Global Beverage Caps and Closures Market: Snapshot
Caps and closures meet the packaging needs of various types of beverages. The growth in the market rides on the back of the diversity of beverages consumed worldwide, including the extensive consumption of bottled water. The shifts in the beverage caps and closures market has been underpinned by the use of caps and closure plastics that can meet variety of characteristics, such as flavor retention, products’ shelf life, and design parameters. Changing consumer preferences, especially in developing regions, have led to the demand for health-promoting beverages, which, in turn, spurred the demand for beverage caps and closures.
Chemical producers serving the beverages packaging industry are coming out caps and closures made of high-performance resins with good barrier properties and excellent puncture and impact resistance. There is a need for beverage caps and closures to meet food safety requirements by resisting attack by wide range of chemicals, increasingly in carbonated soft drinks and bottled water.
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Global Beverage Caps and Closures Market: Notable Developments
Numerous packaging manufacturers serving the beverages industry are focusing on capacity expansion. In recent times, a few of them are teaming up with raw material manufacturers to help them source sustainable materials at ease for making caps and closures. The global beverage caps and closures market is witnessing promising avenues from this.
A case in point is plans made by BG Packaging to expand its line of flexible plastics and biodegradable packaging for the beverages industry. The company aims to consolidate its domestic production and also capture overseas markets in the next few years. To this end, the company has planned several new investments, which in aggregate accounts for 1 bn baht. The details of the plan will be disclosed tentatively in 2024. Specifically, the company is trying to collaborate with local sugar producers who will offer biodegradable plastics used in beverages caps and closures. Particularly, it will focus on wide range of demand of beverages producers in Myanmar, Cambodia, and Vietnam.
A conscious shift from soda to bottled water is likely to offer vast opportunities to PET plastic recyclers. According to International Bottled Water Association (IBWA), bottled water packaging is fully recyclable. This bodes well for the beverage caps and closures market.
Some of the well-entrenched players in the beverage caps and closures market are Tetra Laval International, Pact Group, Guala Closures Group, Silgan Holdings Inc., Evergreen Packaging Inc., and Berry Global, Inc.
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Global Beverage Caps and Closures Market: Key Growth Dynamics
Strides made by the bottled water industry have imparted considerable momentum to the beverage caps and closures market. The demand is prominent in developed regions particularly in North America. Rapid advances being made in sealing technologies for carbonated soft drinks, beer, and wine have been made by adoption of PET bottles for packaging. Beverage caps and closures meant for carbonated drinks must ensure prolonged carbonation retention and should allow easy processing to beverages manufacturers.
Substantially rising demand for mineral water, especially in developing and developed countries, has accentuated the prospects of the beverage caps and closures market. Significant impetus has come from the use of halogen-free liners in metal beverage crowns. This has also spurred the demand for beverage cups and closures.
The beverages packaging industry is constantly seeking caps and closures made of resins with array of promising characteristics. For instance, this has bolstered demand for low-temperature seal-ability caps and closures. Focus on anti-counterfeit activities has propelled the demand for tamper-safe closures and caps, thereby fueling the prospects of the beverage caps and closures market.
Global Beverage Caps and Closures Market: Regional Assessment
On the regional front, North America has been a promising market for beverage caps and closures quite some time. In recent years, developing regions most notably Asia Pacific has made its mark in the global beverage caps and closures market. Rising consumption of nutritional and flavored beverages has spurred the use of beverage caps and closures. Notable strides made in the beverages industry in the region have accentuated the production of caps and closures for different types of beverages, including bottled water.
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