The global caps and closures market for the food and beverages industry is projected to expand at a 5.20% CAGR during the forecast period. In 2014, the global caps and closures market was worth more than US$36.2 bn and by 2021, the market is expected to be worth over US$51.5 bn.
Volume-wise, the global caps and closures market for the food and beverages industry is projected to expand at a 3.50% CAGR during the forecast period. In 2014, the global caps and closures market for the food and beverages industry recorded 1,342.2 bn units and by 2021, the market is projected to record 1,702.1 bn.
By product type, the global caps and closures market for the food and beverages industry is segmented into food caps and closures and beverages caps and closures. Within the food closures type, the global caps and closures market for the food and beverages industry is divided into peel-off foils, metal lug closures, easy-open can ends, plastic screw closures, and others. Within the beverage closures type, the global caps and closures market for the food and beverages industry is classified into metal crowns, plastic screw closures, metal screw closures, corks, and others. In 2014, the segment of plastic screw closures held the largest share in the global caps and closures market for the food and beverages industry and is projected to continue its dominance in the foreseeable future.
Application-wise, the global caps and closures market for the food and beverages industry is divided into non-alcoholic beverages and alcoholic beverages. Some of the alcoholic beverage types covered in the study are beer and wine. Some of the non-alcoholic beverage types analyzed in the study are carbonated soft drinks and bottled water.
Region-wise, the global caps and closures market for the food and beverages industry is divided into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. In 2014, Asia Pacific dominated the global caps and closures market for the food and beverages industry in terms of volume and value. However, by volume and revenue, Latin America is the fastest growing market in the global caps and closures market for the food and beverages industry.
In Latin America, Brazil is the fastest growing national market. The Latin America caps and closures market for the food and beverages industry benefits from the growing consumption of non-alcoholic beverages such as carbonated soft drinks and bottled water. The Latin America caps and closures market for the food and beverages industry is projected to expand at a CAGR of 7.20% and 6.10% in terms of revenue and volume, respectively, during the forecasting horizon.
Players in the global caps and closures market for the food and beverages industry will benefit from the growing demand for packaged food and beverages items. Some of the key companies operating in the global caps and closures market for the food and beverages industry are Berry Plastics Corporation, Closure Systems International, Crown Holdings, Silgan Holdings, Aptar Group, and Pact Group Holdings.
