The Rise of Intelligent Packaging’ to uncover new paths for innovation in packaging!
Register now! Nov 18, 11 AM Pacific Time https://www.futuremarketinsights.com/event/the-rise-of-intelligent-packaging
GHS Labels Market: GHS Label Demand Poised to Surge with Manufacturing Sector Accounting for Over Half of Sales
Packer Bottle Market: Future Market Insights (FMI), packer bottles market is expected to surpass US$ 5.31 Bn by 2031.
Garbage Bags Market: Recovery will be slow and steady as garbage bags market expected to register 0.1% Y-o-Y growth in 2021
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: firstname.lastname@example.org
For Media Enquiries: email@example.com
Press Release Source: https://www.futuremarketinsights.com/press-release/caps-and-closures-market