Increasing Consumption of Non-carbonated Beverages Across US to Offer Lucrative Opportunities for Caps & Closures Market Players
The U.S. market for caps and closures for non-carbonated beverages is expected to witness a significant growth in the near future. The rising demand for these beverages owing to rising health consciousness among consumers is expected to encourage the growth of the overall market in the next few years. According to a research report by Transparency Market Research, in 2016, the U.S. caps and closures for non-carbonated beverages market was worth US$2.64 bn in 2016. This market is projected to exhibit a healthy 4.30% CAGR between 2016 and 2024, reaching a value of US$3.82 bn by the end of 2024. Some of the questions related to the growth and development of the market have been given below:
Which aspects are estimated to impact the growth of the caps and closures market for non-carbonated beverages?
The growing demand for single-serve beverages is considered as one of the key factors anticipated to boost the demand for caps and closures market for non-carbonated beverages across the U.S. in the next few years. In addition, the growing need for specialized caps and closures which will complement the extremely touted hot fill procedures and enhance the shelf life of the products are predicted to accelerate the growth of the market in the near future. Innovations in this field and the increasing consumption of non-carbonated beverages are some of the other factors estimated to contribute widely towards the robust development of the U.S. caps and closures market for non-carbonated beverages in the coming years.
Which application segment is predicted to grow robustly in the coming years?
The key applications in the U.S. caps and closures market for non-carbonated beverages include fruit beverages, bottled water, sports beverages, ready to drink beverages, and others. Among these, the bottled water segment is expected to lead the overall market in the next few years and is likely to register a healthy growth rate. The tremendously rising demand for bottled water across the U.S. and the rising number of players providing bottled water are some of the key factors that are estimated to accelerate the growth of this segment in the near future.
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How are the key players expected to remain dominant in the U.S. caps and closures market for non-carbonated beverages?
The caps and closures market for non-carbonated beverages in the U.S. is currently characterized by a moderate level of competition. The prominent players operating in the market are making remarkable efforts to account for a massive share of the overall market and create a niche in the near future. In addition, these players are competing against each other in terms of innovations, products, and services. The growing emphasis on research and development activities is expected to accelerate the growth of the overall market in the next few years. Furthermore, the rising number so collaborations is predicted to supplement the growth of the market.