Visiongain has published a new report on Global Caps & Closures Market Report Forecast 2021-2031. Forecasts by Caps & Closures (Caps & Closures), by Caps & Closures (Caps & Closures). PLUS Profiles of Leading Caps and Closure Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Global Caps & Closures market was valued at US$ 56.32 billion in 2021 and is projected to reach at a market value of US$ 97.05 billion by 2031. Key trend driving the market growth is, rising demand of packaged goods in developing countries such as India and China. Some of the factors that improve the growth of caps and closure markets are increasing demand for bottled water and smaller packaging sizes from end-user industries such as food, beverages and healthcare, as well as growing concerns about product quality and safety. Increased use of packaging for caps and closures drives market growth.
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COVID-19 Impact on Caps & Closures Market
North America is one of the most impacted regions with massive number of COVID-19 cases & deaths. Rapid increase in number of COVID-19 positive patients in countries like the U.S., Canada and Mexico etc. is anticipated to bring economic slowdown in the near future. The respective countries in the region are making efforts to contain the situation by implementing strict rules. Due to various restrictions imposed on many industries or sectors the global turnover of various industries are expected to take a hit during the forecasted timeline.
How this unique in-depth Caps & Closures Market report helps you
This exclusive 410+ page report delivers to you essential market information
• Revenue forecasts to 2031 for Caps & Closures Market, with forecasts for Product, Application and Distribution Channel,
• Each element forecasted at a global, regional and country level
• Discover which country has the best prospects for increased growth while we tell you the most lucrative places for investments and revenues
This one-off report gives you
• Revenue forecasts to 2031 for the Key-5 regional and Key-9 national markets
This report tells you TODAY how the Caps & Closures Market will develop in the next 10 years, and in-line with the variations in COVID-19 economic recession and bounce. This market is more critical now than at any point over the last 10 years and is NOT AVAILABLE ANYWHERE ELSE
What are the current market drivers?
Demand from Non-alcoholic Beverages Industries
Global beverage industry is increasing at a higher pace in last few years. The demand for natural products and low calory products is driving key manufacturer to increase their product line in beverage segment which will have a positive effect in caps and closure market growth.
Increasing Demand of Long Shelf-Life Food and Beverage
Online penetration of fresh food is significantly low and limiting producers to enhance their presence and reach through online platforms which are excessively used by tech-savvy consumers. Currently, food & beverages industry is facing the challenge posed by the perishable nature of food items with shorter lifespans. However, with the advancements in packaging technology and the introduction of smart packaging products companies from the food & beverages industry are using active and smart packaging solutions to preserve content for a longer time and improve shelf life.
Demand of Caps & Closures in Pharmaceutical Segment
Urbanization plays a crucial role in in the development of infrastructural facilities, and infrastructural growth is the prime reason for demand for new installation of transmission and distribution products. Rising demand for pharma products with increasing adoption by smartphone users is expected to drive the caps and closure market during the forecast period.
Product Development in Caps and Closure Market
Global packaging companies are always looking for new materials, new processes and new packaging designs to attract new customer companies and lead the packaging market. For example, biodegradable plastics are tested by major companies such as Plant Bottle. Despite concerns about the availability, cost and quality of recovered feed, RPET is increasingly used. Broad growth of sachets with the better package: Weight ratio of the bottle.
Some of the companies profiled in the report include Amcor Ltd., AptarGroup Inc., Ball Corporation
and BASF SE. In August 2020, Amcor announced today it has joined the U.S. Plastics Pact, a collaborative, solutions-driven initiative. In March 2020, DS Smith has worked closely with food retailers across Europe to design, develop and produce new boxes designed to supply emergency provision boxes to the most vulnerable. In January 2020, Aptar launched active packaging solution combining moisture adsorption with oxygen scavenging.
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