Press release
Rigid Packaging Market: Global Trends & Forecast 2024; Rising Demand across Food and Beverages Industry to Drive Growth
Transparency Market Research estimates that the global rigid packaging market will exhibit a nearly 4.5% CAGR from 2015 to 2021, rising to a valuation of US$750.57 bn by 2021.
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Of the key areas of application of rigid packaging, the food and beverages industry led the market in 2014, accounting for a massive 57.5% of the overall market. It is expected to remain the leading consumer of rigid packaging over the forecast period as well, exhibiting a promising CAGR of 4.3% from 2015 to 2021. Demand for rigid packaging across the pharmaceuticals industry is expected to develop at a CAGR of 5.4% through 2021, thus contributing heavily towards the development of the global rigid packaging market.
From a geographical perspective, the global rigid packaging market is dominated by Asia Pacific, which accounted for a massive 41.2% of the market in 2014. The thriving food and beverages industry in the region has fueled the demand for a variety of rigid packaging products, a trend that is expected to remain strong over the forecast period. Growth in population and high GDP in developing economies such as China and India are also expected to present diverse growth avenues for the rigid packaging market in Asia Pacific the next few years.
Rising Demand across Thriving Food and Beverages and Pharma Industries Key to Growth
The global market for rigid packaging market has witnessed growth at a steady pace in the past few years. The vast rise in consumer spending on packaged and ready-to-eat foods, surging manufacturing output, and demographic trends such as rising urban population, and changing dietary habits of the rapidly expanding urban and affluent middle-class population have collectively helped the rigid packaging market gain traction. The busy lifestyles and rising disposable incomes of the rapidly expanding urban population in emerging economies such as India and China are favoring the increased consumption of convenience food products such as quick bites and snacks.
The overall demand for rigid packaging is also supported by the globally expanding and thriving recycling industry, with an increasingly sophisticated infrastructure supporting the effective recycling of materials such as plastics, glass, and metal. Growth of the market is also supported by the thriving pharmaceutical industry across the globe. The significant rise in prevalence of a variety of diseases and rising healthcare expenditure across developing economies are leading to the increased need for rigid packaging for the safe transportation and storage of pharmaceutical products.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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