The Mexico plastic caps and closures market is expected to register a CAGR of 4% during the forecast period (2022-2031). Key trends that are becoming increasingly important to today’s consumers in Mexico are caps and closures that provide safety from theft, tampering, contamination, and counterfeiting. The result of this trend has been a growing demand for high value dispensing and child-resistant closures (CRCs).
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– Another factor affecting caps and closures demand is the continued shift from the use of glass bottles and jars to plastic packaging. Advances in technology and production (e.g., hot-fill processing and barrier technologies) have allowed gains in plastic bottles and jars from glass alternatives.
– According to Mexico’s National Institute of Statistics and Geography (Instituto Nacional de Estadística y Geografía or INEGI), Mexico’s economy grew 2.0 percent in 2018, while the value of total production in the plastics industry grew by 6.9 percent. In 2022, this industry faced the challenge of a more environmentally conscious society. Despite that, manufacturers see an opportunity to rebound to higher growth rates as Mexico negotiates additional free trade agreements with key economies.
– The food industry is one of the significant contributors to the caps and closures market in Mexico. The increased demand for packaged food and pharmaceutical products may drive market growth during the spread of COVID-19. However, claims regarding the survival of the virus up to 72 hours on materials, such as plastic and stainless steel, may hamper growth.
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Key Market Trends
Beverage Industry to Drive The Growth of The Market
– The beverage industry leads the plastic caps and closures market. At the same time, bottled water is expected to grow in every region, thus driving the plastic caps and closures market. Factors like innovative/customized products tamper-evident, child-resistant, and others are the driving factors of plastic caps and closures market. Sales of the on-the-go format are also expected to grow.
– The Mexican market is one of the largest ‘per capita” consumers of soft drinks in the world. But increasing health consciousness and concerns of obesity are leading to a growing focus on water and non-carbonated beverages. As physical activity across the country grows, the demand for energy drinks will improve, leading to the growth of caps and closures in the country.
– Single-serving beverage bottles are being used more and more in fruit juices, enhanced waters, and other ready-to-drink beverages as consumers look for alternatives to carbonated soft drinks that can be easily transported and consumed on-the-go due to increasing health concerns.
– According to Greenpeace Mexico, in Mexico, more than 7 million tons of plastic are produced per year; 48% of this material is destined for packaging, and although many of them are recyclable, they will not necessarily end up being recycled. For this reason, five municipalities and 22 states in Mexico have adopted laws or initiatives against single-use plastics due to the severe impact they have on ecosystems and biodiversity, against the ephemeral use of them. Regulatory steps such as these will boost the growth of PETcaps and closures in the region due to its ability to recycle.
Polyethylene Terephthalate(PET) to Account for a Significant Share
– Increasing the growth of packaged food is positively impacting the growth of the market. The major categories of packaged food are bakery products and frozen processed food. Some of the emerging categories in this sector are frozen ready to eat foods as storage life can be extended, notably by making storage temperatures colder. Consumer’s expectations of food quality are rising. There is an increase in the frozen food packaging market with the consumer appreciation of the product quality leading to the growth of caps and closures in the market.
– According to the United States country commercial guide, Mexico produces 80 percent of domestic demand for PE, PP, PET, and PVC. Two large companies, Alpek and Braskem/IDESA, are responsible for the majority of the produced volume. Moreover, Mexico has Latin America’s largest recycling ratio of plastic waste at around 58%; however, that is only a portion of the country’s 17% overall recycling rate. Almost 40% of recycled PET materials are exported. Efforts such as these that cater to environmental concerns regarding the increased use of plastic plays a vital role in achieving sustainable growth in the market.
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– Meanwhile, stringent environmental regulations controlling the increasing use of PET has led to rising demand for environmentally friendly alternatives, such as High-Density Polyethylene (HDPE) to some extent, and are expected to impact the growth of the market negatively.
The market appears to be moderately concentrated. The players in the market are adopting major strategies, like product innovation, mergers and acquisitions, and strategic partnerships, to widen their product portfolio and expand their geographical reach.
– December 2022, Bericap UK’s NEC stand will feature the expansion of the range of the caps and closures manufactured at the company’s site in Hull. As part of Bericap’s broader global product and capacity growth, the new UK manufactured products increase the diversity of caps, closures, and associated products, as well as the local capacity and availability to supply the UK domestic market.
– November 2022 – At this BrauBeviale in Nuremberg, BERICAP, one of the world’s leading manufacturers of plastic closures, will demonstrate how individual drinking comfort can be optimally combined with environmental protection and recycling. They will also learn more about various weight-reduced closures, and how sports caps add more dynamism to their product range.
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