Report Description:
Global Rigid Packaging Market was valued at $496.72 billion in 2016. The rigid packaging market is projected to grow at a CAGR of 5.8% and is forecast to reach $729.14 billion by 2023. Rigid packaging includes usage of materials such as rigid plastics, metal, glass, and other for packaging applications. A wide variety of rigid packaging materials has been developed over a period of time. The global rigid packaging market growth is largely driven by increasing consumer goods demand, improving packaging recycling rates, and low cost of rigid plastic packaging. However, the rigid packaging market growth is restrained by factors such as increasing adoption of flexible packaging materials, Eurozone economic uncertainty, fluctuating raw material prices and stringent regulations.
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Segment Overview:
The global rigid packaging market is segmented based on material type, end-user industries, and geography. By material type, the rigid packaging market is categorized into plastics, metal, paper & paperboard, glass and others. The rigid plastics segment was the most dominant material type in 2016 and is expected to maintain its dominance over the forecast period 2017-2023. High adoption of rigid plastics for packaging is due to their low weight, maintaining freshness of the product, reduced breakage and low cost. The rigid plastics packaging market is expected to grow at a CAGR of 6.9% during the forecast period and is largely driven by increasing demand from fresh food & beverages, home & personal care goods, and pharmaceutical industries; and growth of the retail industry. The fastest growing material type in global rigid packaging market is the others segmented which comprises of bioplastics and wood. Bioplastics are made from biodegradable feedstock, which enables them to degrade into the soil similar to other organic matter. The high growth for bioplastics in packaging is due to their rising awareness among the global population and their replacement with conventional plastics, which has led to both consumers and regulatory bodies opt for bioplastics instead.
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The global rigid packaging market based on end-user industries has been classified into food & beverages, pharmaceuticals, personal care and others. The food & beverage segment dominated the market in 2016 and is expected to grow at a CAGR of 5.4% and is forecast to reach $439.49 billion by 2023. Rigid packaging plays a key role in food and beverage industry as these packaging material provide longer shelf life to the food items. Rigid packaging products includes bottles, cans, ampules, aerosol containers, aluminum bottles and jars among others. In comparison to other packaging type, rigid packaging containers provide unique benefits such as high impact strength, high stiffness and high barrier properties. The rigid packaging market in food & beverage segment is largely driven by the emerging economies of Asia such as China and India. Increasing demand for convenience food is expected to the rigid packaging market for food and beverages. The fastest growing end user industry for rigid packaging market is the pharmaceutical industry segment. The growth in the pharmaceutical sector is driven by the advancement in the research and due to increased spending on medicines and technological innovations.
By geography, Asia-Pacific was the most dominant region for rigid packaging market in 2016. The dominance of the Asia-Pacific region is due to the presence of large number of food & beverage and personal care product manufacturers in the region. Asia-Pacific rigid packaging market is expected to grow at a CAGR of 6.9%. High economic growth rate and huge population in emerging markets of China and India are the major drivers for the rigid packaging market in Asia Pacific. North America and Europe are among the more mature market for rigid packaging. Major end user industries such as food & beverage and personal care have reached their peak levels which restrains the market growth in these regions.
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Key Benefits
- This study provides an in-depth analysis of the global rigid packaging market along with current trends and future estimations to identify the potential investment pockets for stakeholders.
- It presents information regarding key drivers, restraints, and opportunities along with their impact analysis.
- Porters Five Forces analytical model illustrates the competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, strength of the buyers, and strength of the suppliers.
- Quantitative analysis of the current market and estimations from 2014 to 2022 is provided to highlight the financial competency of the market.
Rigid Packaging Market Key Segmentation
The global rigid packaging market is segmented on the basis of material type, end-use industries, and geography.
By Material Type
- Plastics
- Metal
- Paper & paperboard
- Glass
- Others
By End-user
- Food & beverage
- Pharmaceutical
- Personal care
- Others (Electronics, industrial)
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