According to the new research report by Transparency Market Research on the global rigid packaging market predicts the global market with show a moderate CAGR of 3.20% for the coming years of the forecast period ranging from 2016 to 2024. Even with this rate of growth, the global market will touch the mark of US$755.9 bn in valuation by the fall of 2024. Initially, the market valuation was US$589 bn recorded back in 2016.
The demand in the global rigid packaging market has been increasing in past few years. One of the important factors behind this increasing demand is because of the advancements in sector of consumer goods manufacturing. In general, rigid packaging is used for packaging breakable products for a broad range of applications. The players operating in the global rigid packaging market have been striving hard to spread out their portfolios and expand their consumer base. These leading players in the market are now moving on from direct marketing tactics to inbound marketing and lead strategies to get new customers. It is projected that these prominent players in the global rigid packaging market will mainly benefit by forming strategic partnerships with the packaging bases of several industries. It is also estimated that the new takeovers and mergers will soon become a norm in the global rigid packaging market.
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Growing Popularity of Cans and Containers to Propel Market Growth
There are different types of rigid packaging materials that are available in the global market. Most common type of these packaging materials are in the form of cans and containers. These cans and containers are deployed for transporting and storing a wide range of products such as liquids, lotions, oils, beverages, and food among others. Due to the growing demand of these products across the globe, it is expected to have a highly positive impact on the overall development of the global rigid packaging market.
Mergers and Takeovers to Present Business Opportunities for Market Players
The global rigid packaging market has been growing in recent years. There are expected to be several opportunities of growth for the development of old as well as new companies. Rigid packaging has its applications across a broad range of industries. This provides the companies operating in the global market to enter into different domains and sectors. Moreover, the chances of forming strategic partnerships and alliances are also quite high. This provides the smaller companies in the global market to enter into the big fray. Some of the leading companies in the global rigid packaging market include names such as Georgia-Pacific LLC, Reynolds Holdings Ltd., Berry Plastic Group Inc., Resilux NV Inc., and Sealed Air Corp among others.
Stakeholders Focus on Innovations and Customization
Due to growing consumer interest for flexible packaging solutions, players in the rigid packaging market are likely to focus on two major areas to stay relevant: innovations and customizations. At present, customization is a growing trend within the rigid packaging market and at the current rate, it is likely to remain a pivotal factor that is expected to drive the growth of the market for rigid packaging.
The use of plastic continues to garner significant attention and thus, production of rigid packaging solutions made from other materials has increased in the past few years. The growing popularity of flexible packaging solutions has played an imperative role in persuading players in the rigid packaging market to focus on the production of innovative packaging solutions that not only cater to regulations pertaining to re-usability and recyclability but also adhere to environmental regulations. Some of the other factors that are likely to impact the growth of the rigid packaging market during the forecast period include significant developments in technology, urbanization, and growing adoption of recyclable plastic in a range of end-use industries such as personal care & cosmetics, food & beverages, etc.
Another factor that is anticipated to boost the demand for rigid packaging is the rising awareness related to food safety. Stakeholders in the food & beverages industry are eyeing efficient rigid packaging solutions to address these consumer concerns. Moreover, experts in the packaging domain are of the opinion that rigid packaging solutions will also play an important role in improving food supply and enhancing long-term storage. In their bid to improve their footprint in the current rigid packaging market, stakeholders are expected to tap plethora of opportunities presented by the market in Asia Pacific and Europe.
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Focus on Recycling and Sustainability Intensifies Across Europe
On the regional front, Europe will remain the second most lucrative market for rigid packaging market after Asia Pacific. The introduction of the ‘Close the Glass Loop’ program by the European glass packaging industry is expected to provide an impetus to recycling rates of glass packaging across the region, and likely to reach around 90% during by 2030. The new EU rules to improve the overall recycling targets for glass packaging will play a key role in the adoption of sustainable and recyclable activities. The program, which is at a nascent stage, is projected to gain substantial traction during the forecast period. The objective of the program is to unite the various stakeholders in the rigid packaging market, particularly dealing with glass packaging solutions to boost the recycling collection rate. In addition, the growing demand for glass rigid packaging solutions is likely to play an imperative role in minimizing the dependency on natural resources for packaging.
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