The 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 refers to packaging materials that maintain their shape under normal storage and handling conditions. It includes containers made from materials such as metals, plastics, glass and paperboard. Rigid packaging provides protection from environmental factors such as pressure, dust and moisture. It finds wide applications in food & beverage, pharmaceuticals and consumer goods industries due to its durability. Some common examples include jars, bottles, cans, boxes and cartons. The food & beverage segment accounts for the largest share in the rigid packaging market due to high demand for packaged food and beverages. Rising health consciousness has increased the demand for packaged ready-to-eat meals and snacks.
Market Dynamics:
The rigid packaging market is primarily driven by the expanding ecommerce industry worldwide. Growth in online shopping has increased the demand for secure and durable packaging solutions for shipping and transportation of goods. According to the United States Postal Service, ecommerce sales grew 18% during the 2020 holiday season compared to 2019. Additionally, growing global population coupled with rising disposable incomes in developing countries is fueling the demand for packaged consumer goods. However, stringent regulations regarding the use of plastic may hamper market growth. Rigid materials like glass offer a sustainable alternative to plastic and their adoption is expected to increase over the forecast period.
SWOT Analysis
Strength: Rigid packaging provides enhanced product protection, durability and shelf life to packaged goods. It ensures robust protection against moisture, oxygen, dust and other external elements. Rigid packaging is ideal for heavy and fragile products. The material used in rigid packaging such as glass, metals and plastics are 100% recyclable and reusable.
Weakness: Rigid packaging materials such as glass, metals and rigid plastics increase the overall cost of packaging. The manufacturing of rigid packaging requires high capital investment for molds, dies and other production machinery. Transportation and warehousing of rigid packages add to additional costs due to rigid shape and structure.
Opportunity: Growth of e-commerce industry is boosting the demand for rigid packaging solutions for safe delivery of products. Increasing consumption of packaged food, beverages and consumer goods across developing nations offers large market opportunities. Development of new aluminum alloy and biodegradable plastic materials for lightweight and sustainable rigid packages presents business opportunities.
Threats: Volatility in raw material prices poses major threat. Strict government regulations regarding usage of plastics in some countries restricts the market growth. Growing popularity of flexible pouches and bags poses threat to rigid plastic containers market.
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 consumption of packaged foods, beverages and consumer goods globally.
Regional analysis - North America dominates the rigid packaging market currently, owing to robust demand from food & beverage industry in U.S and Canada. Asia Pacific is expected to be the fastest growing market, expanding at a CAGR of around 4%, driven by rapid economic development and rising living standards in China and India.
Key players analysis
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. These players are focused on new product development, mergers & acquisitions and capacity expansion strategies to strengthen their market position.
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