Rising Demand in Global Rigid Packaging Market Size & Share to Hit US$ 750 Bn Growth by 2028, At a CAGR of 6% | Trends, Manufacturers, Industry Growth, Value, Segmentation Analysis & Forecast Report By ZMR
NEW YORK, June 28, 2022 /PRNewswire/ -- As per Zion Market Research study, The global rigid packaging market was worth around $495 billion in 2021 and is predicted to grow to around $750 billion by 2028 at a CAGR rate of 6% over the forecast period.
Key Industry Insights & Finding of the Rigid Packaging Market Reports:
- As per the analysis shared by our research analyst, the Rigid Packaging Market is expected to grow annually at a CAGR of around 6 % (2022-2028).
- Through the primary research, it was established that the Rigid Packaging Market was valued approximately USD 495 Billion in 2021 and is projected to reach to roughly USD 750 Billion by 2028.
- This is driven by a massive expansion of pharmaceuticals and food processing sectors which increases the demand for rigid packaging.
- North America trails as the second major contributor to the revenue share of the global market as plastic became the most popular raw material here.
- The green packaging and bioplastic packaging solutions have gained traction here to a large extent driving the market growth.
- Europe is also expected to grow considerably in the global market as it is the highest consumer of packaged goods along with increasing disposable income in the region.
Zion Market Research published the latest report titled as "Rigid Packaging Market By Material (Bioplastics, Wood, Plastics, Metal, Paper & Paperboard, And Others), By Applications (Pharmaceuticals, Personal Care, Food & Beverages, And Others), By Type (Boxes, Tubs, Bottles & Jars, Trays, Cups & Pots), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Rigid Packaging Market : Overview
Rigid packaging is a package solution that includes the usage of materials such as rigid plastics, metal, glass, and other applications. There have been ample varieties of rigid packaging materials that have emerged over time.
There are two types of packaging that are available and leveraged widely across all fields. Both of them are extensively deployed in industrial domains, food & beverages, consumer goods, healthcare & pharmaceuticals, and chemical industries. Rigid packaging is a tighter package system that involves materials such as glass containers, plastic boxes, cans, and cardboard. They have been leveraged to pack multiple consumer goods such as packaged food, cosmetics, and personal care products.
Rigid packaging is a fitting alternative for flexible packaging solutions which shields items from extreme heat, corrosion, moisture, and other environmental destructive factors. There are quite a lot of innovations happening in that arena along with so many product innovations with respect to stakeholders' increasing attention. New grades and versions of plastics are used in rigid packaging solutions to improve the quality of packaging which protects from any external adversities.
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Industry Dynamics:
Rigid Packaging Market : Growth Drivers
- Rising demand for F&B and increasing focus on eco-friendly resources in packaging induces market growth
The increasing demand for fresh food & beverages, home & personal care goods, pharmaceutical industries, and the rising prominence of retail industries globally induce market growth. The mounting demand for durable and eco-friendly rigid packaging is gaining prominence which in turn aids the market prospectively.
The advent of digitalization has also seen rampant leverage on e-commerce industries. Packaging becomes an essential component in these industries to enable the reach of the products without any damage in the stipulated time. This factor augments growth in the global market. Consumption of ready-to-eat food products and convenience foods have also become a necessity which is improving the demand for rigid packaging in multitudes.
The new trend in the market which is called sustainable packaging or green packaging uses bio-degradable or renewable resources. This revolution in the packaging industry seems to spike up demand fomenting remarkable global rigid packaging market growth during the forecast period.
Apart from this, food processing sectors and pharmaceuticals have gained significance over the years and are the mainstream contributors to the rigid packaging market. The massive leverage of packaging materials in these sectors augments market growth exclusively.
Rigid Packaging Market : Restraints
- Stringent protocols and guidelines pertaining to rigid packaging act as a restraint.
The regulations and guidelines imposed for rigid packaging make it cumbersome leverage. However, these regulations deem necessary as any slight defect in packaging may spoil the product. This factor hinders the growth of the global market. Apart from this, the government has enacted laws that only biodegradable sources should be used as raw materials. The use of these biodegradable components comes at a higher cost limiting the market growth considerably.
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Rigid Packaging Market: Opportunities
- The emergence of bioplastics and rising innovations in packaging industries provide opportunities for market growth.
