Emerging e-Commerce Activities and Demand for Convenient Packaging Solution to Drive Growth
The packaging industry is undergoing significant development in terms of innovation, advancement in technologies, and strong investment by key players. The rigid packaging is deployed across an array of industrial domains such as chemicals, healthcare, and pharmaceuticals, food and beverages, consumer goods, and personal care and cosmetics products for offering protection, enhancing long-term storage, and offering an isolated inert environment for the products. The plastic-type rigid packaging dominates the market fuelled by increasing customer demand for convenient packaging solutions along with demand driven by supermarket groups and brand owners. The penetration of rigid plastic packaging is increasing owing to its unique combination of shatter resistance, lightweight, barrier, and strength properties. Furthermore, surging demand for industrial bulk packaging that enables ease in handling during transportation across various industries is expected to drive increased sales for the rigid packaging market during the forecast period.
Emerging Economies in the Asia Pacific to Offer Growth Opportunity to the Rigid Packaging Market
The developing economies of the Asia Pacific such as India, China, Indonesia, and others are expected to witness substantial growth in the rigid packaging market with scaling economic activities coupled with growth in developmental initiatives. Moreover, the growing population in these countries presents an immense customer base for consumer durables, FMCG items, and purchaser surging demand for the rigid packaging market. Growing e-commerce sales, consumption levels, manufacturing activities, improving disposable income, industrialization, and growing demand for convenience food are the key factors contributing towards the growth of the rigid packaging market.
The increasing popularity of carbonated beverages, juices, sports drinks, nutritional drinks, baby food, and frozen food is expected to drive demand for rigid packaging in the emerging economies of Asia Pacific. In their bid to improve their market dominance and footprint in the rigid packaging market, key market participants are carrying out various strategic alliances and expansion strategies to tap into a plethora of growth opportunities in the Asia Pacific region.
Escalating Concern Regarding Environmental Sustainability to Increase Adoption of Paperboard for Rigid Packaging
The stringent government norms for environment protection have enabled manufacturers across different industries to curb the use of plastic and search for alternative rigid packaging solutions. The rise in environmental concern is expected to increase the use of paperboard as a sustainable alternative. Paperboards are known for properties such as easy handling, sustainability, reusable, and cost-effectiveness, which are widening their usage across different industries. The end users such as retailers and product manufacturers are increasingly shifting towards environment-friendly and low-cost handling products. This is expected to boost demand for paperboard-type rigid packaging and augment its use in the medical, personal care, food and beverage, and manufacturing industry.
With the increasing trend of online shopping in the market, the e-commerce industry has witnessed substantial growth. Paperboard rigid packaging is one of the significant aspects in the e-commerce industry to guarantee the protected conveyance of the product to the customer. Thus, with the expansion of the e-commerce industry globally, the paperboard rigid packaging market is set to witness a significant growth rate.
Rigid Packaging Market to Capitalize on Booming Food & Beverage Industry to Widen Revenue Earning
Growing food supply market coupled with the drawn-out capacity of food is expected to offer growth opportunities to the rigid packaging market. The increasing food sanitation concern among customers is boosting the interest in efficient rigid packaging solutions. Cost-effective packaging along with damage-free, aseptic, and spill-free protection for food and beverages during transit are factors that have prompted food and beverages manufacturers’ to focus on rigid packaging. Consequently, different food manufacturers are using different rigid packaging in the food supply industry to guarantee the productive conveyance of food to the customers.
With the increasing complexity of professional and personal commitments, the frequency of fresh cooking has gone down, surging the demand for convenience and on-the-go food products. This has further propelled the demand for rigid packaging which offers high barrier properties, high stiffness, and high impact strength to food and beverage products.
Competitive Landscape: Highly Fragmented Market Structure
The rigid packaging market is highly fragmented with a large number of local and regional players. The degree of fragmentation is expected to accelerate during the forecast period owing to increasing customer demand for industrial bulk packaging across various industries that is cost-effective.
Some of the key participants operating in the rigid packaging market include Reynolds Group Holdings, Sealed Air Corporation, Amcor Limited, Berry Global Group Inc., Pactiv LLC, Holmen AB, Holmen AB, