While flexible packaging is gaining momentum owing to its ability to transform according to diverse requirements, rigidness of packaging can be highly essential for a number of products too, as it helps in transportation, improves shelf-life, and makes an impression over the consumers. Rigid packaging is important for several end use industries including food and beverages, healthcare, and consumers, and the market for the same is gaining traction from the prosperity of each of them. According to a recent business intelligence by Transparency Market Research (TMR), the global rigid packaging market will be worth US$755.9 billion by the end of 2024, with the demand projected to increment at a steady CAGR of 3.2% during the forecast period of 2016 to 2024.
Global Shares Fragmented Between Regional and Global Players
The analyst of the report has notified of a highly fragmented and intensely competitive vendor landscape in the global rigid packaging market. There is a large pool of small- and medium-scale players who are eating into the shares of some of the major players such as Crown Holdings, Ball Corporation, Tetra Pak, ALPLA Werke Alwin Lehner GmbH and Co KG, and Reynolds Group. For the major players to gain greater shares, the emphasis should be on improving quality as well as they supply chain, says the analyst. With advanced designing and improved material types, the merchants can cater to diverse end use industries. Additionally, mergers and acquisition activities can further add to their position in the overall market.
Material-wise, the market for rigid packaging has been segmented into paper and paperboard, wood, glass, metal, and plastic, whereas on the basis of product type, the market has been bifurcated into bottles and jars, containers and cans, trays, boxes, and others. Application-wise, the report gauges the potential of demand that will be forthcoming from the end use industries of healthcare and pharmaceuticals, consumer goods, chemical and petrochemical, food and beverages, and others. Geographically, Asia Pacific continues to lead in terms of demand generation, and is projected for an above-average CAGR of 3.8% during the aforementioned forecast period.
Request PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=2881
Changing Lifestyle Driving Demand
Substantial rise of emerging economies of China and India as well as the prosperity of the food and beverages industry are the two key drivers of the global rigid packaging market. Additionally, change in demographic trends and lifestyle of urban populations is expected to add newer dimensions. It must be noted that plastic grades such as polyethylene terephthalate (PET) and polyethylene (PE), paperboard glass, and metals such as steel and aluminum are used for rigid packaging. The food and beverage industry is experiencing a new trend with ready to eat food and products that are easy in consumption. Another new trend in this market is ecofriendly packaging. There are strict regulations against non-decomposable products and hence, the vendors of this market are innovating their products in the direction of bio-degradable and garnering greater shares.