The North American Plastic Caps and Closures Market is expected to register a growth at a CAGR of 3. 05% during the forecast period (2021-2026). With consumer and industrial goods industries expanding, the need for new packaging materials that can support the rugged environments without affecting the quality of the product is rising.
New York, Nov. 04, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "North America Plastic Caps and Closures Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" – https://www.reportlinker.com/p06036733/?utm_source=GNW
This is driving considerable investments in these industries to develop plastic caps and closures, to meet the requirements of end-users, such as household chemicals.
– Plastic caps and closures are essential for extending the shelf-life and retaining the taste, flavor, and texture of the packaged product. Besides offering features, such as leak-proof and contamination resistance, plastic caps and closures play a crucial role in driving factors, such as visual appeal, brand differentiation, and convenience for consumers.
– Moreover, caps and closures are imperative for the packaging industry, which serves as the primary driving force for the market’s growth. Further, the increasing demand for packaged products is anticipated to augment the steady momentum of the global market. The food and beverage industry is one of the significant contributors to the caps and closures market in the United States.
– According to results from US-based National Retail Solutions (NRS), which operates a point-of-sale (POS) terminal-based platform for independent retailers and bodega owners nationwide, independently owned convenience stores have grown in July 2021 was up by 4.6% Y-o-Y basis. Furthermore, the use of caps and closures is driven by the increase in beverage sales with beer, flavored malt beverages (FMBs), and hard cider up 10.7% versus 7.5% year to date basis in July 2021 in almost 12,000 individual outlets.
– With the outbreak of COVID 19, the plastic caps and closure market in the North American region is expected to witness growth. Also, the plastic caps and closure manufacturers have been flooded with a pool of issues that are expected to be only for the short -term. Some of the effects of lockdown include lack of availability of raw materials used in the manufacturing process, supply chain disruptions, fluctuating prices, labor shortages that could cause shipping problems, final product production inflate and going beyond budget, etc.
– Furthermore, a key trend for the market growth that can be seen in the wine segment is the growing preference for plastic/synthetic corks and screw caps over natural corks. Aligned with the drive toward sustainability, several partnerships can be observed to produce sustainable caps and closures and cater to the wine and other spirit packaging and bottling.
Key Market Trends
Polyethylene Terephthalate (PET) is Expected to Witness Significant Growth
– Polyethylene terephthalate (PET) is often used in food packaging due to its strong barrier properties against water vapor, gases, dilute acids, oils, and alcohols. PET is also shatter-resistant, moderately flexible, and […]