Published By : 06 Apr 2016 | Published By : QYRESEARCH
The global caps and closures market is driven by the growing food and beverages market. The growth in the caps and closures market is also attributed to the high demand for caps and closures from the packaging industry. According to a report published by a market intelligent company called Transparency Market Research, the global caps and closures market valued at US$36.23 bn in 2014 and is expected to reach US$51.57 bn by 2021, expanding at a CAGR of 5.2% from 2015 to 2021. The global caps and closures market stood at 1342.2 bn units in 2014 and is anticipated to rise to 1702.1 bn units by the end of 2021, showing a modest growth of 3.5% CAGR.
Latin America to be the Fastest Growing Market in the Future
The global caps and closures market is segmented on the basis of region into Europe, North America, Latin America, Middle East and Africa, and the Asia Pacific. Out of these, Latin America is expected to expand at the fastest rate, with the highest CAGR, owing to Brazil’s growing demand for caps and closures. Additionally, the increased consumption of bottled water, carbonated soft drinks, and similar other nonalcoholic drinks have led to the growth in the demand for caps and closures. Increasing demand from consumers for plastic screw closures and caps in fruit juices, bottled water, and dairy products is expected to propel the global caps and closures market.
Plastic Screw Closures to Dominate the Caps and Closures Market
The plastic screw closures held the largest market share in terms of volume and value in 2014 and is expected to retain its dominant position in the future. The demand for plastic screw closures is majorly driven by the increased consumption of bottled water and beer across the globe.