Rigid Packaging Market | Rising Demand for Ready-to-Eat Products Drive Growth

The global rigid packaging market depicts a competitive and highly fragmented landscape. There is a robust emergence of small and mid-size players in the market globally, reports Transparency Market Research (TMR). The small-sized players are also adopting competitive strategies to pose more challenges to major players, adds TMR. Some of the main players in the global rigid packaging market are Ball Corporation, Crown Holdings, ALPLA Werke Alwin Lehner GmbH and Co KG, Reynolds Group, and Tetra Pak.

Major companies in the rigid packaging market are investing in research and development to expand the material base for packaging products. Additionally, some of the main players are also focused on expanding supply chain logistics to reach new customers. Many players in the rigid packaging market are finding notable success with product design enhancements. Steady expansion in this emerging market is the next frontier for established companies in the global rigid packaging market.

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TMR estimates that the global rigid packaging market will reach US$755.9 billion by 2024 end, growing at a steady 3.2% CAGR during 2016-2024. The food and beverage industry is expected to account for nearly one third of the total revenue in the global rigid packaging market. Rising demand for ready-to-eat food products are expected to drive growth, especially in Asia Pacific. The demand in Asia Pacific is mainly emerging from China and India.

Bio-Polymer Plastics to Propel the Rigid Packaging Market

Rigid packaging products are made up of various materials including glass, metal, paper and paperboard, and plastics. Among these, plastics and paper materials have often held a significant share of the global rigid packaging. These materials are anticipated to account for over 70% of the total market share during 2016-2024. The reliability, cost-effectiveness, and stability of products like PET are resulting in widening applications for manufacturers.

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However, these products are also facing scrutiny due to growing awareness about their harmful effects to the environment and in some cases, to human being as well. Hence, bio-polymers are increasing becoming appealing to manufacturers. Several bio-degradable polymer materials have received an approval for a widespread use and many are in the approval pipeline. Their effectiveness in safekeeping food products is expected to result in significant growth for the rigid packaging market in the near future.

Rising Demand for Ready-to-Eat Products to Drive the Rigid Packaging Market

Increasing lifestyle trends world over are driving demand for ready-to-eat products. Additionally, new e-commerce channels are opening new opportunities for the rigid packaging market players with an added convenience of home-deliveries.

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