A new report titled "Global Plastic Caps and Closures Market - Size is Projected to be around US$ 27,200 Million by 2027" has been included in the enormous research repository of Market Research Reports Search Engine (MRRSE) that compiles various facets of the Plastic Caps and Closures market at a global level portraying a holistic analysis of the marketplace along with intelligence on key participants. The report covers an unbiased analysis on various market aspects, emphasizing major trends giving direction to the market, key opportunities paving new growth avenues, key drivers pushing the market’s growth and challenges and restraints hindering the market for Plastic Caps and Closures across the globe.
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Due to the fragile properties of glass and its high cost, the demand for glass bottles is decreasing throughout the world and its place is being taken by plastic bottles and containers. PET bottles are being preferred over glass as they are easy to transport over long distances and to avoid breakages. Approximately 600 billion units of PET bottles are being manufactured globally to meet this increasing demand. The main uses of such plastic bottles are for the packaging of carbonated soft drinks, bottled water, juices and other ready to drink beverages. Also, the rise in demand for such kind of products in the emerging economies bodes well for the plastic caps and closures market in the coming years. Other end-use industries where plastic caps and closures are used in bottles include cosmetics and personal care, household, food and chemical products.
The beverages segment dominates the global plastic caps and closures market as there is a high demand for carbonated soft drinks, bottled water, ready-to-drink teas and coffees in the developed countries. There is increasing demand for such kind of products in the developing countries due to a rise in the disposable incomes of the middle class households in countries such as India, China, Brazil, etc. This increase in the disposable income leads to a higher consumer spending on convenience products. In addition, the demand for plastic caps and closures has also increased in other end-use industries such as the cosmetics and personal care industry.
The global plastic caps and closures market was estimated to be valued at nearly US$ 34,200 Mn in the year 2019 and is likely to reach a valuation of nearly US$ 54,800 Mn at the end of the assessment period in the year 2027. The global plastic caps and closures market is anticipated to display a CAGR of 4.8% by value during 2019-2027.
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Increasing consumption of ready-to-drink beverages in the APEJ region to contribute to market revenue growth
There is an increasing consumption of ready-to-drink beverages and carbonated soft drinks in the APEJ region. This is due to rising disposable incomes of the middle class households, which leads to more spending on convenience products. Also, in some countries where the penetration of carbonated soft drinks is already high, the trend is shifting from consuming soft drinks to ready-to-drink teas and coffees. On the other hand, consumers are becoming more health conscious and the demand for healthy beverages is on the rise and this is contributing to the healthy growth of the plastic caps and closures market in the APEJ region. In addition, various international beverage companies like Coca Cola, PepsiCo, etc. are shifting their focus from developed countries and concentrating on emerging economies such as India, Thailand, ASEAN, etc. to boost their sales in the APEJ region. This trend is predicted to increase their consumer base. The rapid increase in the ready-to-drink beverages market in the APEJ is likely to boost the growth of the global plastic caps and closures market.
Global Plastics Caps & Closures Market Analysis, by End Use
As per the assessment of Future Market Insights, the beverages segment in the end-use category was estimated to be valued at nearly US$ 16,500 Mn in 2019 and is likely to reach a valuation of nearly US$ 27,200 Mn in the year 2027 and in the process exhibit a CAGR of 5.1% during the assessment period 2019-2027. The food segment in the end-use category was estimated to be valued at nearly US$ 5,100 Mn in 2019 and is likely to reach a figure of US$ 8,000 Mn in the year 2027 and exhibit a CAGR of 4.6% during the period of forecast.
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