The global Rigid Packaging Market is estimated to be valued at US$ 740355.23 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 includes bottles, cans, jars, boxes and cartons that are used to protect products from damage and contamination during transportation and storage. Rigid packaging maintains product safety, quality and extends shelf life by acting as a barrier. Common rigid packaging materials used are glass, plastic, metal and paperboard.
Market key trends:
One of the key trends in the rigid packaging market is increasing demand for lightweight and recyclable packaging materials. There is a growing focus towards reducing carbon footprint of packaging and using environment friendly materials. Manufacturers are developing innovative packaging solutions made from recycled plastic, paperboard and aluminum which are lighter in weight compared to traditional materials and also help reduce costs. Several companies have pledged to use 100% recyclable or reusable packaging by certain timeline, driving the demand of recyclable rigid packaging materials.
SWOT Analysis
Strength: Rigid packaging offers strong protective properties and can endure rugged handling during transportation and storage. It enables stable and long shelf-life of products.
Weakness: Rigid packaging involves high material and production costs compared to flexible packaging. Transportation and storage of rigid packaging requires more space.
Opportunity: Growing demand for sustainable packaging from food & beverage and consumer goods industries presents an opportunity. Rapid urbanization and changing lifestyles driving the ready-to-eat food market.
Threats: Stringent government regulations regarding the use of plastics in packaging poses threats. Changing consumer preferences towards flexible packaging.
Key Takeaways
The global Rigid Packaging Market Share is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand for protective packaging from food & beverage industry. Rigid packaging plays a vital role in extending the shelf life of food products during transportation and storage.
Regional analysis
North America dominates the global rigid packaging market owing to the wide availability of raw materials and presence of major players in the region. Asia Pacific exhibits the fastest growth due to rapid industrialization, growing population, and changing lifestyles in the region. Countries like China, India provide promising growth opportunities.
Key players
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. Players focus on adopting sustainable packaging solutions and implementing advanced manufacturing technologies to cater to the rising demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it