Market Overview:
Rigid packaging products are widely used for packaging consumer goods, industrial goods, food and beverages, pharmaceuticals and others. Rigid packaging provides protective cushioning and layer to prevent damage to products during transit or storage. Rigid packaging finds extensive applications in packaging of glass bottles, cans, boxes and cartons. These packaging solutions helps protect and preserve contents, allow easy transportation of goods and enhances the marketability of products.
The rigid packaging market is estimated to be valued at US$ 693,808.32 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 Dynamics:
Increasing global trade activities owing to growing international commerce is expected to drive the growth of rigid packaging market over the forecast period. Rapid urbanization and changing lifestyles have led to rise in consumption of packaged food, beverages and consumer goods globally. Rigid packaging effectively protects products during handling, transportation and delivery. Growing food processing industry necessitates effective packaging of food items to ensure safety and quality during storage and distribution. Rising usage of rigid packaging products like glass bottles, metal cans for packaging of alcoholic and non-alcoholic beverages is another factor fueling the market growth. Growing e-commerce sector has garnered demand for robust and sustainable packaging solutions for shipping of goods safely without damage, thereby propelling the rigid packaging industry.
SWOT Analysis
Strength: The rigid packaging provides high durability, rigidity and protective shield against contamination. It ensures longer shelf life and safety during transport. Rigid packaging is reusable and recyclable.
Weakness: Rigid packaging has high costs of production and transportation due to use of more material. It requires high initial investment and rigid tools for production process.
Opportunity: Growing demand from food, beverage and pharmaceutical industries for protective and high quality packaging presents an opportunity for rigid packaging. Increase in e-commerce sector also demand rigid packaging solutions.
Threats: Rising environmental concerns related to non-biodegradable plastic packaging is a threat. Strict government regulations regarding single-use plastics can impact rigid plastic packaging negatively. Alternatives materials like flexible packaging, paper packaging pose competition.
Key Takeaways
The global Rigid Packaging market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing demand for safe, protective and durable packaging from end use industries. The market size for Rigid Packaging is estimated to reach US$ 793,208.32 Mn by 2030.
Regional analysis: North America dominates the global Rigid Packaging market owing to high consumption of packaged food and beverages in the region. The North America Rigid Packaging market stands at US$ 260,304.16 Mn in 2023 and is estimated to maintain its dominance during forecast period. Asia Pacific exhibits the fastest growth rate due to rising population, changing lifestyle and increasing disposable income in emerging economies like China and India.
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. The players are focused on developing sustainable and eco-friendly rigid plastic packaging solutions to cater to rising environmental concerns.
