"Growing Adoption of Convenient Packaging is Driving the Ring Pull Cap Market"
Globally, the ring pull cap market is expected to grow with a CAGR of 5.1% during the forecast period from 2023 to 2030, starting from US$ 365.01 Mn in 2021. The growth of the market is driven by the growing demand for the ring pull caps market. As the market dynamics are changing and consumer is becoming more empowered, the packaging industry is also responding to meet the consumer requirements. Consumers’ lifestyle is changing and they are seeking convenience in daily use products. Consumers are looking for shifting towards packaging solutions that require the least time and effort. To address these challenges, the packaging companies are shifting towards the ring pull caps solutions.
The numerous benefits offered by the ring pull cap over the metal crown cap are accelerating their adoption across the beverage industry. However, the growing demand for PET packaging bottle across the food & beverage industry is restricting the adoption of ring pull caps. Moreover, the ring pull caps are costly when compared to the metal crown caps is also one of the major restraints in the growth of the market.
"The Beer Glass Bottle Is Dominating The Ring Pull Caps Market"
The ring pull cap market is bifurcated based on application into beer bottles, soft drink and others. The beer bottle segment accounts for over 70% share in the ring pull cap market. The growth of the market is credited to the convenience offered by the ring pull caps. It is estimated that more than 5.0% of the beer bottles have ring pull caps, and the number is further estimated to increase during the forecast period. The strong consumption rate of beer across the globe is one of the primary factors driving the growth of the market.
"North America Is Leading the Ring Pull Cap Market"
North America is leading the ring pull cap market with 37% share in the revenue in 2020. The growth of the market is attributed to the large scale consumption of the beer and software drinks across the region. Beer is estimated to be one of the most widely used beverages in the region. Furthermore, the growing packaging industry in the region is further accelerating the demand for the ring pull caps market. In the years to come, Asia Pacific is projected to register the highest growth rate in the market. The market growth is expected from India and China have large consumption of beer and other soft drinks.
The key vendors in the ring pull cap market are Fuzhou SKT Co. Ltd., Finn-KorkkiOy, Jiangsu Changjiang Lids Co. Ltd, Nippon Closures Co. Ltd.,Pelliconi& Co. SPA, Taiwan Hon Chuan Enterprise Co. Ltd., The TNN Development Limited, and World Bottling Cap LLC.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Ring Pull Cap market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report