Caps and Closures Market Size, Share, and Trends 2024 to 2034

Caps and Closures Market Size and Growth 2024 to 2033

The global caps and closures market size was estimated at USD 85.05 billion in 2023 and is expected to reach over USD 138.54 billion by 2033, poised to grow at a CAGR of 5% from 2024 to 2033.

Caps and Closures Market Key Takeaways

• Asia Pacific led the global market with the highest market share of 40.64% in 2023.
• By product type, the plastics crew closures segment has held the largest market share of 50.4% in 2023.
• By product type, the metal screw closures segment is expected to grow at a remarkable CAGR during the forecast period.
• By application, the food and beverage segment captured the biggest revenue share of 26.5% in 2023.
• By application, the pharmaceutical segment is expected to expand at the fastest CAGR over the projected period.

Asia Pacific Caps and Closures Market Size and Growth 2024 to 2033

The Asia Pacific caps and closures market size was estimated at USD 34.56 billion in 2023 and is predicted to be worth around USD 58.19 billion by 2033, at a CAGR of 5.3% from 2024 to 2033.

Based on the region, the Asia-Pacific segment accounted for 40.64% of revenue share in 2023. The Asia-Pacific caps and closures market is likely to be driven by the presence of highly populous nations like India and China, as well as the rising food and beverage industry. Moreover, the surge in demand for cosmetics and toiletries is likely to drive up use of caps and closures.

On the other hand, due to rising consumption of alcoholic and non-alcoholic beverages in nations such as the U.S. and Canada, the North America represented a major revenue share in 2023. The introduction of new types of beverages in the region is likely to boost the demand for the region’s packaging products even further.

North America Caps and Closures Market Size and Growth 2024 to 2033

The North America caps and closures market size was calculated at USD 19.73 billion in 2023 and is projected to expand around USD 34.36 billion by 2033, poised to grow at a CAGR of 5.7% from 2024 to 2033.

Caps and Closures Market Growth Factors

The caps and closures serve the primary purpose of keeping the container closed and the contents contained for the designated shelf life. It also acts as a barrier against dirt, oxygen, moisture, as well as preventing the goods from being opened prematurely. In the packaging industry, the caps and closures are primarily used to protect items and extend their shelf life. The rubber, plastic, and metal are used in the caps and closures market to provide appropriate product packaging.

The caps and closures are in high demand due to the rise in demand for easy to open and sustainable packs, rapid urbanization, and demographic trends. These are commonly used in the food and beverage industry for alcoholic and non-alcoholic drinks. The caps and closures help to extend the shelf life of products, protect them from dirt and moisture, and keep the oxygen content of the packed product balanced. With the increasing demand for caps and closures, import and export have become more important.

The caps and closures market is primarily driven by the packaging industry. The major purpose of packaging is to give food and beverages a longer shelf life, as well as products that keep their texture, flavor, and test for a long period. The caps and closures aid in the process of extending product shelf life and brand promotion. Furthermore, the growing demand for packaging propels the global caps and closures market growth. The fast-moving consumer goods, cosmetics, toiletries, and pharmaceuticals contribute towards the growth of the caps and closures market. However, the price volatility of raw materials such as high-density polyethylene and polypropylene is a major constraint to the caps and closures market’s expansion.

The caps and closures are popular because of their user-friendly design, great degree of customization, and durability. The caps and closures are expected to see a significant increase in demand throughout the projection period due to their accurate closing, binding properties, and widespread popularity among consumers.

The key market players are emphasizing circular packaging with the inclusion of post-consumer resin and other recyclable materials in caps and closures. The manufacturers of caps and closures are updating their recycling initiatives as a result of this, reaching sustainability goals and attracting environmental conscious customers to the caps and closures market.

Caps and Closures Market Scope

Product Type Insights

Based on the product type, the plastics crew closures segment accounted largest revenue share 50.4% in 2023. The healthcare, food and beverage, personal care, and industrial products are all packaged using them. The different raw materials are used to make plastic caps and closures. The plastic caps and closures’ cost effectiveness, compatibility, and light weight all contribute to the caps and closures market’s growth.

The metal screw closures segment is estimated to be the most opportunistic segment during the forecast period. Metal screw caps and closures have threading inside that allows the container to be tightly sealed. For bottles of tonics, cough syrups, and tablets, the metal screw caps and closures are common. The moisture and infection are kept out of the medicines with these closures.

Application Insights

The food and beverage segment had the biggest revenue share 26.5% in 2023 and it will continue to lead the market during the forecast period. The caps and closures market is expected to develop due to increased consumption of packaged food products, ready to eat meals, and on the go snacks. The non-alcoholic beverage consumption is expected to rise, which will help the segment to expand. The introduction of functional beverages that may be packaged in plastic, metal, or glass cans is expected to fuel the expansion of the segment.

On the other hand, the pharmaceutical is estimated to be the most opportunistic segment during the forecast period. The caps and closures are used in the pharmaceutical industry to seal cans and bottles of vitamins, medications, and vaccinations injections. Over the forecast period, the demand for caps and closures in this segment is predicted to increase due to the rising need for senior friendly as well as child resistant closures that reduce the occurrences of unintentional consumption of over-the-counter medicines by children and infants.

Caps and Closures Market Recent Developments

• BERICAP Holding GmbH bought Mala Verschluss-Systeme GmbH in June 2021, broadening its product line to include aluminum closures.
• Silgan Holdings Inc. acquired Cobra Plastics Inc., in February 2020 with the goal of expanding its global closure franchise. Cobra Plastics Inc., makes and sells injection-molded plastic closures for a variety of consumer goods.
• Silgan Holdings Inc. acquired the Albea’s Global Dispensing Business in June 2020, bolstering its closures business even further.
• Berry Global Inc. committed approximately $30 million in March 2020 to boost production capacity for ultra-high performance sport caps and closures in its North American facility.

The strategic partnerships, mergers and acquisitions, new product introduction and development, and agreements are among the techniques used by major companies in the business to increase their market share and presence. The key market players are also expanding existing product offers to increase competitiveness. The majority of market share is concentrated among large and medium-sized regional firms, though. To gain core competency in international and domestic markets, the majority of manufacturers are investing in product and technological innovation.

Caps and Closures Market Companies

• Berry Plastics Corporation
• Silgan Holdings Inc.
• Amcor Limited
• Rexam PLC
• RPC Group PLC
• Crown Holdings Inc.
• BERICAP GmbH Co. & KG
• Guala Closures Group
• Reynolds Group Holdings Limited
• Aptar Group Inc.

Segments Covered in the Report

By Product Type

• Easy open Can Ends
• Metal Lug Closures
• Peel off Foils
• Metal Crowns
• Metal Screw Closures
• Corks
• Plastic Screw Closures
• Others

By Application

• Food & Beverage
• Healthcare
• Cosmetics & Toiletries
• Automotive
• Pharmaceutical
• Others

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Malaysia
  • Philippines
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa (MEA)
  • GCC
  • North Africa
  • South Africa
  • Rest of the Middle East & Africa