Market Size of Mexico 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 | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Plastic Caps & Closures Market Analysis
The Mexico plastic caps and closures market is expected to register a CAGR of 4% during the forecast period (2021-2026). Key trends that are becoming increasingly important to today's consumers in Mexico are caps and closures that provide safety from theft, tampering, contamination, and counterfeiting. The result of this trend has been a growing demand for high value dispensing and child-resistant closures (CRCs).
- Another factor affecting caps and closures demand is the continued shift from the use of glass bottles and jars to plastic packaging. Advances in technology and production (e.g., hot-fill processing and barrier technologies) have allowed gains in plastic bottles and jars from glass alternatives.
- According to Mexico's National Institute of Statistics and Geography (Instituto Nacional de Estadística y Geografía or INEGI), Mexico's economy grew 2.0 percent in 2018, while the value of total production in the plastics industry grew by 6.9 percent. In 2019, this industry faced the challenge of a more environmentally conscious society. Despite that, manufacturers see an opportunity to rebound to higher growth rates as Mexico negotiates additional free trade agreements with key economies.
- The food industry is one of the significant contributors to the caps and closures market in Mexico. The increased demand for packaged food and pharmaceutical products may drive market growth during the spread of COVID-19. However, claims regarding the survival of the virus up to 72 hours on materials, such as plastic and stainless steel, may hamper growth.
