Ottawa, July 26, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global rigid packaging market size accounted for USD 221.94 billion in 2023. Usually constructed of plastic or metal, rigid packing materials have a highly particular shape that is challenging to modify or customize. Because users frequently have to waste time trying to open them, this might make them challenging to open and use. Because rigid packaging frequently requires more energy and resources to construct than flexible packaging, it also contributes to environmental issues.
Flexible packaging materials, in contrast, may be formed into any container or shape and are created from a variety of materials. By enabling a wider range of items, this flexibility reduces the requirement for rigid packaging. Additionally, the production of flexible packaging materials uses less energy and resources, which is advantageous for the environment and the economy.
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Key Insights:
- Asia Pacific region dominated the market with the largest market share of 5 in 2022.
- North America is predicted to grow at a significant CAGR between 2023 and 2032.
- By Material, the plastics segment is expected to record the highest market share from 2023 to 2032.
- By Material, the paper & paperboard segment is expected to expand at the highest CAGR from 2023 to 2032.
- By Application, the food & beverages segment captured more than 59% of the market share in 2022.
Regional Insights
The Asia Pacific is expected to capture the market share over the forecast period. The increasing e-commerce industry is one of the main factors that drive the market in the region. The market revenue is mainly coming from the fastest-growing nations such as India, China and Japan. For instance, The Ministry of Economics, Trade and Industry (METI) "eCommerce Market Survey" estimates that the B2C eCommerce sector would be worth $163.5 billion in 2018, a 9% rise over 2017. Moreover, the Ministry of Internal Affairs and Communications carries out monthly surveys to track household spending on online purchases of goods and services. According to the most recent survey, online consumers in Japan spent an average of $305 in January 2020, up 13.7% from $268 in January 2018. Thus, the increasing e-commerce business along with the increasing sales of various products online including beverages, dry fruits and pharmaceuticals necessitates the demand for rigid packaging.
Europe is expected to grow at a rapid rate over the forecast period. The growth in the region is attributed to the increasing personal care and cosmetic industry, especially in the countries like UK, Germany and others. For instance, as per Statista, the market for cosmetics in Germany is large and dynamic. It is represented by a huge selection of goods that are available for both men and women, as well as for different price points, ranging from luxury goods to brands and products that can be found in drugstores. Classic German brands like Nivea and Eucerin are owned and distributed by well-known companies like Beiersdorf. The German body care and cosmetics sector brought in close to USD 848 million in 2021. Therefore, the growing demand for cosmetics in the region will provide enormous potential for the growth of the rigid packaging market over the forecast period.
Report Highlights
- By material, the metal segment is expected to grow at a substantial rate over the forecast period. The procedure of preserving food involves the use of metal packaging. "Canning" is a term frequently used to describe this procedure. Over the past century, people in rich countries have increasingly incorporated canned food into their diets. It is especially useful in regions of the world with little or no refrigeration for food storage. It is a method of food preservation that is secure and free from microbial degradation. Metal containers serve two purposes: they protect food during heat treatment and storage from outside influences, and they also serve as sales and informational materials. Thus, this is expected to drive the growth of the segment during the forecast period.
Scope of the report
| Coverage | Details |
| Market Size by 2032 | USD 343.12 Billion |
| Market Size in 2023 | USD 221.94 Billion |
| Growth Rate (CAGR) | 4.96% From 2023 to 2032 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Segments Covered | By Material, By Application, and By Regions |
| Key Players | Bemis Company, Inc., Amcor Limited, Coveris Holdings S.A, Reynolds Group Holding, Berry Plastics Corporation, Sonoco, Sealed Air Corporation, Silgan Holdings, Inc., Plastipak Holdings, Inc., Consolidated Container Company, DS Smith PLC, Ball Corporation |
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Market Dynamics:
Drivers
Growing e-commerce sector across the globe
One of the prominent factors that propel the growth of the rigid packaging market is the growing e-commerce sector across the globe. The E-commerce sector dramatically rises during the period of the COVID-19 pandemic due to strict lockdowns enforced by the government across the globe. Consumers across the globe frequently purchased various products such as groceries, consumer goods, electronics, and others. For instance, the e-commerce industry saw a "dramatic" increase in its proportion of all retail sales from 16 percent to 19 percent in 2020, claim UN specialists in trade and development UNCTAD. Over the same period, online sales increased significantly in the UK (15.8% to 23.3%), China (20.7% to 24.9%), the US (11 to 14%), Australia (6.3 to 9.4%), Singapore (5.9% to 11.7%), and Canada (3.6 to 6.2%).
