Growth of the packaging industry depends
on economy of the world and also on the type of industries in which the
products are used such as healthcare, consumer goods, and food and
beverages. One such segment of packaging industry is the composite
closure market. Composite closures are the lids which are used to cover a container. They can be of different sizes and designs.
Market Overview:
Composite closures market is expected to
increase with a high CAGR in the future because of the growing packaging
industry. Composite closures are easy to use and find its applications
in various segments. Composite closures market depends on the growth of
packaging industry and is forecasted to have a high growth rate in the
developing regions like Asia and South America.
Market Dynamics:
Driving force for the composite closures
market is the growing economy and rising requirements of brand
differentiation and enhancement, growing health awareness among
consumers, and increasing environmental awareness. Companies are
focusing on new designs and sizes especially in the consumer goods which
will increase the market share of composite closures. These new designs
attract consumers resulting in increasing the composite closures market
value.
The biggest restraint of the composite
closures market is the rising prices of raw materials which increases
cost expenditure resulting in increasing the prices of composite
closures. Other restraint of the composite closure market is the
availability of cheap alternatives which can easily replace these
closures.
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Growing e-commerce market and increasing
consumption of food has created a lot of opportunities for the composite
closures market.
Market Segmentation:
On the basis of the applications, the
composite closures market is segmented into Baby Food/Food Drinks,
Nutritional and Health Drinks, Confectionery, Dressings and Condiments,
Pet Food, Pickles, Preserves, Ready Meals and Soups, Cooking Sauces,
Dairy Products, Fish and Seafood, Fruits and Deserts, Spreads and Pate,
Power Drinks, Meat and Sausage, Nuts and Dry Food, and Others.
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