Rigid Packaging Market to Reach US$750.5 bn by 2021 owing to Increasing Demand from Pharmaceutical Sector

2024-12-24 05:45:45 News & Society

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A new Transparency Market Research report states that the global rigid packaging market stood at US$577.3 bn in 2015 and is predicted to reach US$750.5 bn by 2021. It is predicted to expand at a CAGR of 4.50% from 2015 to 2021. The title of the report is ?Rigid Packaging Market - Global Industry Analysis, Size, Share, Growth and Forecast 2015 - 2021?.

As per the report, factors such as the need for extension of the shelf lives of a variety of food products and the increasing demand from the pharmaceutical sector are fuelling the market for rigid packaging. In addition, the rising demand for convenience food in emerging countries and the cost-friendly nature of plastic packaging is also stimulating the demand for rigid packaging. On the other hand, the strict government regulations posed in a number of countries on the usage of rigid packaging may impede the growth of the market in the coming years.

On the basis of raw material, the market is segmented into metals, paperboard, plastics, glass, and others including timber, wood, paper pallets, and pulp, etc. Amongst these, the segment of plastics constituted a 41.20% share in the rigid packaging market and is predicted to expand at a 4.30% CAGR between 2015 and 2021. On the other hand, the segment of paperboard is anticipated to be the most swiftly developing segment and is expected to expand at a CAGR of 4.70% in the forecasting horizon

In terms of application, the market is segmented into pharmaceuticals, food and beverages, cosmetic and toiletries, durable goods, industrial packaging, and others. Durable goods include firearms, toys, furniture, and home appliances. The industrial packaging segment is further segmented into consumer electronics, automotive equipment, footwear boxes, sports equipment, etc. The others segment includes jewelry boxes, stationery products, etc. Amongst these, the segment of food and beverages led the market and is predicted to exhibit a CAGR of 4.30% in the forecast horizon. On the other hand, the segment of pharmaceuticals is expected to exhibit a CAGR of 5.40% in the forecast horizon and will be the most swiftly growing segment in forthcoming years.

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On the basis of geography, the rigid packaging market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). Amongst these, Asia Pacific led the market in 2014 and constituted a share of 41.20% in the market. The reason for the superiority of this region is increasing demand from the soaring food and beverages industry in this region. North America trailed Asia Pacific and stood as the second largest market and represented a 26.20% share in the market in the same year. However, North America and Europe have become mature markets for rigid packaging in recent years and thus are expected to experience sluggish development in the next 6 years.

As stated in the study, the Key Players dominant in the market are Berry Plastics Corporation, Resilux NV, Ball Corporation, Holmen AB, Tetra Pak International, Reynolds Group Holdings Limited, Rexam PLC, Amcor Limited, Georgia-Pacific LLC, ALPLA Werke Alwin Lehner GmbH & Co KG, Crown Holdings, Inc., and DS Smith Plc., among others.

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