Rigid Packaging Market to Grow at CAGR of 5.8% and is Forecast to Reach $729.14 Billion by 2023 by MGA Study

Press release from the issuing company

Packaging is the process of enclosing or protecting finished goods or products for distribution, storage, sale, and end use. Rigid packaging is ideal for transportation across longer distances as it helps keep finished products safer for longer. It is used to package goods in different forms such as bottles, cans, ampules, aerosol containers, aluminum bottles, and jars. Rigid plastic packaging has properties such as high impact strength, high stiffness, and high barrier properties. These, in turn, have expanded the market for rigid plastic packaging in recent years. Global Rigid Packaging Market was valued at $496.72 billion in 2016. The rigid packaging market is projected to grow at a CAGR of 5.8% and is forecast to reach $729.14 billion by 2023.

Rigid packaging materials available in the market include cups, cans, bottles, corrugated cases, and boxes. On the basis of raw material, the global rigid packaging market can be segmented into metal, plastic, paper, and glass. Plastic packaging dominates the global rigid packaging market. This is because it doesn’t degrade and helps to better preserve the packaged materials. This, in turn, helps improve the shelf life of products. However, in terms of value, rigid paper packaging material is expected to witness highest CAGR in the forecast period. The food and beverage industry, the largest consumer of rigid packaging, is expected to dominate the market during the forecast period. Other major end-user industries for rigid packaging industry include pharmaceutical and personal care industries.

By geography, Asia-Pacific was the most dominant region for rigid packaging market in 2016. The dominance of the Asia-Pacific region is due to the presence of large number of food & beverage and personal care product manufacturers in the region. Asia-Pacific rigid packaging market is expected to grow at a CAGR of 6.9%. High economic growth rate and huge population in emerging markets of China and India are the major drivers for the rigid packaging market in Asia Pacific. North America and Europe are among the more mature market for rigid packaging. Major end user industries such as food & beverage and personal care have reached their peak levels which restrains the market growth in these regions.

Key Segments of the Global Rigid Packaging Market
Rigid Packaging Market – By Material Type
Paper & Paperboard

Rigid Packaging Market – By Product Type
Containers & Cans
Bottles & Jars

Rigid Packaging Market – By Application Type
Food & Beverages
Chemical & Petrochemical Industry
Consumer Goods
Healthcare & Pharmaceuticals
Other Industries

Rigid Packaging Market – By Region Type
North America
Latin America

The report also includes detailed profiles of end players such as Serioplast SpA, Greiner Packaging International, Amcor Rigid Plastics, Zhuhai Zhongfu Enterprise Co. Ltd., Graham Packaging Company Inc., Berry Plastics Corporation, Silgan Plastics Corp., Consolidated Container Co. LLC, RPC Group PLC, DS Smith, ALPLA Werke, and Linpac Group. Other key players in the global market are Nampak Plastics, Toyo Seikan Kaisha, and Southeastern Container Inc.

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