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Industry Friendly Innovative Design in Gable Top Cartons Fuels Demand
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In order to grow their shares in the global gable top caps and closures market, most companies are banking on collaborations, acquisitions, and an enhanced product portfolio. Berry Global, Inc., for example, is not just trying to bolster sales through a diverse product portfolio but through collaborations and acquisitions, especially in the relatively untapped Asia Pacific market. Similarly Amcor Limited has been augmenting its market presence through both organic and inorganic route. It has increased its manufacturing capacity to offer a wide array of products and has been focused on acquisitions in the rigid plastic segment to tap into a larger customer pool.
As per a report by Transparency Market Research, the global gable top caps and closures market will likely expand at a 5.7% CAGR from 2017 to 2025 to become worth US$79.1 mn in 2025 from US$48.5 mn in 2016.
Beverages Segment to Create Maximum Opportunity in Leading Asia Pacific Market
Depending upon the type of product, the global gable top caps and closures market can be split into screw caps and flip caps, among others. Of the two, the segment of screw caps holds a majority of the share in the market and rising at a 5.9% CAGR between 2017 and 2025 is slated to grow its market share in the near future.
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Based on geography, the global gable top caps and closures market can be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, of them, is a key market that accounts for a dominant share. The region grossed an overall revenue of US$19.4 mn by the end of 2016. The application segment of beverages is primarily driving the growth in the market in the region.
Industry Friendly Innovative Design in Gable Top Cartons Fuels Demand
Majorly fuelling the global gable top caps and closures market is the industry friendly innovative design in gable top cartons. “The innovative design on gable top cartons has made it easy to print different product and brand related information on it. The gable top cartons provide large surface compared to other liquid packaging solutions such as bottles and cans. This coupled with their visually appealing characteristics goes a long way in drawing the attention of consumers. This is driving the demand for gable top cartons, which in turn is predicted to have a positive impact on the global gable top caps and closures market,” explains the lead analyst of the TMR report.
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A major drawback for the global gable top caps and closure market is the volatile petroleum products prices. Since caps and closures are manufactured from plastics such as PP, PE, etc., which in turn is extracted from petroleum products, price fluctuation of the latter impacts the overall production costs.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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