A Billion-Dollar Boom (Expected to reach $729.14 billion by 2023) in Rigid Packaging Market Motivates the Market Leaders

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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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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Rigid packaging generally includes packaging through materials such as glass, plastics, metal and paper & paperboards. All of these materials are used for packaging at varying degrees and give protection to the products. Almost all the rigid packaging material are strong, the strength to the packaging is provided by the amount of the material used in the production. 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.

The global rigid packaging market is segmented based on material type, end-user industry 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 accounting for 39.1% of the overall market. High adoption of rigid plastics for packaging is due to their low weight, maintaining freshness of the product, reduced breakage and low cost. The market for rigid plastics packaging is expected to grow at a CAGR of 6.9% during the forecast period largely driven by increasing demand from fresh food & beverages, home & personal care goods, and pharmaceutical industries. The fastest growing material type in the 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.

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