Keen players in the global gable top caps and closures market are furthering their market shares through both the organic and inorganic route. Collaborations, acquisitions, and offering a broad range of products are some tried and tested methods used by them.
One of the main growth drivers in the global gable top caps and closures market is the industry friendly innovative design in gable top cartons. This has made it possible to print different product and brand related information on it since it has a comparatively large surface area than other liquid packaging solutions such as bottles and cans. Besides, it is also aesthetically pleasing and hence serves to easily attract consumers. Further, gable top cartons offer ease of stacking during transportation and retailing.
Posing a challenge to the global gable top caps and closure market is the volatile petroleum products prices. Since caps and closures are manufactured from plastics such as PP, PE, etc., which in turn is extracted from petroleum products, price fluctuation of the latter impacts the overall production cost.
A report by Transparency Market Research predicts the global gable top caps and closures market to rise at a 5.7% CAGR from 2017 to 2025 to reach a value of US$79.1 mn in 2025 from US$48.5 mn in 2016.
Convenient Features Make Screw Caps the Dominant Segment
Based upon the type of product, the global gable top caps and closures market can be broadly divided into two – screw caps and flip caps. At present, the segment of screw caps leads the market with a significant share. The segment is slated to grow its share further by 2025 by expanding at a 5.9% CAGR between 2017 and 2025. This is because of their convenient features and applicability in different products packaged in gable top cartons. The consumption of screw caps segment is estimated to reach 4,019 million units by the end of 2025.
The consumption of the flip caps segment in the global gable top caps and closures market was around 958 million units by 2016-end. By clocking a CAGR of 5.1% from 2017 to 2025, it is predicted to become 1,428 million units by 2025. The flip caps segment was worth US$17.2 mn in 2016 and is forecasted to be US$26.0 mn by 2025-end.
Saturated North America Market to Grow Slowly
Geographically, the key segments of the global gable top caps and closures market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, of them, is a market leader that raked in an overall revenue of US$19.4 mn by the end of 2016. The application segment of beverages is primarily driving the growth in the market in the region. By clocking the maximum CAGR of 6.6% from 2017 to 2025, the segment will grow its share further in the next couple of years.
North America trails Asia Pacific in terms of share in the global gable top caps and closures market. The U.S. leads the market in North America by dint of contributing the most to the revenue. Demand in the overall North America market, however, is slated to increase at a lackluster pace in the upcoming years on account of the market being saturated.
Prominent players in the global gable top caps and closures market are BERICAP GmbH & Co. KG, Evergreen Packaging Inc., UNITED CAPS LUXEMBOURG S.A, Tetra Pak, International S.A., Elopak Inc., Silgan Plastic Closure Solutions, Closure Systems International, Inc., Berry Global, Inc., and O. Berk.
Gable Top Caps and Closure Market to See New Packaging Designs Attracting Businesses
Gable top caps and closure manufacturers have seen exploring new designs. Gable top caps and closures are used extensively in food and beverages and paints and lubricants packaging solutions. In particularly, the growing proposition of consumer convenience of opening the packaging is a key trend propelling new product launches in the gable top caps and closure market. Over the years, increased focus has been on developing closures that meet the visual, audible, and tactile experience for the consumers as well as that offers tamper-resistance properties. In this regard, removable pull ring structure has failed consumers at large, either due to inability of closing and opening of bottles or due to concerns of spill-over effect of the liquid content. There is focus on single-stage opening of caps, spurring the manufacturers to arrive at new packaging designs. Also, beverages brands are increasingly harnessing gable top caps and closures as part of sustainability story, thereby attracting potential consumers. There is a growing demand for gable top caps and closure designs and techniques that help consumer detect that the bottles haven’t been opened before. The sound may be a key differentiating factor in this. Easy resealability is another factor that packaging companies in the gable top caps and closure market is looking forward.
The currently emerging COVID-19 pandemic has led to the many disruption into the retail trade. The changing demographics due to reverse migration from urban to rural areas has also nudged business executives in food and beverages industry to look for new business models to meet the rise in demand, especially for rural consumers. The pandemic-led lockdowns severely constrained the supply chains, opening new avenues for business models that can help players in the gable top caps and closures market focus on expanding their B2B sales. Further, as the economies are gradually opening up in several parts of the world, retail companies are getting into partnerships with beverages retail brands, which will likely spur the growth of the market.
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