The market for crown closures is anticipated to be worth US$ 1,096.1 million in 2023 and US$ 1,389.47 million in 2033. Throughout the projection period, sales of crown closures are anticipated to grow at a CAGR of 2.4%.
The last steps in the packing process are crown closures. The integrity of the final product depends on them being one of the most crucial steps in the entire process. Crown closures are crucial elements of product packaging and they significantly enhance the use and appeal of the products.
Aluminum crown closures account for more than 70% of the total consumption of crown closures, according to the report. A majority of sales is registered by small-diameter (26mm) crown closures, compared to the crown closures that have large diameter (29mm).
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Business Growth Opportunities:
- Sustainability Focus: Embrace eco-friendly materials and practices in crown closures to cater to the growing consumer demand for sustainable packaging solutions.
- Digital Transformation: Implement advanced technologies such as smart closures or QR code integration to enhance customer engagement and provide valuable data insights.
- Customization and Personalization: Offer customizable closure solutions to meet diverse client needs, allowing for unique branding and product differentiation.
- Global Market Expansion: Explore and enter emerging markets to tap into new consumer bases and increase market share beyond current geographical boundaries.
- Collaborative Partnerships: Form strategic alliances with beverage and food producers to co-create innovative closure solutions, fostering long-term relationships and mutual growth.
Trends in the Crown Closures Industry:
- Tamper-Evident Features: Increased demand for tamper-evident closures to ensure product integrity and address consumer concerns about product safety.
- Lightweighting and Material Innovation: Growing preference for lightweight closures and exploration of alternative materials to reduce environmental impact while maintaining functionality.
- Smart Packaging Integration: Incorporation of smart technology, such as NFC (Near Field Communication) or RFID (Radio-Frequency Identification), for enhanced product tracking, authentication, and consumer engagement.
- Convenience and Ease of Use: Rising popularity of closures with user-friendly designs, like easy-to-open or resealable options, to align with changing consumer lifestyles and preferences.
- Premiumization and Aesthetics: Increasing emphasis on aesthetically pleasing and premium closures, including unique designs, finishes, and branding elements, to contribute to overall product appeal and brand positioning.
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Beer Accounts for More than 70% of the Demand for Crown Closures
The growth of food and beverages market has been closely influencing the performance of crown closures market. According to FMI’s analysis, alcoholic beverages, particularly beer and wine, will remain the most prominent end use categories in crown closures market. Beer currently holds just-over 70% share in the global demand for crown closures, followed by carbonated soft drinks.
While consumption of crown closures is likely to be sustained by increasing beer production as well as consumption, it has been observed that emergence of superior packaging alternatives in the beverages sector is particularly translating into the falling demand for crown closures in the carbonated soft drinks category.
According to FMI’s analysis, rapidly growing preference for PET (polyethylene) bottles over glass bottles for packaging of carbonated soft drinks will continue to hold significant impact on the demand for crown closures in years to come.
Crown Closures Market: Competition Landscape Analysis
FMI’s report covers deep-dive strategic profiles of some of the key competitors operating in the global crown closures market landscape, including Astir Vitogiannis, Avon Crowncaps & Containers Nigeria Limited, Avon Crowncaps & Containers Nigeria Limited, Continental Crowns and Closures, Crown Holdings, Inc., Finn-Korkki Oy, Manaksia Industry Ltd., Nippon Closures Co. Ltd, Oricon Enterprises Limited, Pelliconi & C. SPA, Samhwa Crown & Closure Co., Ltd, Supertech-Crown Caps, TOKK Company, and Viscose Closures Ltd.
In addition to designing effective penetration strategies for entering new beer and wine categories, as well as mineral water segment, leading players in crown closures manufacturing landscape are focused on a few profitable trends such as customized crown closure designs, and embossed crown closures or those imprinted with raised figure. Several companies are also strategizing on the quality and material used in crown closures for efficient corking.
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Key Segments:
Market by Diameter:
- 26 mm Crown Closures
- 29 mm Crown Closures
Market by Material:
- Aluminium
- Steel
Market by End-user Industry:
- Beer
- Carbonated Soft Drinks
- Food
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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