The key players operating in the U.S. caps and closures market for non-carbonated beverages is led by Closure Systems International, Inc., Silgan Plastic Closure Solutions, AptarGroup, Inc., Bericap GmbH, and Co KG. These five leading players accounted for 55% of the market in 2016. The strategies adopted by these players to earn their strong place in the market include aggressive expansion tactics and spending extensively to come up with innovations in their manufacturing of caps and closures. Players are also installing a higher number of manufacturing facilities across their country to gain higher shares in the market and maintain a strong foothold, Transparency Market Research states in its new report. These strategies adopted by leading players in the U.S. have proved to be fruitful and driving the market. The locally produced caps and closures in the U.S. have decent reputation and are sold in reasonable prices, but larger manufacturers of non-carbonated beverages are brand conscious and wish for higher quality products and thus, opting for caps and closures manufactured by top notch players.
According to Transparency Market Research (TMR), the U.S. caps and closures for non-carbonated beverages market will rise from US$2.64 bn in 2016 to reach US$3.82 bn by 2024, expanding at a healthy CAGR of 4.3% between 2016 and 2024. On the basis of material type, the polypropylene segment is expected to lead. The segment accounted for 60.2% of the market in 2016 and is expected to expand at the highest CAGR during the forecast period owing to their cost advantages and ease of availability.
Ready to Drink Segment to Show a High Growth Rate from 2016 to 2024
On the basis of application, the bottled water segment led in the U.S. caps and closures for non-carbonated beverages market in 2016 and is expected to continue to be the leading segment during the coming years, witnessing a CAGR of 6.1% from 2016 to 2024. The bottled water segment is estimated to account for 69.3% of the U.S. caps and closures for non-carbonated beverages market by the end of 2024. On the other hand, the ready to drink segment will witness a higher growth rate in the coming years, exhibiting a CAGR of 9.8% from 2016 to 2024.
U.S. Market to Benefit from High Demand for Single-serve Beverages
It is undoubtedly the high demand for single-serve beverages in the U.S. that is driving the caps and closures market. “There is a high demand for specialized caps and closures that can increase the shelf life of various beverages, which is boosting the U.S. caps and closures market,” says a TMR analyst. A surge in the preference for convenience food and beverages owing to busy lifestyles is fueling the consumption of foods and beverages that are nutritious as well as convenient to consume. This trend bodes well for the U.S. caps and closures market for non-carbonated beverages. Seasonal beverages are witnessing a heightened sale and fueling the growth of the market.
One of the key challenges faced by the U.S. caps and closures industry is the cost of switching from existing technology to newer ones. Switching proves to be expensive and also requires a great deal of awareness about closure applications for PE. Moreover, the entire distribution chain needs to accommodate the change.
The information presented in this review is based on a Transparency Market Research report, titled, “Caps & Closures Market for Non-carbonated Beverages (Cap Type - Screw Caps, Snap On Caps, and Push On Caps; Material - PP, LDPE, HDPE, PS, PVC, and PET; Application - Bottled Water, Fruit Beverages, Ready to Drink Tea and Coffee, Sports Beverages, Energy Drinks, and Non-dairy Milks) - U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key segments of the U.S. Caps & Closures Market for Non-carbonated Beverages
By Cap Type
- Screw Caps
- Snap On Caps
- Push On Caps
- Bottled water
- Fruit beverages
- Ready to drink (tea & coffee)
- Sports beverages
- Others (energy drinks, non-dairy milk etc.)
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