Companies in the rigid packaging market rely on constant innovation to drive sustainability; Global market valuation to reach US $ 755 billion by 2024: TMR study

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ALBANY, NY, September 24, 2021 / PRNewswire / – Sustainability has become a key quotient in assessing the benefits of packaging among end-use industries, and the constant attention to adopting environmentally friendly packaging materials has propelled the outlook for the rigid packaging market. Rigid packaging solutions, especially plastics, are considered to be robust packaging to meet a wide range of needs in the food, pharmaceutical, chemical and healthcare industries.

Rising spending on consumer packaged goods is a key trend that strengthens the outlook for the rigid packaging market. They have gained preference over many flexible packaging solutions due to their better protective capabilities and recyclability. For example, glass and plastic packaging used for F&B products is highly recyclable. The increasing adoption of biodegradable materials further increases the sustainability quotient. The global rigid packaging market is expected to reach a valuation of $ 755 billion by 2024.

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Advances in production technologies, along with initiatives by governments and industry players to strengthen plastics recycling infrastructure, have enabled manufacturers to increasingly adopt recyclable materials. A notable example is the revision of the Directive on packaging and packaging waste by Europe which aims to improve recycling targets for glass packaging by 2030.

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Key Findings from the Rigid Packaging Market Research

  • Superior protection capacity and ease of recycling to propel popularity, cans and containers to increase demand: In recent decades, young consumers have become increasingly aware of the carbon footprint of the packaging that accompanies the products they buy. The shopping trend has favored the choice of brands to actively promote the use of recyclable materials in their packaging, thus propelling the demand for glass and plastic packaging. The rigid packaging also offers robust protection against puncture, compression and the penetration of foreign materials during the supply chain and logistics.

    Personal care and food manufacturers are leveraging the sustainability quotient as a key fulcrum to innovate the packaging solutions they adopt. This has significantly broadened the horizon for packaging companies, notes the TMR study on the rigid packaging market. However, rigid packaging materials face stiff competition from the widespread use of flexible packaging for some companies in major end-use industries. Nevertheless, there is an inadequate recycling infrastructure for flexible packaging materials, which has benefited players in the rigid packaging market.

  • Stakeholders are working together to increase recycling rates: In recent years, developed countries, particularly in Europe and Asia Pacific, recyclers, raw material suppliers, packaging companies, companies in end-use industries and distributors all collaborate to improve the quantity as well as the quality of recycled materials used in various rigid packaging solutions. Cans and containers made from largely recycled plastics are likely to gain traction due to their high environmentally friendly quality. In addition, their requirements have gained popularity due to their versatility of use for packaging a wide range of products. All these factors are boosting the revenue potential of the rigid packaging market.

Rigid packaging market: engines

  • The steady growth in consumer spending on packaged products in various economies has broadened the horizon for packaging companies, including those offering rigid packaging solutions.
  • Consumers, especially millennials, in developed regions are more likely to prefer products with sustainable packaging. In addition, the attractiveness of such packaging has increased in the food industry, thus influencing the demand dynamics in the rigid packaging market.

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Rigid packaging market: regional dynamics

  • Asia Pacific and Europe have been remarkably lucrative rigid packaging markets on a global scale. These markets are also expected to experience substantial lucrative avenues in the near future. The relentless efforts by various stakeholders in European countries to boost recycling programs, especially for glass packaging, have boosted revenue generation in the Europe Marlet.
  • Asia Pacific The rigid packaging market is full of opportunities, with strong momentum due to the increasing adoption of rigid packaging in the food and pharmaceutical industries. China lead the Asia Pacific market, attributed mainly to a significant production of rigid packaging products.

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Rigid packaging market: competitive landscape

The global rigid packaging market landscape is characterized by intense competition, primarily due to the growing number of strategic collaborations and acquisitions between value chain stakeholders. Some of the major players in the rigid packaging market are Sealed Air Corp., Resilux NV Inc., Berry Plastic Group Inc., Reynolds Holdings Ltd. and Georgia-Pacific LLC.

Segmentation of the rigid packaging market

By type of material

  • Plastic
  • Metal
  • A glass
  • Drink
  • Paper and cardboard

By product type

  • Boxes
  • Trays
  • Containers and cans
  • Bottles & Jars
  • Others

By type of application

  • Food and drinks
  • Chemical and petrochemical industry
  • Consumer goods
  • Health and Pharmaceuticals
  • Other sectors

By type of region

  • North America
  • Latin America
  • Europe
  • Asia
  • AEM

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our proprietary blend of quantitative forecasting and trend analysis provides forward-looking information to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to collect and analyze information.

Our data repository is continually updated and reviewed by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analytical capacity, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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