The caps and closures market consists of vast varieties that serve the same purpose for different industries yet in different ways. The caps and closures market consists of the medical & healthcare, food and beverages, cosmetic, and other industries. With different industries, the materials also change. Some different varieties of closures are stoppers (or pouring stoppers), bungs, screw caps, and seals.
The global caps and closures market trend for 2021 valued at $65 billion, will go on to be valued at $85 billion by 2026 with a CAGR of 5.5%. Though there are different materials for caps and closures, this article will focus on the more general line of caps and closures market and give trade insights into the caps and closures market according to the Heading 830990. The purpose of this is to put a spotlight on the kinds of caps and closures which are used in professional sectors for packaging such as pharmaceuticals or food industries.
Caps and Closures – Top Import Markets
The importing countries’ caps and closures are featured below to provide us insights into the top import markets. The featured countries along with their corresponding import values show which countries have more opportunities for foreign suppliers.
The US is at the top with an import value of $1 billion (12.8%), France with an import value of $636.9 million (7.7%), Germany with a value of $456.6 million (5.6%), Canada with a value of $410.3 million (5%), the Netherlands with $408.4 million (4.9%), and other countries.
Among all the shown top importing countries, the US has the highest import value in units of billions. The market of the US regions for caps and closure export, for foreign suppliers, is four times more beneficial than other countries.
The top US importing countries for caps and closures are China, Spain, Canada, and Mexico. Look for the full list of countries in our import-export intelligence platform online. It will give you the full list of countries with their corresponding values as per the time range selected.
Caps and Closures – Top Export Markets
The top exporting countries for caps and closures shown below feature top countries with corresponding values for the year 2021. The shown export data featuring the list of countries provides trade insight into the top markets of caps and closures exports for the foreign buyers.
China is at the top with an export value of $976.8 million (11.5%), Poland with an export value of $872.4 million (10.3%), Germany with a value of $713.5 million (8.4%), Spain with a value of $625.7 million (7.4%), Italy with a value of $605 million (7.1%), and other countries.
Among all the shown top exporting countries, China has the highest value, while the Czech Republic has the lowest. Considering the quality of these products, the European countries are preferable, even if it is on a slightly lower scale than China.
Caps and Closures Market – Growth
Shown below are the import and export trends of caps and closures for the years following from 2017 to 2021. In both imports and exports, the values have grown significantly, showing a growth of 17.61% for imports, and 18.41% for exports.
The caps and closures market has actively participated in the manufacturing of several kinds of products after COVID-19, being the major driver of its growth. The different closures are used in food and beverage, pharmaceutical products, and even cosmetics.
Among the mentioned industries, pharmaceutical is among the most volatile industries since COVID-19. The demand for countless medicines and pharmaceutical products has skyrocketed, increasing the market share. This is no doubt with factors such as population growth, online deliveries demand and changing lifestyles, the caps and closures market will grow further.