The global rigid packaging market is estimated to be valued at US$ 693,808.32 million in 2021 and is expected to exhibit a CAGR of 3.3% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Rigid packaging refers to packaging materials that are rigid and cannot be easily deformed. It is widely used in various industries such as food and beverage, pharmaceuticals, personal care, and household products. Rigid packaging offers several advantages such as protection from external factors, ease of handling, and extended shelf life of products. The need for products associated with the rigid packaging market arises due to the increasing demand for safe and secure packaging solutions that help preserve the quality and freshness of the products.
B) Market key trends:
One key trend in the rigid packaging market is the increasing focus on sustainability. With growing environmental concerns, companies are adopting sustainable packaging solutions to reduce their carbon footprint. This includes using eco-friendly materials, promoting recycling and reuse, and minimizing waste generation. For example, Amcor Limited has introduced a range of recyclable and reusable packaging solutions to minimize environmental impact.
C) PEST Analysis:
- Political: Governments across the globe are implementing regulations to promote sustainable packaging practices. This includes banning or reducing the use of single-use plastics and incentivizing the use of eco-friendly materials.
- Economic: The Rigid Packaging Market is driven by economic factors such as population growth, rising disposable income, and changing consumer preferences.
- Social: Consumers are increasingly conscious about the environmental impact of packaging materials. They prefer products that are packaged in sustainable materials and are actively supporting brands that adopt eco-friendly packaging practices.
- Technological: Advances in technology have led to the development of innovative packaging solutions. This includes smart packaging, active packaging, and intelligent labeling, which enhance the functionality and convenience of rigid packaging.
D) Key Takeaways:
- The global rigid packaging market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing sustainability initiatives. Companies are adopting eco-friendly packaging materials and practices to reduce their environmental impact.
- North America is the fastest-growing and dominating region in the rigid packaging market. The region has a high demand for packaged food and beverages, pharmaceuticals, and personal care products.
- Key players operating in the global rigid packaging market include 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 companies are focusing on innovations in sustainable packaging solutions to gain a competitive edge.
In conclusion, the global rigid packaging market is witnessing high growth driven by increasing sustainability initiatives. Companies are adopting eco-friendly packaging materials and practices to meet consumer demands and reduce their environmental impact. North America is the fastest-growing region in the market, and key players are investing in innovative packaging solutions to stay competitive.