Newark, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 493.46 Billion in 2022 rigid packaging market will reach USD 936.78 Billion by 2032. Metals like steel and aluminium, plastic grades like polyethylene terephthalate (PET) and polyethylene (PE), glass, and paperboard are the materials that are most frequently used for packaging. The use of these materials is expected to be driven during the projection period by a strong expansion of the manufacturing sector in developing economies, particularly in China, India, Brazil, and South East Asia.
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Key Insight of the Rigid Packaging Market
Europe is anticipated to expand at the highest CAGR of 9.22% over the projection period.
Europe is expected to grow at the highest CAGR of 9.22% over the forecast period. Many of the countries in the region have reached a high per capita consumption of packaged products, and the food and beverage as well as other personal care product industries have reached a point of saturation. The evolving consumer lifestyle in affluent nations and rising disposable income in emerging economies are the main factors propelling the European market's expansion. The two main European markets for rigid packaging are Germany and Russia.
The paper & paperboard segment is expected to register the highest CAGR of 8.38% over the projected period in the rigid packaging market.
The paper & paperboard segment is anticipated to grow at the highest CAGR of 8.38% in the rigid packaging market. Paper containers, sometimes called paper packing, are a very effective and reasonably priced substitute that individuals can use for moving, carrying, and storing a range of items. Paper-based packaging is becoming more and more popular because it is robust but lightweight, and it can be tailored to meet the needs of a certain product or customer. Because paper-based packaging is composed of renewable materials, it also contributes to a safe, healthy, and sustainable environment, among many other benefits. Because of these characteristics, the segment will therefore propel market expansion.
Over the projected period, the food & beverage segment is expected to register the highest CAGR of 8.95% in the rigid packaging market.
Over the forecasted period, the food & beverage segment is anticipated to grow at the highest CAGR of 8.95% in the rigid packaging market. The developing Asian economies of China and India are major drivers of the food and beverage business. The competitive food and beverage sector is predicted to see an increase in the demand for convenience food. The pharmaceutical industry segment is the one with the quickest rate of growth in the rigid packaging market among end users. The pharmaceutical industry is growing as a result of improved research, higher spending on medications, and technological advancements.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Forecast CAGR | 6.62% |
| 2032 Value Projection | USD 936.78 Billion |
| Market Size in 2022 | USD 493.46 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 239 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Material, End-user Industry |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Rigid Packaging Market Growth Drivers | Expanding global e-commerce industry |
Market Dynamics
Driver: Expanding global e-commerce industry
The rigid packaging market is growing due in large part to the expansion of the worldwide e-commerce industry. The COVID-19 pandemic led to strict lockdowns enforced by governments across the globe, which resulted in a notable surge in growth for the e-commerce sector. People regularly purchased a wide range of things, including groceries, electronics, and other stuff, all around the world.
Restraint: Price volatility for raw commodities
Rigid packaging is made of several raw materials such as plastic, paper, and metal. This raw material's volatility could impede market expansion during the forecast period.
Opportunity: Growing innovation in packaging sectors and the introduction of bioplastics
There have been notable advancements in the packaging sectors as a result of the growth of biodegradable resource acceptance and sustainable packaging alternatives. Considerable market expansion is anticipated as bioplastics take the role of traditional plastics as a raw material in packaging.
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Some of the major players operating in the rigid packaging market are:
• Amcor Limited
• Bemis Company Inc.
• Plastipak Holdings, Inc.
• Coveris Holdings S.A.
• DS Smith PLC
• Ball Corporation
• Reynolds Group Holding
• Sealed Air Corporation
• Consolidated Container Company
• Sonoco
• Silgan Holdings, Inc.
• Berry Plastics Corporation
Key Segments cover in the market:
By Material:
• Metal
• Glass
• Plastic
• Bioplastic
• Paper & Paperboard
By End-user Industry:
• Pharmaceutical
• Food & beverage
• Personal care
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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