Restraint
Volatility in the price of raw materials
The rigid packaging consists of raw materials including plastics, paper, metal and others. This raw material is volatile, hampering the market growth over the forecast period. For instance, the World Bank projects that the price of aluminum will climb to $2,000 per metric ton (t) in 2021, an increase of 17% from the average of $1,703/t in 2020, and then moderately to $2,050/t in 2022. The World Bank projects that aluminum costs would rise to $2,400/t by 2035. Moreover, according to the International Monetary Fund (IMF), is that aluminum prices will increase to $2,083/t in 2021 and to $2,126/t in 2022. The long-term IMF forecast indicates that in 2026, aluminum will cost $2,276 a tonne. Thus, the volatility in the price of raw materials might be hampering the market growth during the forecast period.
Opportunities
The emergence of bioplastic and growing innovation in packaging industries
There have been considerable advancements in the packaging sectors as a result of the rise in sustainable packaging options and advances in the packaging industries to accommodate biodegradable resources. Significant market growth is anticipated with the introduction of bioplastics as a packaging raw material to replace traditional plastics. In August 2022, The largest Korean chemical company, LG Chem Ltd., announced an association with the American food processing company, Archer Daniels Midland Co. (ADM), to construct two factories in Illinois, US. Biodegradable plastics, which are widely utilized in food packaging applications, will be produced at the production facilities. Thus, the growing partnership among the key players for sustainable packaging offers attractive potential for the expansion of the market.
Related Reports:
- Rigid Plastic Packaging Market: The global rigid plastic packaging market size was valued at USD 175.59 billion in 2022 and is estimated to hit around USD 258.65 billion by 2032, poised to grow at a CAGR of 4% over the forecast period 2023 to 2032.
- Aseptic Packaging Market: The global aseptic packaging market size accounted for USD 49.69 billion in 2022 and is expected to reach around USD 142.99 billion by 2032, poised to grow at a CAGR of 11.2% from 2023 to 2032.
- Cosmetic Packaging Market: The global cosmetic packaging market size reached USD 37.76 billion in 2021 and is expected to hit around USD 74.8 billion by 2030 with a registered CAGR of 7.89% from 2022 to 2030.
Recent Development
- In May 2023, Amcor, a leader in the development and manufacture of ethical packaging solutions, declared that it has signed a binding contract to acquire Moda Systems, a leading provider of cutting-edge, automated protein packaging equipment. Amcor will be able to provide a fascinating new alternative and selection for automated protein packaging due to this acquisition.
- In April 2022, TricorBraun, a US-based primary packaging supplier, agreed to purchase PB Packaging, an Australian provider of plastic and glass packaging. The health, industrial, food, and automotive industries all receive rigid packaging from PB, a fully owned subsidiary of Pro-Pac Packaging. Through this transaction, PB Packaging will operate independently as a TricorBraun firm with the brand PB Packaging.
- In January 2023, the packaging distributor for rigid containers and the life sciences, Novvia Group, purchased JF Shelton from Ravago Chemicals. Bottles, drums, IBCs, and other hard packaging products are distributed by JF Shelton Packaging Distribution in Washington. The addition will be joined with Rhino Container, Novvia's Chino, to strengthen Novvia's position on the West Coast.
- In January 2023, Amcor, a pioneer in responsible packaging solutions development and production, recently announced that it had reached a deal to purchase Shanghai-based MDK. With four manufacturing facilities now covering the markets in China, India, and Southeast Asia, the acquisition of MDK reinforces Amcor's position as the industry leader in the larger Asia Pacific medical packaging category.
Market Segmentation:
By Material
- Plastic
- Metal
- Paper & Paperboard
- Glass
- Bioplastic
By Application
- Food & Beverages
- Pharmaceuticals
- Personal Care
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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