Businesses in Rigid Packaging Market Lean on Constant Innovations Boosting Sustainability; Global Market Valuation to Reach US$ 755 Bn by 2024: TMR Study
The global rigid packaging market is projected to attain valuation of US$ 755 Bn by 2024.
ALBANY, N.Y., Sept. 24, 2021 /PRNewswire/ -- Sustainability has become a key quotient for assessing the benefits of packaging among end-use industries, and the incessant focus on adopting eco-friendly packaging materials has propelled the prospects of the rigid packaging market. Rigid packaging solutions, notably plastics, are viewed as a robust packaging for meeting a wide range of needs in food and beverages (F&B), pharmaceutical, chemical, and healthcare industries.
Rise in spending on consumer-packaged goods is a key trend bolstering the prospects in the rigid packaging market. They have gained preference over many flexible packaging solutions due to their better protection abilities and the ease of recyclability. For instance, glass and plastics packaging used for F&B products are highly recyclable. The growing adoption of biodegradable materials is further augmenting the sustainability quotient. The global rigid packaging market is projected to attain valuation of US$ 755 Bn by 2024.
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Advancements in production technologies, along with initiatives by governments and industry players to strengthen recycling infrastructure for plastics, have allowed manufacturers to adopt more and more recyclable materials. A notable case in point is revised Packaging and Packaging Waste Directive by Europe that aims to improve recycling targets for glass packaging by 2030.
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Key Findings of Rigid Packaging Market Study
- Superior Protection Ability and Ease of Recyclability to Propel Popularity, Cans and Containers to Gain Demand: The past few decades have witnessed young consumers increasingly becoming aware about the carbon footprint of the packaging that comes with the products they buy. The shopping trend has prioritized the choice for brands to actively promote the use of recyclable materials in their packaging, thereby propelling the demand for glass and plastics packaging. The rigid packaging also offers robust protection against perforation, compression, and ingress of foreign materials during the supply and logistic chain.
Personal care and food manufacturers are leveraging the quotient of sustainability as the key pivot for bringing innovations in the packaging solutions they adopt. This stridently has extended the horizon for packaging companies, notes the TMR study on the rigid packaging market. However, rigid packaging materials are facing stiff competition from the prevalent use of flexible packaging for some businesses in the key end-use industries. Nonetheless, there exists an inadequate recycling infrastructure for flexible packaging materials, which has benefitted players in the rigid packaging market. - Stakeholders Collaborate to Augment Recycling Rates: In the recent years, developed nations, notably in Europe and Asia Pacific, recyclers, raw material suppliers, packaging companies, businesses in end-use industries, and distributors are all collaborating to improve the quantity as well as quality of the recycled materials used in various rigid packaging solutions. Cans and containers made from largely recycled plastics are likely to gain traction to their high eco-friendliness. Moreover, their demands have grown in popularity due to their versatility of use for packaging a wide range of products. All these factors are spurring the revenue potential of the rigid packaging market.
Rigid Packaging Market: Drivers
- Steadily growing consumer spending on packaged goods in various economies has extended the horizon for packaging companies, including those that offer rigid packaging solutions
- Consumers, notably millennial, in developed regions are more likely to prefer products with sustainable packaging. Moreover, the attractiveness of such packaging has risen in the food industry, thus influencing the demand dynamics in the rigid packaging market.
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Rigid Packaging Market: Regional Dynamics
- Asia Pacific and Europe have been remarkably lucrative rigid packaging markets, globally. These markets are likely to witness substantial lucrative avenues in the near future as well. Relentless efforts by various stakeholders in European countries to boost recycling programs, especially for glass packaging have spurred the revenue generation in the Europe market.
- Asia Pacific rigid packaging market is replete with opportunities, with a big impetus from rise in uptake of rigid packaging in food & beverages and pharmaceutical industries. China led the Asia Pacific market, ascribed mainly to large production of rigid packaging products.
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Rigid Packaging Market: Competition Landscape
The global rigid packaging market landscape is characterized by intense competition, mainly on account of the growing number of strategic collaborations and acquisitions among stakeholders across the value chain. Some of the key players in the rigid packaging market are Sealed Air Corp., Resilux NV Inc., Berry Plastic Group Inc., Reynolds Holdings Ltd., and Georgia-Pacific LLC.
Rigid Packaging Market Segmentation
By Material Type
- Plastic
- Metal
- Glass
- Wood
- Paper & Paperboard
By Product Type
- Boxes
- Trays
- Containers & Cans
- Bottles & Jars
- Others
By Application Type
- Food & Beverages
- Chemical & Petrochemical Industry
- Consumer Goods
- Healthcare & Pharmaceuticals
- Other Industries
By Region Type
- North America
- Latin America
- Europe
- Asia
- MEA
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