The global rigid packaging market is estimated to be valued at US$ 693,808.32 million in 2021 and is expected to exhibit a CAGR of 3.3% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Rigid packaging refers to packaging materials that are stiff and do not bend or fold easily. It includes materials like plastic, glass, metal, and paperboard. Rigid packaging is widely used across various industries such as food and beverages, healthcare, personal care, and others. The market offers a wide range of rigid packaging products such as bottles, jars, cans, cartons, and boxes, among others.
B) Market Dynamics:
The rigid packaging market is driven by two main factors: increasing demand for sustainable packaging solutions and growing consumer preference for convenience.
The rising awareness about environmental sustainability has led to an increased demand for eco-friendly packaging solutions. Rigid packaging materials such as glass and paperboard are recyclable and can be reused multiple times, making them a preferred choice for environmentally conscious consumers. Additionally, government regulations and initiatives promoting sustainable packaging have also contributed to the growth of the rigid packaging market.
Furthermore, consumers today seek convenience in packaging, such as easy-to-open and resealable options. Rigid packaging provides superior protection, ensures product integrity, and offers convenience features like snap-on lids and flip-top caps, enhancing the consumer experience.
C) Segment Analysis:
The food and beverage industry dominates the Rigid Packaging Market due to the high demand for packaged food and beverages. Within the food and beverage segment, bottles are the dominant product category, owing to their widespread use for packaging water, carbonated drinks, juices, and alcoholic beverages.
D) PEST Analysis:
1. Political: Governments across the globe are implementing regulations and policies to promote sustainable packaging, which is boosting the demand for eco-friendly rigid packaging solutions.
2. Economic: The growing population and disposable income levels in emerging economies are driving the demand for packaged goods, thereby fueling the growth of the rigid packaging market.
3. Social: Changing lifestyles and increasing urbanization have led to a shift in consumer preference towards convenient and ready-to-use products, driving the demand for rigid packaging.
4. Technological: Advancements in packaging technologies, such as intelligent packaging and active and smart packaging, are driving innovation in the rigid packaging market.
E) Key Takeaways:
In terms of market size, the global rigid packaging market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period. This growth can be attributed to the increasing demand for sustainable packaging solutions and consumer preference for convenience features in packaging.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the rigid packaging market. The region has a well-established food and beverage industry and strict regulations promoting sustainable packaging practices.
Key players operating in the global 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. These players focus on product innovation, strategic partnerships, and mergers and acquisitions to maintain their competitiveness in the market.
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