With the rapid urbanization and industrialization, developed and developing countries are witnessing economic growth. This has been reflected in the increase in the global gross domestic product (GDP) per capita from $5,499.151 in 2000 to $11,441.733 in 2019, as per the World Bank. Among many things, this has resulted in the increasing demand for processed food and beverages, which have traditionally been more expensive than unprocessed products, such as fresh agricultural produce. Among the processed food and beverage products witnessing an increasing demand are sauces, condiments, soft drinks, energy drinks, and spices and seasonings.

P&S Intelligence says that the growing food and beverage industry is to be a key factor to propel the ultraviolet (UV)-metallized caps and closures market from $297.0 million in 2017 to $378.9 million by 2023, at a 4.2% CAGR between 2018 and 2023. This is because UV metallization is widely done on the container and bottle caps and closures used in this industry to guard the metallized layer and mask dents and other imperfections that appear on these components during their manufacturing.

With the rapid urbanization and industrialization, developed and developing countries are witnessing economic growth. This has been reflected in the increase in the global gross domestic product (GDP) per capita from $5,499.151 in 2000 to $11,441.733 in 2019, as per the World Bank. Among many things, this has resulted in the increasing demand for processed food and beverages, which have traditionally been more expensive than unprocessed products, such as fresh agricultural produce. Among the processed food and beverage products witnessing an increasing demand are sauces, condiments, soft drinks, energy drinks, and spices and seasonings.

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Thus, with the expanding food and beverage, personal care, and cosmetics industries, the requirement for UV-metallized caps and closures will continue to rise.