Rigid Packaging Market Study of Revenue Details, Threats In The Target Market and Forecast By 2023

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.

Global Rigid Packaging Market size was valued at $496.72 billion in 2016, and is expected to reach $729.14 billion by 2023, growing at a CAGR of 5.8%.

The food & beverage segment is expected to dominate the end-user sector from 2016 to 2023. Asia-Pacific region dominated the rigid packaging market with 44.9% of the share in 2016.

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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 rigid packaging market accounting for $308.1 billion in 2016. Rigid packaging plays a key role in food and beverage industry as these packaging material provide longer shelf life to the food items.

Geographically, the rigid packaging market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the most dominant geographical market for rigid packaging in 2016, which accounted for $223.02 billion. 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.

Key Findings of the Global Rigid Packaging Market

o Rigid metal packaging market accounted for $72.95 billion in 2016, and is expected to grow at a CAGR of 3.7% during the forecast period.
o Pharmaceutical rigid packaging market is expected to grow at a CAGR of 7.9%.
o Personal care end-user segment is expected to register a CAGR of 6.5% during the study period.
o Asia-Pacific is expected to grow fastest, registering a CAGR of 6.9%.

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The key players in the rigid packaging market focus on collaborations, partnerships, and product developments to remain matai a strong foothold in the market. The major players operating in the rigid packaging market include Amcor Limited, Ball Corporation, Bemis Company, Inc., Berry Plastics Corporation, DS Smith PLC, Georgia-Pacific Corporation, Holmen AB, Plastipak Holdings Inc., Reynolds Group Holding and Tetra Pak International.

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