Rigid packaging, the meaning is in its name itself. Rigid packaging features heavier and often stronger materials that are not flexible. If you’re interested in further understanding this type of packaging, we encourage you to remain on this blog. Here you will find insights on rigid plastic packaging, its pros, and rigid plastic packaging market growth factors.
Understanding Rigid Packaging
Rigid plastic packaging is a type of packaging designed to protect various products. It is made from tough and inflexible plastic materials that help preserve the integrity and quality of the enclosed items. Some common types of rigid plastic packaging include bottles, tubs, containers, trays, and jars. This packaging type is commonly used in industries such as pharmaceuticals, food and beverages, household products, and personal care.
Market Statistics and Growth Drivers Positively Affecting the Market
The global rigid plastic packaging market was valued at USD 181.29 billion in 2022 and is expected to record USD 276.86 billion with a CAGR of 4.3% during the forecast period.
Market is majorly driven by the increasing growth of key application industries such as pharmaceuticals, personal and household care, and food and beverage, coupled with rising penetration of organized as well as e-retail worldwide. The changing lifestyles, rise in economic activity in emerging markets, a surge in penetration of e-retail, and rising urban population globally are supporting the market growth. The increasing launch of cutting-edge packaging solutions such as modified environment packaging, bioplastic packaging, active packaging, and edible packaging is expected to create lucrative opportunities for the rigid plastic packaging industry.
Pros of Rigid Packaging
- Protection: Rigid packaging provides excellent protection for the contents inside, offering resistance against impact, compression, and other external forces.
- Durability: Rigid packaging is typically made from robust materials like plastic, glass, or metal, which are known for their durability. Thus, it offers better protection for the product inside.
- Product Integrity: The quality and integrity of the enclosed products are preserved through rigid packaging. It can act as a barrier against substances like moisture, light, oxygen, and other outside factors that might otherwise degrade or spoil the contents.
Properties of Rigid Plastic Material:
- Sturdiness
- Impact Resistance
- Chemical Resistance
- Barrier Properties
- Transparency and Clarity
- Lightweight
- Versatility
- Recyclability
- Temperature Resistance
Leading Region of Market
The Demand in Asia Pacific Is Predicted to Show Significant Growth
Asia Pacific: The rapidly growing application areas in essential nations like India, China, South Korea, Thailand, and Vietnam are likely to accelerate the regional rigid plastic packaging market demand.
Europe: The region is anticipated to register a slow growth rate during the forecast period, accounting for the second-largest market share.
Food and Beverages Witnessed the Largest Revenue Share
By end-use, the food and beverages segment accounted for the largest rigid plastic packaging market share in 2022 due to the major contribution by the food and beverage sector. Dietary preferences and consumer habits are predicted to increase demand for plastic packaging.
Recent Developments
In June 2019, Amcor plc acquired Bemis Company, Inc., a manufacturer of flexible packaging with headquarters in the United States, for about USD 5.25 billion. Similarly, to this, Berry Global Inc. spent USD 6.5 billion in July 2019 to acquire UK-based plastic packaging manufacturer RPC Group Plc. The two purchases were made in order to broaden the plastic packaging portfolio, production capability, and global reach.
To Sum Up
The market is projected to continue expanding as a number of companies invest in research and development and adapt to changing consumer preferences and regulatory requirements. Overall the changing consumer preferences and rising technological advancements are supporting the market’s growth globally.