The 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 refers to packaging materials that maintain their shape and do not easily deform, even when subjected to pressure. Common rigid packaging materials include glass, metal, plastic and wood. Rigid packaging provides effective protection and helps extend the shelf life of products. It offers convenience of handling and transport due to its stiffness and durability.
Market key trends:
Growing demand for sustainable packaging solutions is expected to drive the rigid packaging market growth. Manufacturers are focusing on developing eco-friendly rigid packaging using recyclable materials such as paper, plastic, glass and metals in order to reduce carbon footprint. This trend is prominent across food & beverage and pharmaceutical industries where manufacturers aim to fulfill sustainability goals and offer packaging with minimized environmental impact. Adoption of recycled content in rigid packaging production helps conserve natural resources and divert waste from landfills.
Porter’s Analysis
Threat of new entrants: The rigid packaging market is moderately difficult to enter due to high capital investments required for production. Bargaining power of buyers: Large retailers hold high bargaining power over rigid packaging suppliers due to their volume purchases and private label offerings. Bargaining power of suppliers: Raw material suppliers such as plastic, metal and glass manufacturers wield some power over rigid packaging makers. Threat of new substitutes: Emergence of flexible packaging poses a threat though rigid packaging is preferred for certain products requiring durability. Competitive rivalry: Intense competition exists between well-established rigid packaging players for market share.
SWOT Analysis
Strength: Rigid packaging provides excellent protection, durability and tamper resistance for packaged goods. Weakness: Higher material and manufacturing costs of rigid packaging compared to flexible packaging. Opportunity: Growing demand for packaged food and beverages boosts rigid packaging adoption. Threats: Stringent environmental regulations on non-recyclable plastics limit rigid plastic packaging usage.
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 consumption of packaged food and beverages. North America dominated the rigid packaging market in 2023 due to high packaged food demand. Asia Pacific is estimated to grow at the fastest pace during the forecast period owing to rising incomes and population in China and India.
Regional analysis: Western Europe holds the second largest market share in rigid packaging led by developed packaging markets of Germany, UK, and France. Growth prospects remain high in developing Eastern European countries like Russia, Poland, Turkey etc.
Key players operating in the rigid packaging market are 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.
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https://www.newsstatix.com/rigid-packaging-market-trends-size-and-share-analysis/
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