Due to the increase in sustainable packaging solutions and innovations in packaging industries to accommodate biodegradable resources, there have been significant developments in the package sectors. With the introduction of bioplastics in replacement for normal plastics as raw material for packaging, considerable expansion of the market is expected to arise. All these factors provide lucrative opportunities for the global rigid packaging market growth.
Rigid Packaging Market: Challenges
- Busier lifestyle and the rising demand for convenience products pose a challenge for the global market
There has been a recent prominence of nuclear and double-income families in developed countries. Hence the demand for on-the-go products reducing the time for cooking or processing has been on the rise. This increasing demand affects the packaging industries to mass-produce package materials to satisfy this influx in demands posing a challenge for the market as well.
- Higher cost of bio-degradable raw materials for packaging poses a challenge for the market
Laws have been imposed to use only bio-degradable resources as raw materials for packaging. The cost of bio-degradable resources is higher than normal packaging materials. This also increases the operational cost thereby reducing the demand for rigid packaging considerably. This factor poses a challenge for the rigid packaging market.
Global Rigid Packaging Market : Segmentation
- The global rigid packaging market in this research analysis is divided into the material, type, applications, and region.
Material is divided into plastics, metal, paper & paperboard, wood, bioplastic, and others. Type is classified as bottles & jars, trays, tubs, boxes, and cups & pots. Applications comprise food & beverage, pharmaceuticals, personal care, and others.
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List of Key Players of Rigid Packaging Market :
- Amcor Limited
- Ball Corporation
- Bemis Company
- Berry Plastic Corporation
- DS Smith Plc
- Georgia-Pacific Corporation
- Holmen AB
- Plastipak Holdings Inc
- Reynolds Group Holding
- Tetra Pak International.
Key questions answered in this report:
- What are the growth rate forecast and market size for Rigid Packaging Market ?
- What are the key driving factors propelling the Rigid Packaging Market forward?
- What are the most important companies in the Rigid Packaging Market Industry?
- What segments does the Rigid Packaging Market cover?
- How can I receive a free copy of the Rigid Packaging Market sample report and company profiles?
Report Scope:
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Recent Developments
- In February 2020, Plastipak announced the launch of a light-weight packaging finish for carbonated beverage bottles.
Regional Dominance:
- Asia Pacific region dominates the market as the largest consumer of packaging services.
Asia Pacific region contributes to the revenue majorly in the global market. This is driven by a massive expansion of pharmaceuticals and food processing sectors which increases the demand for rigid packaging. North America trails as the second major contributor to the revenue share of the global market as plastic became the most popular raw material here. The green packaging and bioplastic packaging solutions have gained traction here to a large extent driving the market growth. Europe is also expected to grow considerably in the global market as it is the highest consumer of packaged goods along with increasing disposable income in the region.
Global Rigid Packaging Market is segmented as follows:
Rigid Packaging Market : By Material Outlook (2022-2028)
- Plastic
- Metal
- Paper & Paperboard
- Wood
- Bioplastic
- Others
Rigid Packaging Market : By Type Outlook (2022-2028)
- Bottles & Jars
- Trays
- Tubs
- Boxes
- Cups & Pots
Rigid Packaging Market : By Applications Outlook (2022-2028)
- Food & Beverage
- Pharmaceuticals
- Personal Care
- Others
Rigid Packaging Market : By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Rigid Packaging Market : https://www.zionmarketresearch.com/news/global-rigid-packaging-market
Browse Other Related Research Reports from Zion Market Research
- Pharmaceutical Glass Packaging Market - Global Industry Analysis: The global Pharmaceutical Glass Packaging Market accrued earnings worth approximately 4.18 (USD Billion) in 2020 and is predicted to gain revenue of about 8.01(USD Billion) by 2028, is set to record a CAGR of nearly 8.9% over the period from 2021 to 2028.
- Eco-Friendly Labels Market - Global Industry Analysis: The global Eco-Friendly Labels market accrued earnings worth approximately 1.1(USD Billion) in 2020 and is predicted to gain revenue of about 2.3(USD Billion) by 2028, is set to record a CAGR of nearly 7.8% over the period from 2021 to 2028.
- Thermal Release Tapes Market - Global Industry Analysis: The global Thermal Release Tapes market accrued earnings worth approximately 359 (USD Billion) in 2019 and is predicted to gain revenue of about 751 (USD Billion) by 2026, is set to record a CAGR of nearly 3.5% over the period from 2020 to 2026.
Browse through Zion Market Research's coverage of the Global Packaging Industry
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