Press release
Rigid Packaging Market: Development of New Packaging Materials to Define Leader in a Highly Fragmented Landscape
Among these, although Tetra Pak International accounts for a small share in the rigid packaging market, the company aims at expanding its business through product innovation in order to widen its product portfolio and regional reach.
Other prominent players are Crown Holdings, Inc., Berry Plastics Corporation, Ball Corporation, RESILUX NV, and Reynolds Group Holdings Limited, among others. The global rigid packaging market was valued at US$549.71 bn in 2014 and is estimated to reach US$750.57 bn in 2021, expanding at a CAGR of 4.5% during the forecast period of 2015 to 2021.
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Plastics Remain Most Promising Market Segment
The global market for rigid packaging is categorized on the basis of raw material, application, and geography. By raw material, the market is segmented into metal, plastics, paperboard, glass, and others. Plastics formed the leading raw material segment in the global rigid market in 2014, accounting for US$226.29 bn that year. Paperboard and metal were the next two valuable segments, followed by glass and others.
By application, the global market for rigid packaging market is divided in terms of food and beverage, pharmaceuticals, durable goods, cosmetics and toiletries, industrial packaging, and others. Food and beverages formed the dominant application segment in 2014, followed by industrial packaging, pharmaceuticals, and cosmetics and toiletries. Geographically, Asia Pacific accounted for the most significant market for rigid packaging in 2014 and is primed to remain the leader with its valuation reaching US$297.68 bn by the end of the forecast period.
Popularity of Reusable Material Driving Market
The rising popularity of reusable materials for packaging purposes has been driving the global rigid packaging market. In addition, the growing demand for convenience foods and other products and the increasing number of small nuclear families are expected to provide abundant opportunities for the growth of the global rigid packaging market. The development of new packaging material and new pack sizes is further fueling the growth of the rigid packaging market globally. In addition, the increasing popularity of packaging media with long shelf life of finished food and other products is propelling the demand for rigid packaging in the global food and beverages industry.
Apart from this, increasing international trade that has boosted the inflow of investments in quality packaging is also driving the food and beverage industry. As a result, significant growth opportunities are present for manufacturing companies in this market. Conversely, stringent government regulations regarding safety standards across different countries is the primary factor that is projected to hinder the growth of the global market for rigid packaging.
According to the author of the report, “Technological innovations such as Surlyn by DuPont present opportunities for the players to gain advantage in the competitive market. Moreover, “go green” initiatives are compelling consumers to switch from plastic to paper packaging. Early birds will benefit from this shift. ”
The information presented in this review is based on a Transparency Market Research report, titled, “Rigid Packaging Market - Global Industry Analysis, Size, Share, Growth and Forecast 2015 - 2021.”
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