Caps & Closures Market Outlook Report 2024
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According to a TMR analyst, “The U.S. market for caps and closures for non-carbonated beverages is anticipated to register a 4.3% CAGR from 2016 to 2024. In 2016, the market was valued at US$2.64 bn and is likely to touch a valuation of US$3.82 bn by the end of 2024.” Based on application, the segment of bottled water led the U.S. market for caps and closures for non-carbonated beverages in 2016 and is likely to continue leading the market over the forecast period with a 6.1% CAGR.
Rising Demand for Single-serve Beverage to Aid in Market Growth
"One of the main variables adding to the current rise in the U.S. closures and caps market for non-carbonated beverages is the developing interest for single-serve drinks. The requirement for particular tops and terminations that supplement the much touted hot fill process that can build the timeframe of realistic usability of various refreshment sorts. Moreover, the general interest for convenience beverages and food is expanding at an over the top rate over the U.S., with an ever increasing number of shoppers inclining towards nourishments that are nutritious and additionally simple to eat. The U.S. closures and caps market for non-carbonated beverages fits consummately into this developing specialty and will keep on benefitting from this expanding request over the not so distant," states a TMR investigator.
Different components driving the U.S. caps and closures market for non-carbonated beverages incorporate the expanding support created via regular refreshments and the occasionally expanding interest for frosty or hot refreshments, and the expanding acknowledgment of current refreshments by bigger socioeconomics and gatherings of people.
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Switching Costs to Impact Player Motivation
One of the key issues that a great deal of producers in the U.S. caps and closures for non-carbonated beverages are confronting right now, is the cost for changing from current innovations to more up to date ones. This includes transforming from the polyethylene-based two-piece conclusion that utilizations compacted trim to the more up to date, HDPE one piece terminations that need infused shaping. The switch includes a great deal of costs and in addition a more elevated amount of mindfulness about conclusion applications for PE when contrasted with the PP. The whole circulation anchor needs to consider the change to one piece closures from two piece closures as the last is not as obliging about the assembling inadequacies in bottles.
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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