DUBLIN, September 27, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Caps and Closures Market in North America 2016-2020" report to their offering.
The caps and closures market in North America to grow at a CAGR of 4.49% during the period 2016-2020.
Caps and Closures Market in North America 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated by caps and closures vendors in North America.
Globally, the US is the largest wine consuming country, having held a share of 13% of the wine market in 2015. Consequently, the US also accounts for the largest share of the wine caps and closures market. A key trend for market growth that can be seen in this market is the growing preference for synthetic corks and screw caps over natural corks. In 2015, natural cork accounted for a share of 68% of the wine closures market, which is much less than its share of 92% in 2005, while screw caps accounted for around 15% of the wine closures market in 2015.
The main reason behind the decline in the market share of natural cork is the high taint rate of wine bottles with natural corks and the advent of synthetic corks and screw caps that act as perfect substitutes for natural corks. It is estimated that 2%-6% of wine bottles using natural corks get tainted, while synthetic corks and screw caps have negligible taint rates and are cheaper. As a result, the use of screw caps in the wine industry is expected to grow at a rate of above 10% in North America during the forecast period.
According to the report, demand for child-resistant and tamper-evident caps and closures will be the key driver as these features are turning out to be basic requirements in the caps and closure market. People consider these features before buying because of safety and convenience.
Further, the report states that packaging products without caps and closures have few advantages such as consumer convenience, less cost, and low weight. The demand for such packaging is expected to increase further during the forecast period, thus hindering demand for caps and closures. This factor will be a challenge for the market. The volume of stand-up pouches is expected to reach 26 billion units in the US by 2020.
The market is divided into the following segments based on end-user:
Other prominent vendors
For more information about this report visit http://www.researchandmarkets.com/research/5lkzdx/caps_and_closures
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