Caps And Closures Market 2024: Growth, Size, Share, Analysis and Forecast 2030

Caps And Closures Industry Overview

The global caps and closures market was valued at USD 74.64 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2030. The growth is primarily driven by the increasing demand for various food products and alcoholic and non-alcoholic beverages. Caps and closures play a crucial role in packaging by acting as a barrier, preventing contents from exposure to ambient air and dust particles, and ensuring easy dispensing. Their applications extend beyond food and beverages to industries such as healthcare, personal care, home care, and automotive, further contributing to market growth.

The rising awareness around the importance of healthy eating is expected to drive demand for dietary supplements, a trend that is likely to boost the demand for packaging products, including caps and closures. According to a survey conducted by the Council for Responsible Nutrition (CRN) in 2023, multivitamins were consumed by 70% of participants, followed by specialty supplements such as omega-3s, melatonin, probiotics, and fiber, which were used by 52% of the respondents. Additionally, the sports nutrition supplements segment saw a 5% increase in consumption compared to previous years. This growing consumption of dietary supplements is expected to contribute significantly to the increasing demand for packaging solutions, including caps and closures.

Another key factor driving the demand for caps and closures is the rapid urbanization in regions like the U.S., where consumers in urban areas increasingly prefer packaging that is convenient and suitable for the on-the-go consumption of food and beverages. Caps and closures play a pivotal role in enhancing convenience by ensuring easy opening and closing of products, as well as preventing spills. Moreover, they create an airtight seal that helps preserve the freshness of the product by preventing the entry of bacteria and contaminants. This addresses growing concerns about food safety and hygiene, especially in urban areas where convenience is paramount. As urbanization continues to rise and the food and beverage industry expands, the demand for caps and closures is expected to see significant growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Caps And Closures Market

Regional Insights:

Asia Pacific dominated the market, holding the largest revenue share of over 41.7% in 2023. The market in this region is primarily driven by:

High population density in countries like China and India, which significantly contribute to the growing demand for food and beverage products.
The expansion of the food and beverage industry across the region, which is expected to further boost the need for caps and closures.
Rising demand for cosmetics and home care products in countries like Japan and South Korea, which is likely to increase the consumption of caps and closures in these industries.

In North America, the market is seeing strong growth due to:

Increased consumption of both alcoholic and non-alcoholic beverages in countries like the U.S. and Canada, driving the demand for caps and closures within the beverage industry.
The introduction of new types of beverages, which is expected to further accelerate the demand for packaging products. For example:

In February 2022, Starbucks Coffee Company collaborated with PepsiCo to launch an energy drink, Baya, available in three flavors: pineapple passionfruit, raspberry lime, and mango guava.

This innovation in the beverage sector is expected to stimulate market growth for caps and closures during the forecast period, further strengthening demand.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

The global non-alcoholic beverages market size was estimated at USD 1,223.93 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030.
The global beer market size was valued at USD 839.3 billion in 2024 and is expected to expand at a CAGR of 6.8% from 2025 to 2030.

Key Caps And Closures Company Insights

The market is characterized by the presence of multinational as well as regional players and several public-listed companies globally, making the market space highly competitive. Key players mainly cater to the demand from food, beverages, pharmaceutical, and beauty products industries.

Major players operating in the caps and closures industry are undertaking different strategies such as product launches, mergers, joint ventures, acquisitions, and geographical expansion. For instance, in February 2023, Berry Global Inc. introduced a comprehensive packaging solution specifically designed for pharmaceutical and herbal markets, targeting syrup and liquid medicines. This solution includes child-resistant and tamper-evident PET bottles and closures. The product range consists of seven different sizes, ranging from 20ml to one liter, all featuring a 28mm neck. Notably, certain bottles and closures within this range have undergone rigorous testing and certification processes, meeting child-resistant standards set by the EU's ISO8317 and US' 16CFR1700.20 regulations.

Key Caps And Closures Companies: