New York, USA, June 09, 2022 (GLOBE NEWSWIRE) -- Rigid Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Rigid Packaging Market Information by Materials, Product, Application, and Region - Forecast till 2027”, the market is estimated to grow at a 7.5% CAGR to reach USD 800 Billion by 2027.
Market Synopsis
Rigid packaging has become one of the most essential components of the packaging market. It provides excellent protection to products, protecting them from any physical shocks and various other types of damage. The demand for the rigid packaging market has been surging since the product is extensively used for packing reactive and volatile as well as highly durable products.
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Report Scope:
| Report Attribute | Details |
| 2027 Market Size | 2027: USD 800 Billion |
| CAGR | 7.5 % (2020–2027) |
| Base Year | 2019 |
| Forecast Period | 2020–2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Materials, Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increase in disposable income facilities among the users |
| Adopting different lifestyles bolsters the market size and market growth |
Market Competitive Landscape:
The important companies in the rigid packaging market are
- Nefab Group of Sweden
- Schoeller Allibert of Netherlands
- Brambles of Australia
- Menasha Corporation of the United States
- Vetropack Holding of Switzerland
- DS Smith of the United Kingdom
- IPL Plastics of Ireland
- Schutz GmbH and Co of Germany
- Rehrig Pacific Company of the United States
- Myers Industries of the United States
Market USP Covered:
Market Drivers:
Rigid packaging has important applications in numerous industries including food & beverages, pharmaceuticals, personal care, electronics, and many more. The food & beverage sector is a critical end-user of rigid packaging products. Heightened consumption of ready-to-eat and convenience food products will help the market gain remarkable traction in the years to come.
The packaged food industry has grown from 580 million tons in 2014 to 700 million tons in 2016. This rapid expansion can be attributed to the evolving consumer lifestyles, and the rising consumption of a variety of snacks like bread, potato chips and sausages in India, China, and the Middle East. Soring number of food retail outlets as well as emergence of new products in the market will be favorable as well.
Sustainable packaging, or green packaging, has become a major trend in the worldwide market. Strict regulations with regard to recycling of packing materials would heighten the demand for eco-friendly and renewable materials. Demand for bioplastics for rigid packaging has been witnessing significant growth in the last few years, and this trend will continue to surge in the upcoming years. Also, with extensive internet usage worldwide, the e-commerce sector has experienced robust growth over the years.
Market Restraints:
Rising focus on the development of flexible packaging solutions and the uncertainty with respect to the economic conditions and the surging price of the chief raw materials will restrain the market growth.
Furthermore, stringent rules introduced by the government will prove to be challenging for the market players. Another growth restraining factor can be the mounting input costs and the surge in environmental concerns.
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COVID 19 Analysis
The rigid packaging market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for developing rigid packaging along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Material
The rigid packaging market, with respect to material, can be classified into plastics, metals, paperboard types, and glass. Plastics occupy the highest share in the market and will also gain the fastest growth rate between 2020 and 2027. A few types of plastics such as polyethylene, polypropylene and polyethylene terephthalate are some of the most commonly used plastics for producing rigid packaging products.
By Product
Product-wise, the industry has been considered for cans, jars, bottles, trays, boxes, and many more. Bottles and jar segment is in the lead in the rigid packaging industry. Bottles help in packaging of various products like juices, water, soft drinks, and more. Rapidly expanding population and the escalating demand for a variety of beverages as well as home products will heighten the demand for rigid packaging. Containers and boxes also hold a significant portion of the global industry, given the soaring e-commerce sector in the emerging economies.
By Application
The rigid packaging industry, in terms of application, can be divided into medical units, food and beverages, consumer goods, personal care products, and many more. The food and beverages segment seems to be leading the market and will continue to dominate all through the evaluation period.
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Regional Insights
Asia Pacific is right at the forefront of the worldwide market, even as the number of health-conscious consumers in the region continues to soar. Beverages and packaged food segments are growing rapidly in the region because of the healthy living trend, with products like yogurt, sour milk products and bottled water being sold in rigid plastic packaging. India has been garnering significant momentum in the rigid packaging market, primarily from extensive beverage and food uses. India’s beverage rigid packaging has been pushed by the rising use of bottled water, which is replacing water purifiers as better hygienic alternatives. In food packaging, the consumption of sour milk products and yoghurt has risen considerably owing to the surging health-consciousness among consumers.
In North America, the market demand is fostered by the rise in the manufacturing output, surging consumer expenditure on packaged goods, and demographic trends including expanding urban populations. Urban consumers generally opt for packaged foods, more than their rural counterparts. This would be a particularly favorable factor for the regional market in the long run.
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