July 21, 2024
Rigid Packaging Market

Increasing Demand for Convenience Food to Drive Growth of the Rigid Packaging Market

The global Rigid Packaging Market is estimated to be valued at US$ 740355.23 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 Overview:

Rigid packaging includes bottles, cans, pots, tubs, and jars made of metals, glass and plastic. These packaging offer better protection to products against shocks and breakage during transportation as compared to flexible packaging. Rigid packaging provides excellent barrier protection against air, moisture, light and makes the product shelf stable for longer duration. Hence rigid packaging solutions are highly preferred for food and beverage products like carbonated drinks, juices, edible oils and other packaged food products.

Market key trends:

One of the major trends observed in the rigid packaging market is rising demand for innovative barrier materials. Packaging companies are developing new materials that offer better protection against gas and moisture permeation. For instance, bio-based barrier materials derived from renewable resources like cellulose are gaining attention. Further, rigid plastic packaging made from recycled plastics is also emerging as sustainable alternative. In addition, developments in printing technologies like digital printing allow manufacturers to customize rigid containers as per brand requirements.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the high capital requirement for setting up manufacturing infrastructure and the presence of established players in the market.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and the commodity nature of products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes for raw materials.

Threat of new substitutes: The threat of new substitutes is high due to the presence of flexible packaging as an alternative.

Competitive rivalry: Competition in the market is high due to the presence of numerous global and regional players.

Key Takeaways

The global Rigid Packaging Market Share is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand from food and beverage industry. The food and beverage application segment accounted for over 35% of the global rigid packaging demand in 2023.

Regional analysis: North America dominated the global rigid packaging market in 2023 with a share of over 30%, followed by Asia Pacific and Europe. The Asia Pacific region is expected to witness the fastest growth during the forecast period, owing to the growth of end-use industries in countries such as China and India.

Key players operating in the rigid packaging 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. Key players are focusing on new product launches, mergers, acquisitions and expansions to gain market share

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it