Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The global rigid packaging market size was valued at USD 412.76 billion in 2022 and is projected to grow from USD 431.97 billion in 2023 to USD 625.54 billion by 2030, exhibiting a CAGR of 5.43% during the forecast period.
Rigid packaging, known for its inability to bend or deform, serves as a solution that offers structural integrity and support for packaged products. With its strength, durability, and effective barrier properties, it is experiencing growing demand, particularly for long-distance transportation, as it ensures enhanced product safety over extended periods. Fortune Business Insights presents this information in their report titled "Global Rigid Packaging Market, 2023–2030."
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List of Key Players Profiled in the Report:
- ALPLA Werke Alwin Lehner (Austria)
- Amcor Plc (Australia)
- Ardagh Group SA (Luxembourgh)
- Ball Corporation (U.S.)
- Can Corporation of America Inc. (U.S.)
- Crown Holdings Inc. (U.S.)
- DS Smith Plc (United Kingdom)
- Gerresheimer AG (Germany)
- Graham Packaging Co. LP (U.S.)
- KP Holding GmbH and Co. KG (Germany)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.43% |
| 2030 Value Projection | USD 625.54 billion |
| Market Size in 2022 | USD 412.76 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 210 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Rigid Packaging Market Growth Drivers | High Demand for Containers & Cans from End-use Industries Drives the Segment |
| Environmental Concerns Drive Demand for Paper Packaging Solutions |
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Segments:
Dominance of Plastic Materials due to Remarkable Properties
Based on material, the rigid packaging market is segmented into glass, metal, paper & paperboard, and wood. Plastic materials dominate the market due to their high strength, stability, and ease of molding into various shapes and sizes. Rigid plastic is preferred over other materials for its cost-effectiveness, formability, and lightweight.
High Demand for Containers & Cans from End-use Industries Drives the Segment
Based on the product type, the rigid packaging market is segmented into boxes, trays, containers & cans, bottles & jars, pallets, and others. The containers & cans segment dominates the market as they find extensive use in various industries such as food and beverages, household, and personal care.
Rising Demand for Packaged and Processed Food Products Drives Food and Beverage Industry
Based on end-use industry, the market is segmented into food & beverages, pharmaceuticals, personal care & cosmetics, electrical & electronics, household, e-commerce, and others. Increasing demand for packaged and processed food products, driven by evolving lifestyle trends, is a major catalyst for the growth of the food & beverages segment.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact:
Pharmaceutical Demand and E-commerce Expansion Drive Recovery
The sudden outbreak of COVID-19 had detrimental effects on various end-use industries globally. Labor shortages and fluctuating raw material prices further impeded market growth. However, the surge in demand for pharmaceutical products amid the pandemic, growing popularity of convenience food, and the expansion of the e-commerce industry are anticipated to positively influence the rigid packaging industry in the post-pandemic period.
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Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Environmental Concerns Drive Demand for Paper Packaging Solutions
Significant companies in the market are prioritizing paper-based alternatives due to the escalating issue of plastic waste and its detrimental environmental impact. For instance, during the America Recycles Summit on November 17, 2020, the EPA Administrator announced the National Recycling Goal of achieving a 50% recycling rate in the U.S. by 2030.
However, volatility in raw material prices could potentially impede the rigid packaging market growth.
Regional Insights
Asia Pacific Leads with Booming Food & Beverage and Pharmaceutical Sectors
The Asia Pacific rigid packaging market share is fueled by the rapid expansion of the food & beverage as well as pharmaceutical sectors. With emerging economies such as India and China, the region is projected to experience substantial advancements in the coming years.
North America is driven by the increasing demand for rigid plastic packaging across various end-use industries, influenced by changing lifestyle trends and the rising urban population.
Competitive Landscape
Market Competition and Innovation Strategies of Key Players to Drive Market Growth
Intense competition and fragmentation characterize the market, where a limited number of key players hold significant market share. These industry leaders drive market dominance through their commitment to innovation and expansion strategies aimed at capturing a broader customer base.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Rigid Packaging Market
- Global Rigid Packaging Market Analysis (USD Billion), Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Plastic
- Metal
- Wood
- Paper & Paperboard
- Glass
- Market Analysis, Insights and Forecast – By Product Type
- Boxes
- Trays
- Containers & Cans
- Bottles & Jars
- Pallets
- Others
- Market Analysis, Insights and Forecast – By End-use Industry
- Food & Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Electrical & Electronics
- Household
- E-commerce
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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Key Industry Development:
- September 2022 - Mars announced the debut of candy jars made with 15% recycled plastic specifically for M&M’s, Starburst, and Skittles bulk products, in collaboration with a global leading packaging manufacturer, Berry. 60-, 81- and 87-ounce varieties of containers are developed, which will reduce roughly 300 tons of virgin plastic each year.
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PET Packaging Market Size, Growth, Global Analysis, Industry Development and Forecast by 2022-2029
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