Market Size of Nordic Plastic Caps And Closures Industry
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.25 Billion |
| Market Size (2029) | USD 1.42 Billion |
| CAGR (2024 - 2029) | 2.58 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nordic Plastic Caps and Closures Market Analysis
The Nordic Plastic Caps And Closures Market size is estimated at USD 1.25 billion in 2024, and is expected to reach USD 1.42 billion by 2029, growing at a CAGR of 2.58% during the forecast period (2024-2029). In terms of shipment volume, the market is expected to grow from 33.13 billion units in 2024 to 38.44 billion units by 2029, at a CAGR of 3.02% during the forecast period (2024-2029).
- European countries, notably Norway, Denmark, Sweden, and Finland, represent relatively smaller consumer markets. The burgeoning food and beverage sector in these nations can be attributed to a rising population, evolving consumer preferences, and an increased appetite for beverages, all driving the demand for a diverse range of plastic caps and closures.
- As per the International Trade Administration, the Swedish population is keenly interested in exploring novel products and cuisines. With a heightened focus on health, a surging appetite for fresh, organic, and 'free-from' food items amplifies the need for plastic caps and closures.
- The upsurge in tourism in Denmark and Sweden, coupled with a rising preference for non-alcoholic beverages such as energy drinks, fruit juices, bottled water, and carbonated soft drinks, is fueling the demand for plastic screw caps. Notably, UNESDA data highlights that in 2023, Denmark consumed 118.1 million liters of packaged water, while Sweden's consumption stood at 105.2 million liters.
- Key manufacturers in Denmark, Sweden, and Finland, such as Modulpac AB and Tetra Pak International BV, are channeling efforts into developing new products with enhanced design, quality, and mechanical attributes. To carve a niche in the market, these companies increasingly focus on offering bespoke and personalized cap and closure solutions, thereby driving market growth.
- The mounting environmental apprehensions surrounding plastic packaging, especially caps and closures in countries like Denmark, Sweden, and Finland, pose a significant challenge. The environmental repercussions of plastic packaging, including heightened pollution and adverse effects on local flora and fauna, impede market growth in the Nordic region.
