In 2022, the global market for snap-on closures is expected to be worth roughly US$ 14.4 billion. The total market is expected to grow at a 5.1 percent CAGR between 2022 and 2027, reaching a valuation of US$ 18.5 billion by 2027, thanks to rising demand for more convenient packaging solutions across various industries such as food & drinks, pharmaceuticals, and personal care.
The Global Snap-on Closures Market Report Provides Key Insights
- The largest-selling sector in terms of diameter is 34-44 mm snap-on closures, which currently account for more than 40% of the overall market value.
- PP (polypropylene) is the most used material for snap-on closures, followed by LDPE (low-density polyethylene).
- According to the end-use industry data, personal care, and cosmetics producers consume the most snap-on closures, followed by food and beverage industries.
Snap-on Closure Sales are Boosted by Personal Care & Cosmetics
Snap-on closures are the most widely used closures in the personal care and cosmetics industries. Improved product security to reduce potential product wastage continues to play a critical role in persuading manufacturers to use snap-on closures across a wide range of product lines, in addition to ease of opening and shutting.
North America and the Asia Pacific secure the top-performing market positions in the snap-on closures landscape, 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 cited as important trendsetters in the snap-on closures landscape in the personal care and cosmetics business.
Furthermore, the rising luxury cosmetics sector is offering significant expansion potential for snap-on closure producers in the next years. As a result, FMI sees a bright future for high-end snap-on closures.
In the global snap-on closures market, Asia Pacific has a lion’s share.
- Around 37% of the worldwide cosmetics sector is based in the Asia Pacific.
- the Asia Pacific accounts for around a quarter of the worldwide pharma packaging market revenue.
While demand for snap-on closures from food and beverage, cosmetics, personal care goods, and pharmaceutical packaging makers is growing, the report predicts that the Asia Pacific will continue to be the largest regional market for snap-on closures in the coming years. The revenue growth projection for snap-on closures throughout APAC’s industries is being pushed by rapid industrial advances and rising consumer spending power in the region. ASEAN countries, China, and India, according to the report, are the biggest growth contributors in the Asian market.