The fast rate of revenue growth of the snap-on closures market is shown by statistics from around the world showing how many producers of food and beverage and personal care goods use snap-on closures. To provide businesses operating along the snap-on closures industry value chain with a set of useful insights, Future Market Insights has recently published a new market research report.
The estimated value of the worldwide snap-on closures market in 2022 is US$ 14.4 billion. Due to the increased need for more practical packaging solutions across numerous industries, including food & beverage, pharmaceuticals, and personal care, the overall market is anticipated to rise at a 5.1 percent CAGR between 2022 and 2027, reaching a valuation of US$ 18.5 billion by that year.
“The global revenue from sales of snap-on closures will observe a promising 4.8% year over year growth, surpassing the valuation of US$ 12 billion in 2019.” The analysis projects overall volume consumption of snap-on closures to exceed 215,000 units in 2019, even if this annual growth is expected to be regularly over 5% shortly, according to a senior research analyst at FMI.
Key Insights Drawn from the Global Snap-on Closures Market Report
- The 34-44 mm snap-on closures category, which presently accounts for more than 40% of the market value, is the best-selling segment in terms of diameter.
- After LDPE, PP (polypropylene) is still the material of choice for snap-on closures (low-density polyethylene).
- According to an analysis of the end-user market, manufacturers of personal care products and cosmetics consume the most snap-on closures, followed by businesses that produce food and beverages.
Personal Care & Cosmetics Support Maximum Sales of Snap-on Closures
The majority of players in the personal care and cosmetics industries employ snap-on closures. Along with easier opening and shutting, increased product security to reduce the risk of product loss continues to be a major factor in pressuring manufacturers to use snap-on closures on the majority of their product lines.
North America and Asia Pacific hold the top market positions for snap-on closures with a combined value share of more than 60% in the global personal care and cosmetics business.
Unilever, L’Oreal, Procter & Gamble, Shiseido, Coty, and Estée Lauder have been named as the top trendsetters in the snap-on closures market in the personal care and cosmetics sector.
Additionally, in the upcoming years, suppliers of snap-on closures will have some significant growth potential due to the luxury cosmetics market. Thus, FMI predicts positive growth prospects for premium snap-on closures.