by The U.S. Caps and Closures Market is estimated to be valued at US$ 3.75 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The caps and closures market in the U.S. comprises products such as screw caps, crowns, twist caps and more that are used for bottling and packaging applications across industries such as food and beverages, healthcare, beauty and personal care. Closures offer features such as tamper evidence, shelf impact and brand differentiation. Growing demand for innovative, customized and eco-friendly caps and closures from industries is driving market growth.
Market Dynamics:
One of the major drivers fueling growth in the U.S. caps and closures market is the rising demand for customizable and innovative packaging solutions from end-use industries such as food and beverages, pharmaceuticals, and personal care and cosmetics. Manufacturers are focusing on developing novel caps and closures with superior design and interactive features to attract consumers and enhance brand visibility on shelves. For instance, click-close caps are gaining popularity as they provide convenience to consumers.
Moreover, increasing environmental concerns have prompted manufacturers to develop eco-friendly caps and closures made from recycled materials. Bioplastics are emerging as sustainable alternatives to plastic caps. For example, Plasticase LLC offers bio-based closures made from renewable plant-based material such as sugarcane. Sustainability initiatives by brands and strict regulations regarding single-use plastic are further accelerating the shift towards sustainable packaging, thereby fueling demand for green caps and closures.
Segment Analysis:
The U.S. caps and closures market is dominated by screw caps segment which holds around 35% of the market share. Screw caps are preferred for packaging bottles of carbonated drinks, juices, sauces, and other beverages. This is because screw caps provide an effective and easy-opening solution for consumers.
PEST Analysis:
- Political: The caps and closures market is impacted by various trade policies and regulations related to packaging materials. Any changes in such policies can influence the overall industry.
- Economic: Rising disposable incomes have increased demand for packaged beverages and food products in the U.S. This drives growth of caps and closures market.
- Social: Changing lifestyles and busy schedules have increased demand for conveniently packaged food and drinks among consumers. This fuels market expansion.
- Technological: Vendors focus on developing caps with advanced properties like re-sealing, tamper-evidence, and child-resistance using new technologies to tap market potential.
Key Takeaways:
The U.S. caps and closures market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing consumption of packaged food and beverages. The market size for 2023 is estimated at US$ 3.75 Bn.
The western region of the U.S. dominates the caps and closures market with over 30% share owing to presence of key players and strong demand from food processing industries in states like California and Washington.
Key players operating in the U.S. caps and closures market are Closure Systems International, Inc., Silgan Plastic Closure Solutions, Bericap GmbH and Co KG, Global Closure Systems, AptarGroup, Inc., Berry Plastics Group, Inc., Amcor Limited, O.Berk Company, LLC, Blackhawk Molding Co. Inc., and Tecnocap S.p.A. These players focus on new product launches and mergers to strengthen their market position.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
