Colombia Plastic Caps and Closures Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Colombia Plastic Caps and Closures Market Analysis

The Colombia Plastic Caps And Closures Market size is estimated at USD 360.20 million in 2024, and is expected to reach USD 418.30 million by 2029, growing at a CAGR of 3.04% during the forecast period (2024-2029). In terms of production volume, the market is expected to grow from 10.56 billion units in 2024 to 12.14 billion units by 2029, at a CAGR of 2.83% during the forecast period (2024-2029).

Plastic caps and closures are pivotal in packaging and safeguarding products from dust, spills, and contamination. They are durable, recyclable, and economical, making them an ideal choice for manufacturers. In Colombia, the food and beverage industry heavily relies on ancillary packaging solutions, such as plastic caps and closures, to extend the product shelf life, especially with the rising demand for packaged beverages.

• Colombia One, a digital news publisher, reported an employment rate of 57.4% as of December 2023. With a rising employment rate, a growing demand for packaged beverages and food is growing, especially among busy lifestyles. Consequently, this surge in demand is set to boost the need for caps and closures nationwide. However, despite these positive trends, a recent hike in the value-added tax, from 16% to 19%, could dampen consumption levels in the short term for price-sensitive product categories.
• The surge in urbanization, coupled with a growing tourism sector, is amplifying the demand for raw materials and ingredients, catering to the tastes of locals and international visitors. As Colombian cities embrace heightened urbanization, a parallel surge in processed food consumption and evolving consumer preferences is evident. Notably, this trend creates a fertile ground for expanding health foods and organic products, buoyed by the government's robust backing of healthy living initiatives. Such factors are expected to push the country's need for processed and healthy beverages, increasing the opportunities for manufacturers of caps and closures.
• The plastic caps and closures market in the food and beverage industry is set to grow, driven by increasing demands for packaged food, bottled water, and non-alcoholic beverages. The surge in beverage sales is fueled by consumer preferences for high-quality, disease-free drinking water and the convenience and portability of bottled water.
• The Colombian caps and closures market encompasses a range of offerings, from different types of beverage bottles, such as natural and carbonated, to flavored, energizing, and functional water (enhanced with vitamins and minerals). This segment's success directly responds to the surging demand for more refined products, mirroring consumers' increasingly discerning palates.
• Plastic is one of the significant pollutants that results in environmental degradation, and awareness regarding its effects has been growing. Brand owners need help with environmental packaging regulations to diversify, hindering their ability to maintain consistent product designs. The country's government is spearheading public drives and initiatives to heighten awareness. The production and consumption of plastics, which are reliant on substantial fossil fuel usage, have been notably detrimental to the environment and climate. Consequently, there has been a marked impact on the consumption of plastic packaging in recent years.

Colombia Plastic Caps and Closures Market Trends

The Polyethylene Terephthalate Segment is Expected to Witness Significant Growth

Colombia Plastic Caps and Closures Industry Segmentation

The scope of the study characterizes the plastic caps and closures market based on the product's raw materials, including PP, PE, PET, and other raw materials used across various end-user industries, such as food, pharmaceuticals, beverages, cosmetics, toiletries, and more, across the country. The research also examines underlying growth influencers and significant industry vendors, all of which help to support market estimates and growth rates throughout the study period. The market estimates and projections are based on the base year’s factors and arrived at through top-down and bottom-up approaches.

The Colombian plastic caps and closures market is segmented by resin (polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP) and other resin types), product type (threaded, dispensing, unthreaded, and child-resistant), by end-use industries (food, beverage [bottled water, carbonated soft drinks, alcoholic beverages, juices and energy drinks, and other beverages], personal care and cosmetics, household chemicals, and other end-use industries). The market sizing and forecasts are provided in terms of volume (units) and revenue (USD) for all the above-mentioned segments.