The sport caps and closures market is expected to rise at a CAGR of 4.4% through the forecast period. Due to the increment in need for convenient packaging solutions in dairy or non-carbonated drinks, demand is gaining popularity in the market.
North America will witness a surge in production of sport cap and closures due to rising demand for packaged food and is likely to present incremental opportunities through 2030.
“Availability of wide range of technologies and higher preference for sustainable packaging solutions across the world, has surged the demand for sport cap and closures and also helped the manufacturers get an insight about the kind of production this market demands. Light-weight feature and flexibility are two major qualities promoting growth of the market,” says the FMI Analyst.
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Sport Cap and Closures Market – Key Highlights
- Due to extending base of working-class head count in South Asia and Latin America, in numerous opportunities will be noticed in the near future.
- According to research analysts at FMI, North America is expected to hold 1/3rd market share globally.
- Food and beverage segment is likely to accent revenue of sport cap and closures due to shifting preference towards ready-made drinks and food.
- 2/3rd of the market share is covered by screw closure segment due to efficiency and better penetration in sealing.
Sport Cap and Closures Market – Driving Factors
- Increased consumption of bottled water and energy drinks in the US fuels the utility of sport cap and closures.
- Consumer – attractive advanced packaging solutions and expanding base of health or diet conscious consumers, propels market growth.
- Cost-efficiency, chemical resistant and eco-friendly feature attracts the manufacturers and presents new opportunities.
- Rising demand for innovative features like headstand cap, shorter cycle time, better flow control and flexibility attracts consumers.
Sport Cap and Closures Market- Key Restraints
- Strict government regulations to avoid plastic is reducing the adoption of sport cap and closures.
- Rising preference for “closure-less” tetra pack remains on point, thereby, posing a threat to this market.
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Expected Impact on Market by Coronavirus Outbreak
Sport Cap and Closures Market will witness a sharp fall in the upcoming year due to rising awareness for natural elements rather than packaged food or drinks. Shutting down of gyms and fitness centres have created contracted demand during the pandemic. Work-force shortage, disruptions in delivery network and reduced production are leading to a plunge in production volume, thereby, affecting the market adversely.
Competition Landscape
Key manufacturers are incorporating innovative techniques like organic marketing strategies and packaging solutions to enhance market growth. Major players in the market Berry Global Inc., Silgan Holdings Inc., Aptar Group, Inc., BERICAP Holding GmbH, Closure Systems International, Inc., UNITED CAPS, Pro-Pac Packaging Limited, Caps & Closures Pty Ltd.
For instance, key companies are focussing on adopting better technologies to avoid any environmental disruption. Manufacturers are also working on expanding product portfolio to achieve better market insights. They are focussing on sustainable and eco-friendly solutions by creating new market strategies, mergers and acquisitions.
More on the report
FMI’s report provides proper segmentation and analysis of market trends and macro-economic factors on the basis of type (screw closure, snap closure, push and pull closure etc.), material (plastic, metal, aluminium etc.) end-use (food and beverage, cosmetics etc.) and region-wise segmentation (North America, Asia-Pacific, Eastern and Western Europe).
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