The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Benjamin Punchard, head of packaging research at Euromonitor, gives an overview of the global closures market and the new innovations and product launches that the market has recently experienced. Punchard explains that the closures market is dominated heavily by the plastic screw, with most of the closures belonging to the carbonates and bottled water industries. The bottled water industry is still expected to grow, especially in:
Punchard explains that while bottles and jars are the greatest requirement for closures, other pack types have seen interesting product development. This is mainly due to increasing demand for usage of products more than once; where in earlier years, consumers might have opted not to save or close certain pack types.
The metal food can has been one area of innovation, with the easy open can becoming the standard lid. The easy open can lid has grown globally by 30% since 2005. The peel-off foil lid is growing in popularity as well, despite being niche.
Liquid cartons have also seen a growth in closures, specifically in products such as:
In fact, liquid carton closures have grown by 11 billion units since 2005.
Liquid pouches have seen a growth in closures as well, particularly in the home care and personal care sectors. More manufacturers are offering refill pouches for products, which saves consumers money and is more eco-friendly. Punchard explains that even though liquid refill pouches are the main pack type for closures, there are several new liquid pouch products with closures on the market that are meant to be used as the main product, not a refill.
Punchard ends by talking about the new launch by Method – a laundry detergent which has a pump closure. This kind of packaging is very innovative in a highly concentrated liquid such as detergent because a pump ensures no detergent is wasted. This is important because even though the world is coming out of the recession, consumers still want to maximize the value they get from their product and its packaging.