Albany, NY, Oct. 21, 2015 (GLOBE NEWSWIRE) -- In terms of volume and revenue, Latin America is the fastest growing market and is projected to register the highest CAGR during the forecast period. Brazil is the fastest growing country in Latin America in terms of demand for caps and closures. Increase in consumption of nonalcoholic beverages such as bottled water and carbonated soft drinks acts as a driving force for the growth of the market for plastic screw closures in Brazil.
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The Latin America caps and closures for food and beverages market, in terms of revenue and volume, is estimated to expand at a CAGR of 7.2% and 6.1%, respectively, during the forecast period from 2015 to 2021.
In 2014, Asia Pacific was the largest market for caps and closures for food and beverages in terms of revenue and volume and is estimated to retain its position as the market leader over the forecast period. China, India, and Japan are among the fastest growing countries in Asia Pacific. The caps and closures market in Asia Pacific is mainly driven by the increase in demand for plastic screw closures in dairy products. In addition, increasing consumer preference for fruit beverages and bottled water also propels the demand for plastic screw closures.
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The major factors driving the caps and closures for food and beverages market are: growing demand from the packaging industry and a rise in demand for plastic caps and closures.
Among the various beverage caps and closures, the plastic screw closures segment held the largest market share in both value and volume terms in 2014 and is expected to remain the market leader till 2021. Demand for plastic screw closures is expected to be high during the forecast period, driven mainly by an increase in the consumption of beer and bottled water globally.
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Leading players operating in the caps and closures for food and beverages market include Silgan Holdings Inc., Global Closure Systems, Bericap, and Crown Holdings, Inc.
The caps and closures for food and beverages market has been segmented as follows:
Global Caps and Closures Market for Food and Beverages Industry by Product Type
Product types covered under this research study are:
- Food caps and closures
- Beverages caps and closures
Global Caps and Closures Market for Food and Beverages Industry by Food Closures Type
Product types covered under this research study are
- Peel-off foils
- Easy-open can ends
- Metal lug closures
- Plastic screw closures
Global Caps and Closures Market for Food and Beverages Industry by Beverage Closures Type
- Plastic screw closures
- Metal crowns
- Metal screw closures
Global Caps and Closures Market for Food and Beverages Industry by Application
- Alcoholic Beverages
- Non Alcoholic Beverages
Global Caps and Closures Market for Food and Beverages Industry by Alcoholic Beverages type
Global Caps and Closures Market for Food and Beverages Industry by Non Alcoholic Beverages type
- Bottled water
- Carbonated soft drinks
Global Caps and Closures Market for Food and Beverages Industry by Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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