A research report on the rigid packaging market was recently published by Transparency Market Research, and it covers a global industry overview, share, size, trends, growth, and projections for the years, 2022-2029. Due to a combination of factors about which TMR's rigid plastic packaging market analysis provides in-depth insights and projections, the global rigid packaging market is anticipated to develop at a CAGR of 4.7%, with respect to revenue, during the projected period.
Durability, cost-effectiveness, and sustainability are driving the global market. Among other end-use industries, food business is the most profitable for rigid packaging. The market for rigid plastic packaging is expanding due to increased demand for bread, poultry seafood, ready-to-eat foods, dairy products, and packaged goods. In addition, demand for IBCs and clamshells is expected to grow at the fastest rate in all product categories in the rigid plastic packaging market.
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Growing Trend of Customised Rigid Packaging Solutions with Printability among Manufacturers of End-use Industries
The latest trend in the innovation-driven packaging business is a growing need for customised packaging solutions. Customers are more concerned with the overall design and look of packed products than with products with a less polished look.
Customized and bespoke package designs are available from packaging manufacturers in order to meet the most recent industry standards. They are also attempting to improve the quality of paper-based rigid packaging. All of these trends are likely to gain global impact across continents, resulting in a favourable impact on the global rigid plastic packaging market.
Majority of rigid plastics, particularly PET and HDPE, can be dumped into a recycling bin. Rigid plastics are also recyclable, making them a more environment-friendly option than flexible packaging. Trays for thousands of products can be made out of rigid materials.
As plastic packaging is lightweight, it can contribute in energy conservation while transporting boxed box items. Less gasoline is used, which reduces pollutants and saves money for distributors, retailers, and consumers. Since plastic packaging has a higher strength-to-weight ratio than conventional materials, it is feasible to pack a given amount of product with less material, making it the most resource-efficient solution.
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High Demand for Sustainable Rigid Packaging Solutions
Environmental awareness is growing among knowledgeable consumer bases about the harmful effects of numerous polluting materials on earth. People prefer products and services that are packaged with sustainable raw materials to those that are packaged with non-recyclable raw materials. They are created entirely or largely from biological resources that are renewable, such as sugarcane. While these bio-based packaging materials perform similarly to standard plastics, they can decompose in the open air or at an industrial composting plant. When it comes to sustainable packaging, adhesives and other products such as inks and coatings are sometimes overlooked, as they only make up a small fraction of the total packing material. They, however, play an important part in determining whether a package can be recycled, reused, or composted.
In addition, the buying behavior of consumers toward eco-friendly packaging is positive, which provides lucrative growth opportunities to manufacturers of rigid plastic packaging. Rigid plastic packaging companies who adopt sustainable raw materials can also distinguish themselves from their competitors. Similarly, end-use industries can promote and advertise the sustainability of their packaging solutions as a green initiative, which can lead to improved customer goodwill and a better brand image. Plastics that can be reused should be utilized in packaging. Plastic packaging may be recycled up to six times before losing its properties. Plastic packaging that has reached the end of its useful life can be recycled to generate energy from waste.
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Rigid Plastic Packaging Market: Competition Landscape
In order to gain maximum market share and expand their global footprint in the target market, the primary market players in the rigid plastic packaging market are focusing on strategies such as product launches, expansions, and acquisitions
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- In September 2021, Pactiv LLC has announced the acquisition of Fabri-Kal, a leading maker of consumer and foodservice brand packaging solutions, by Pactiv Evergreen Group Holdings Inc., a wholly owned subsidiary of Pactiv LLC.
The tier structure is determined by the company's segmental revenue and market share. Tier 1 players in the rigid plastic packaging market are Amcor, Sonoco, Berry Global Group Inc., and DS Smith PLC according to the tier structure. In order to strengthen their position in the rigid plastic packaging market, these major players are implementing key tactics such as business expansion, acquisition, and product introduction. Pactiv LLC, Genpak LLC, Georgia-Pacific LLC, are among the tier 2 players.
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