by The global U.S. Caps and Closures Market is estimated to be valued at US$ 3.75 Bn or in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. caps and closures market comprises products that are used to seal containers and bottles. Key products in this market include screw caps, dispensing caps, and twist caps among others. Caps and closures find widespread applications in industries such as food & beverages, pharmaceuticals, cosmetics & personal care, and others. They help protect the content of the container from environmental factors and provide an aesthetically appealing look. The increasing demand for packaged, ready-to-eat and on-the-go food and beverages is driving the need for effective and sustainable caps and closures.
Market Key Trends:
The U.S. caps and closures market is witnessing notable growth driven by the increasing use of sustainable and eco-friendly capping solutions. Material innovations in closures are helping minimize carbon footprint and reduce non-recyclable plastic waste. For instance, companies are focusing on producing caps made from recyclable polyethylene and polypropylene materials. Moreover, the adoption of re-closable and resealable caps is on the rise as they allow multiple usages and enhance product freshness. The technology advancements enabling customized designs and tamper evidence features are also fueling the market growth. Such trends are positively impacting demand and supporting the expansion of the U.S. caps and closures market over the forecast period.
Porter’s Analysis:
- Threat of new entrants: The U.S. caps and closures market has moderate threat from new entrants due to the presence of well-established players and requirement of large investments.
- Bargaining power of buyers: The bargaining power of buyers is high in this market as there are numerous manufacturers providing caps and closures. Buyers can easily switch between various brands based on price and quality.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers and switching costs are low.
- Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for caps and closures used in packaging bottles, jars, tubes, and other containers.
- Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players competing on pricing and product innovation.
Key Takeaways:
The global U.S. caps and closures market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand for packaged foods and beverages. The market size for 2023 is US$ 3.75 Bn.
Regional Analysis:
The western region dominates the U.S. caps and closures market accounting for over 30% of the overall market share in 2023. Factors such as high demand for bottled water and growing consumption of packaged beverages are augmenting market growth in this region. California alone contributes to more than 15% of the demand for caps and closures in the country.
Key players:
Key players operating in the U.S. caps and closures market are Closure Systems International, Inc., Silgan Plastic Closure Solutions, Bericap GmbH and Co KG, Global Closure Systems, AptarGroup, Inc., Berry Plastics Group, Inc., Amcor Limited, O.Berk Company, LLC, Blackhawk Molding Co. Inc., and Tecnocap S.p.A. Closure Systems International, Inc. is one of the prominent suppliers with around 17% market share in 2023.
