London-based technology-focused research firm Technavio has published a new report on the global plastic caps and closures market, which is expected to grow at a CAGR of almost 6% from 2015-2019.
The new market research report by Technavio draws attention towards the continuous rise in the consumption of beverages, both alcoholic and non-alcoholic, which is driven by the growing populations and the launch of value added offerings.
“Traditionally, glass was used to package CSDs and alcoholic drinks but the transportation, maintenance, and recycling of glass substrates is energy intensive. As a result, there is an increasing shift toward plastic, as it is lightweight, reduces transportation costs, and facilitates instant disposal,” said Faisal Ghaus, vice president of Technavio.
The report by Technavio also indicates the increased demand for caps and closures for water packaging is the fastest-growing segment of the beverage market, and PET is widely used for it.
“Most packaged products are designed for single use, so plastic is the preferred material on account of its low cost. This is boosting the demand for packaging material, including caps and closures, thus leading to market growth,” added Ghaus.
© FoodBev Media Ltd 2020
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