by Market Overview:
Rigid packaging products provide superior protection from physical damage, pilferage and tampering for goods during transportation and storage. They are made of materials like glass, metal, rigid plastics and paperboard. Rigid packaging is preferred for goods that require protection and have a longer shelf life.
The global 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 key trends:
One of the key trends in the rigid packaging market is increasing demand for sustainable and eco-friendly packaging solutions. Rigid plastic packaging generates a lot of waste and various regulations are being introduced worldwide to curb plastic usage. Manufacturers are developing biodegradable and recyclable packaging using materials like recycled paperboards and plant-based plastics. They are also incorporating recycled content and making packaging lighter with reduced thickness to optimize material usage and make production processes more sustainable. This shift towards sustainable rigid packaging will drive market growth over the forecast period.
SWOT Analysis
Strength: Rigid packaging offers protection against breakage and damage during transportation and storage. It provides durability and ensures product safety.
Weakness: Rigid packaging involves more material usage and production costs compared to flexible packaging. It also has limited design scope.
Opportunity: Growing e-commerce sector is fueling the demand for effective packaging solutions. The rise in packaged food and beverage consumption also presents an opportunity.
Threats: Stringent government regulations regarding plastic usage may limit the demand. Concerns around non-biodegradable nature of plastics also pose a threat.
Key Takeaways
The global Rigid Packaging market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand for sustainable and durable packaging solutions from various end-use industries like food and beverages.
Regional analysis: North America dominates the global rigid packaging market currently. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rapid urbanization and risingmiddle class population in countries like China and India.
Key players operating in the Rigid Packaging 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 focusing on new product launches and expansion strategies to gain higher market share.
