Market Trends of Beverage Caps and Closures Industry
This section covers the major market trends shaping the Beverage Caps & Closures Market according to our research experts:
Plastic is Expected to Experience a Significant Market Share
- Technology advancements in plastic packaging have resulted in innovations in product development in the beverage industry. With many companies investing significantly in R&D activities to come up with a unique and cost-effective product, the innovations in this space are increasing at a significant pace.
- For instance in April 2018, FIJI Water, United States one of the major premium imported bottled water brand, recently unveiled its new FIJI Water Sports Cap bottle featuring a slim and sleek design, especially targeting the sports enthusiasts.
- Moreover, Dow industries introduced a new range of PET resins portfolio for manufacturing of caps and closures. The Italian company, Imola has also come up with a new HD printing machine to print high-quality images at a fast rate on caps.
- Many other major companies such as Amcor, Ball Corp. are also following similar suite and are offering new and innovative final products. With innovations in the industry, the demand for products is also growing, thus driving the growth of caps and closures in the beverages industry around the globe.
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Asia Pacific is Expected to Hold a Major Market Share
- The beverages industry in the Asia Pacific region has shown robust growth in the past decade, owing to rising disposable incomes and this trend is expected to follow over the forecast period, owing to changing consumer preferences, indicating an increasing prominence towards energy and nutritional drinks.
- Rapidly growing middle class and evolving workplace culture, are increasing the amount of alcohol consumed in the region. Statistics from the World Health Organization (WHO) reported that total pure alcohol consumption per capita amounted to 7.6 liters in 2015.
- This trend is further expected to increase over the forecast period, resulting in a higher production of alcohol, proportionately driving the demand for caps and closures in the APAC region especially in countries such as India, Taiwan.
- However, the vendor landscape of the market has been rendered primarily fragmented owing to the presence of a massive set of regional as well as international players.
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