Massive Demand for Personal Care and Cosmetic Products to Surge Growth
According to the latest market research from FMI, the global snap-on closures market is poised to achieve a valuation of US$ 23.7 billion by 2033, with a projected Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. By 2023, the market value is estimated to reach US$ 15.1 billion. This growth trajectory is driven by the increasing demand for convenient and secure closure solutions across various industries, including food and beverage, pharmaceuticals, and personal care. Additionally, advancements in manufacturing technologies and materials are expected to further fuel market expansion in the coming years.
The manufacturers who are into the production of snap-on closures are taking special care of the type of products to be utilized during the production process. Owing to this, a lot of them are making use of aluminum as it is recyclable and bio-degradable. Thus, the application of snap-on closures allows a lot of companies to achieve sustainability goals. Such factors are expected to surge the sales of snap-on closures during the forecast period.
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One of the key benefits which have attracted a lot of investment is the fact that the snap-on closures have the capability to handle both hot and cold products. This has drawn a lot of attraction, especially from the players across the beverage market.
Thus, the FMI analysts are of the view that ‘increased demand in the pharmaceutical sector, personal care and cosmetics sector, beverage sector, the ability to be recycled, and a lot of other factors are expected to surge the snap-on closures market growth during the forecast period.’
Market Drivers:
Market Restraints:
Key Takeaways:
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Competitive Landscape
The key players operating in the snap-on closures market are focusing on product innovation. This would ultimately help in cost cutting as a result of which even the consumers have to pay less. The manufacturers are also focusing on mergers and acquisitions to increase their market share. The focus is also on technological advancements as they would enhance the production capabilities. The manufacturers are also ensuring that they grab headlines by winning awards that are specific to the niche.
Key developments in the snap-on closures market:
Asia Pacific Holds a Lion’s Share in the Global Snap-on Closures Market
Snap-on Closures for Highly Profitable Skincare & Hair Care Products Projected for Innovations
The trending snap-on closures features with flip-top dispensing nozzle are tamper-evident and thus offer multiple additional benefits to personal care products manufacturers such as prevention of the product loss in form of clogging, leakage, or dripping. Snap-on closures manufacturers are especially focusing on innovating the range for high-viscosity liquid products that are suited for smaller, controlled doses. FMI indicates highest innovation potential for snap-on closures used in case of hair care and skincare products that make up for an approximate revenue share of 60% in the personal care and cosmetics industry, at present.
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Snap-on Closures Market by Category
Neck Diameter
Material Type
End Use
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 13, 2024