Crown Caps Market: Current Analysis and Forecast (2024-2032)

Report Description

Crown Caps Market Size & Forecast

The crown caps market was valued at USD 1,362.87 million in 2023 and is expected to grow at a robust CAGR of around 3.47% during the forecast period (2024-2032) driven by the expanding beverage industry, changing consumer preferences, and the shift towards lightweight packaging.

Crown Caps Market Analysis

Crown caps, also known as bottle caps or crown corks, are widely used in the packaging industry for sealing bottles and containers, primarily for beverages such as beer, carbonated soft drinks, and other liquid products. These caps provide an airtight seal, ensuring the freshness and quality of the contents. For instance, in July 2023, Brazilian beverage producer Socorro Bebidas (Socorro) expanded its partnership with Crown Embalagens Metálicas da Amazônia S.A., a subsidiary of Crown Holdings, Inc. to launch Acquíssima Sabor flavored mineral water in 350ml (12oz) CrownSleek cans. Moreover, Total canned water volume in Brazil has increased by nearly 7x between 2021 and 2022, demonstrating a growing trend in the region for water packaged in aluminum and a continued shift away from tap and bulk water. Therefore, meteoric growth has been seen in the crown cap market globally. The crown caps market also benefits from the growing trend towards premiumization and craft beverages. Consumers increasingly seek unique and premium experiences, driving the demand for specialized packaging solutions that enhance the overall product appeal and brand image. Furthermore, manufacturing processes and materials advancements have enabled the development of more sustainable and eco-friendly crown caps. Many manufacturers are incorporating recycled materials and implementing environmentally friendly production methods to cater to the growing demand for sustainable packaging solutions.

Crown Caps Market Trends

Increasing Focus on Sustainable and Eco-Friendly Solutions

The increasing focus on sustainable and eco-friendly solutions is driven by growing consumer awareness, regulatory changes, and industry-wide efforts to reduce environmental impact. As consumers become more conscious of their ecological footprint, they seek brands and products that prioritize sustainability and adopt responsible packaging practices. Consequently, crown cap manufacturers are actively exploring and implementing innovative approaches to address this trend, such as utilizing recycled or bio-based materials, optimizing production processes for resource efficiency, and investing in advanced technologies that enhance sustainability while maintaining product performance and integrity.

A notable example of this trend is Crown Holdings Inc.’s recent launch of its “EcoGreen” crown cap line in 2022. These crown caps are made from a proprietary blend of recycled and bio-based materials, offering a more environmentally friendly alternative to traditional crown caps without compromising quality or performance. By incorporating sustainable materials into its product offerings, Crown Holdings is actively responding to consumer demands for sustainable packaging solutions while contributing to the industry’s broader efforts to reduce its carbon footprint and dependence on non-renewable resources.

North America Dominated the Crown Caps Market

The North American crown caps market is expected to dominate in the forecast period due to several factors, such as the presence of major beverage companies, the established packaging industry, and the growing demand for sustainable packaging. North America is home to some of the world’s largest beverage companies, such as Coca-Cola, PepsiCo, Anheuser-Busch InBev, and Molson Coors Brewing Company. These companies have a significant demand for crown caps for their packaged beverages. For instance, in 2022, Coca-Cola reported selling over 1.9 billion beverage servings per day globally, a substantial portion of which would have required crown caps for packaging. Furthermore, the region has a well-established packaging industry with advanced manufacturing capabilities and a robust supply chain network, which has fueled the demand for the crown caps market. For instance, Ardagh Group, a leading supplier of infinitely recyclable beverage cans and bottles, announced the expansion of its aluminum beverage can production capacity in the United States. This investment was made to cater to the increasing demand for sustainable packaging solutions from major beverage companies in North America.

Crown Caps Industry Overview

The crown caps market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are Crown Holdings Inc., Astir Vitogiannis Bros SA, AMD Industries Ltd., Finn-Korkki Oy, Nippon Closure Co. Ltd, PELLICONNI & C.SPA, Samhwa Crown & Closure, Evergreen Resources, Viscose Closures Ltd, and Avon Crowncaps & Containers Nigeria Ltd.

Crown Caps Market News

In September 2023, Coca-Cola Hellenic Bottling Company (HBC) invested €12 million (USD 12.7 million) into opening a new, high-speed line for returnable glass bottles at its Edelstal plant. The bottles will initially go on sale in Austria as one of Coca-Cola HBC’s twenty-nine markets. They will join the one-liter glass bottles currently available for Coca–Cola, Coca-Cola Zero Sugar, Fanta Orange, and Sprite drinks, which are said to help simplify production and logistics and reduce the sorting and reverse logistics in the market.

In July 2023, Brazilian beverage producer Socorro Bebidas (Socorro) expanded its partnership with Crown Embalagens Metálicas da Amazônia S.A., a subsidiary of Crown Holdings, Inc. to launch Acquíssima Sabor flavored mineral water in 350ml (12oz) CrownSleek cans.

Crown Caps Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global crown caps market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Crown Caps Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global crown caps market were the three major steps undertaken to create and analyze the adoption of crown caps in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global crown caps market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the crown caps through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the crown caps market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. The major segments are included in the report are material and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the crown caps. Further, we conducted factor analysis using dependent and independent variables such as material and application of the crown caps market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the crown caps market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global crown caps market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the crown caps market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global crown caps market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global crown caps market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the material and application in the global crown caps market.

The main objective of the Global Crown Caps Market Study

The current & future market trends of the global crown caps market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the crown caps market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the material and application.
• Define and analysis of the regulatory framework for the crown caps
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the crown caps market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the crown caps market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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