Market Size of APAC Plastic Caps and Closures Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Plastic Caps & Closures Market Analysis
The Asia-Pacific Caps and Closures Market is expected to reach a CAGR of 4.9% during the forecast period 2021-2026. With the recent outbreak of COVID-19, the packaging market may witness a decline in the growth due to restrictions on the movement of goods and severe disruptions in the supply chain. Countries, such as China and Japan, enforced strict lockdown policies, and production and movement of critical raw materials used for the advanced packaging market
- Plastic caps and closures serve a range of industries, including food and beverages, pharmaceuticals, household goods, and cosmetic products. Caps and closures are the final components of packaging and are responsible for maintaining the integrity of the product packing.
- Asia-Pacific is increasingly drawn toward consuming more healthy food and beverage options, which is likely to influence sports drinks consumption and increased innovation over time. The region is also home to major manufacturing units of food and beverages, which constitutes a major global production portion. Such trends are expected to boost the adoption of plastic caps and closures in the region.
- According to APFI, Asia-Pacific Food Industry, India is the biggest producer of milk, globally, with a volume of 176.35 million metric ton per year. It makes up 21% of the world's milk production and exhibits an annual growth of more than 6%.
- Growing disposable incomes and market penetration opportunities have led to improved investment by organizations involved in both manufacturing and distribution of flat valve caps and closures.
