-- Market Highlights
Rigid packaging is used extensively across industries to package the products in order to facilitate the convenience and the physical and chemical form of the products. The key drivers responsible for the growth of such packaging are the demand from food & beverage, healthcare and personal care industries. These industries extensively such packaging for their end products like frozen meats, processed meats, ready-to-eat food items, drinks, cosmetics, medicines in the form of lotions, liquids and capsules, and many more.
The market is majorly influenced by the presence of plastic. It is the most preferred material which is used as packaging by the manufacturers and consumers. The use of plastic ensures the durability of the packaging along with retention of the important minerals, nutrients and chemical properties of the product. This leads to the popularity of the material for packaging. Over 45% of the packaging market is dominated by plastic packaging and it is expected to show similar results by the end of the forecasted period.
The healthcare and personal care industries accounts for a major share of the market after food & beverages. Packaging is very crucial to these industries as lot of chemical components are at play which needs very secured packaging for the product to retain its properties for which it is designed for. Both the medicines and the cosmetics are directly or in directly applied or consumed by the human body, which makes it even more important for the product to deliver the right results. Thus, these industries are highly packaging driven. The global rigid packaging market is expected to grow from about USD 187 Billion in 2015 to cross USD 275 Billion by the end of 2022, growing at a CAGR of 6% in the forecasted period.
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Key Players of Rigid Packaging Market:
• Amcor Limited
• Bemis Company Inc.
• Berry Plastics Corporation
• 3M Company
• Ball Corporation
• Ardagh Group
• Tray Pack Corporation
• Nampak Ltd.
• DS Smith Plc.
• Sealed Air Corporation
Market Research Analysis:
The market is highly application based. The key driver for market growth is increased emphasis on packaging across all industries. This is backed by the need for packaging that retains the product value and form. It is expected that the global rigid packaging market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the high demand for eco-friendly packaging along with increasing competition from emerging nations..
On the basis of material, plastic leads the market in all the major regions across the globe. The share owes to the properties of plastic such as light-weight, and durability. On the basis of applications, food & beverage accounts for the largest share in the market. The share is attributed to the shift in preferences towards packaged food items. The industry demands durable packaging so as the food & beverage retains nutrition values with food safety.
On the basis of region, APAC takes the lead as fastest growing market, followed by North America and Europe. APAC, due to its rising population and increasing disposable income, has seen changing lifestyles among the average consumer. This widens the demand for convenience food products. Furthermore the government initiatives taken for healthcare reforms augment the demand for the packaging from healthcare sector. The region has also seen a lot of investment in R&D towards the technological advancement in packaging industries.
Scope of the Report:
This study provides an overview of the global rigid packaging industry, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global rigid packaging market as material, product and application. On the basis of material it is segmented as metals, plastics, glass, paperboard, and others. On the basis of product it is segmented as bottles, cups & tubs, trays and others. On the basis of application it is segmented as food & beverages, healthcare, personal care, consumer goods, and others.
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Contact Info:
Name: Akash Anand
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Organization: Market Research Future
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Website: https://www.marketresearchfuture.com/reports/rigid-packaging-market
Release ID: 237031
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