Rigid Packaging offers structure and support to the products and is prepared by the help of corrugated and paperboard materials, metals, plastics, glass materials and paper. The packaging is done by giving the form or shape of a can, box, tray or case. This type of packaging helps in preventing the product from getting contaminated and the inside of the product also remains protected. This type of packaging has high stiffness, great strength, and has excellent property of barring contamination of any type.
Globally, the market of rigid packaging is estimated at US$ 693,808.32 million in the year 2021 on the basis of revenue, and is anticipated to witness a CAGR of 3.3% in the predicted period from 2022 to 2030.
Drivers_MI
The increasing needs of bulk packaging in the several industries like pharmaceuticals, chemicals, and healthcare is anticipated to boost the growth of the market of rigid packaging. Increasing use of drums, pails and kegs in packaging in bulks is also anticipated to fuel the growth of the market of rigid packaging. Furthermore, in the packaging industry, there is rise of popularity in RIBCs or the rigid intermediate bulk containers to ease out transportation and handling of goods and thus boosting the growth of the market.
Increasing acceptance of paperboard rigid packaging to enable sustainability in the environment is anticipated to fuel the growth of the market. Paper and also the paperboard are used several times, so it reduces the packaging cost and thus makes it an apt material for packing. Therefore, the increasing demand for sustaining the environment is stimulating the need for rigid packaging in paper based which is pushing the growth of the market of rigid packaging.
In 2021, based on the regions, the market of rigid packaging is controlled by Asia Pacific, since evolving economies like China and India pushed the market of Asia regions, trailed by North America and Europe thereafter.
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Market Restraints_MI
Rising need for flexible packaging materials is anticipated to restrain the application of rigid packaging. This issue will hamper the growth of the market of rigid packaging. Stringent regulations and rules owing to the increasing awareness in respect to single used plastic and other types of graded plastics in packaging is anticipated to hinder the growth of the market.
Market Opportunities_MI
Development in industry like cosmetics and personal care owing to increases expenditures by the consumers in cosmetics is anticipated to provide main opportunities of market growth of rigid packaging. Evolving economies in regions like China and India of Asia Pacific have witnessed substantial growth in relation to consumer goods and logistics due to increased earnings. All the mentioned factors are anticipated to increase the growth of the market of rigid packaging.
Development in the market of food supply added with long-term food shortage is anticipated to give prospective market opportunities of rigid packaging. Increasing awareness in food safety is pushing the need for effective rigid packaging keys for the sake of addressing consumer needs. Therefore, many manufacturers of food are accepting rigid packaging in the industry of food supply after effective food delivery to consumers.
Based on the application, the market of rigid packaging is divided into consumer goods, food & beverage, healthcare & pharmaceuticals, chemical industry and others. The food and beverage segment reported over 45% of the share of revenue in 2021.
Global Rigid Packaging Market- Impact of Coronavirus (Covid-19) Pandemic_MI
The market of rigid packaging across the world experiences an increase in development in the year 2020, due to the development in the many industries like food & beverage, healthcare & pharmaceuticals, amongst others. The pandemic, COVID-19, has altered the consumers buying pattern and hygiene of products. Certain guidelines and measures of the government like the lockdown in many nations resulted a panic among the purchasing of foods and hygiene related products. For example, the net sales of Kraft Heinz Company’s was raised by 3.30% in the first quarter of the year 2020 in comparison to the first quarter of 2019, which mainly credited to the sudden rise in need of packaged foods owing to the pandemic. Furthermore, rigid packaging is extensively applied in healthcare & pharmaceutical sector to pack medicines, vaccines and etc. These issues increased the need for rigid packaging.
Recent Developments_MI
- Amcor in March 2021, pronounced a new collaboration with Allianz which is a 57 member, company to stop plastic waste. Amcor joined with Allianz at the Executive Committee Level. In the same manner as in Alliance membership, Amcor’s Sustainability Pledge of 2025 plans to make 100% of the company’s recycled or reused packaging by 2025.
- Plastipak in February 2020 announced finance to the light-weight finish technology for beverage bottles made by carbonated.
- In Brazil, Amcor in June 2020, acquired a leader in engineering and design technology and develop the lightest 900-ml PET or the Polyethylene Terephthalate bottle for storing edible oil. This customization in design is 22% light in weight compared to other competitive bottles in the market.
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Competitive Section_MI
The main companies functioning in the market of 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.
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