by The Rigid Packaging Market is estimated to be valued at US$ 740355.23 Mn or Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Rigid packaging solutions include bottles, cans, jars, trays, clamshells, containers and others which are made from various rigid materials such as plastic, glass, metal and wood. These packaging solutions provides robustness, durability and preserves the product quality for a long duration of time. Rigid packaging finds wide application in food & beverage, pharmaceuticals, consumer goods and industrial goods packaging. Key advantage of rigid packaging includes tamper proof packaging, longer shelf-life and sustainability.
Market Dynamics:
Regulatory push towards sustainability and increasing consumer preference for eco-friendly packaging are some of the major drivers propelling the growth of rigid packaging market. Stringent regulations such as single use plastic ban by various countries has shifted the focus of brand owners towards sustainable and recycled rigid packaging solutions. Second major driver is increasing demand for packaged and processed food & beverages globally. With rapid urbanization and changing lifestyle, demand for packaged food and drinks has surged significantly over last few years which in turn is fueling the demand for rigid packaging.
Segment Analysis
The global rigid packaging market can be segmented based on material type into metal, glass, plastic and others. The plastic segment currently dominates the market and is expected to witness high growth during the forecast period. Plastics offer advantages over other materials such as lightweight, versatility in production of various package types, ease of processing and lower cost. These properties make plastics suitable for packaging various products from food and beverages to industrial goods.
PEST Analysis
Political: Any policy reforms affecting industries using rigid packaging will impact the market. For example, government initiatives to reduce plastic waste.
Economic: Growth of end-use industries such as food and beverage will drive demand. High inflation may increase input costs.
Social: Changing consumer preferences towards sustainable packaging present opportunities for eco-friendly rigid materials.
Technological: Advances in material sciences are leading to development of recyclable, multi-layer rigid packaging solutions. E-commerce growth requires improved packaging solutions.
Key Takeaways
The global Rigid Packaging Market Share for 2023 is estimated at US$ 740355.23 Mn. The market is expected to grow at a CAGR of 3.3% during the forecast period due to increasing demand from food and beverage industry.
Regionally, Asia Pacific is expected to dominate as well as witness the fastest growth due to large population, rising incomes and growth in food processing industry in countries such as China and India. Rapid industrialization and urbanization are fueling demand.
Key players operating in the rigid packaging market are Amcor Limited, DS Smith Plc., Holmen AB, Plastipak Holding, Berry Plastics Corporation, Reynolds Group Holdings Limited, Sealed Air Corporation, Resilux NV, Sonoco Products Company, and Silgan Holdings. Major players are focusing on capacity expansion, new product launches and mergers & acquisitions to strengthen their market position and cater to the growing demand. Innovation and development of sustainable packaging solutions also remain a key priority.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
