Caps and Closures Market to Surpass 2,799 Billion Units in 2021 as Application Surges in the Food & Beverage Industry
As per a recently published report by FMI, the global caps and closures marketis estimated to total US$ 79.1 Bn in 2021. Thanks to the increasing demand from personal and home care, pharmaceutical, and food & beverage industries, the market is poised to reach US$ 141 Bn by 2031, growing at a CAGR of 5.6% during the forecast period from 2021 to 2031.
Caps and closures application is rising in the food & beverage industry. They are used for packaging bottles, jars, containers, and packaging items. Rise in consumption of ready-to-eat food and drinks will therefore create opportunities for sales. Also, increasing demand for small and convenient packaging solutions for personal care and beverages owing to the "on-the-go" trend is expected to create lucrative growth opportunities for the market.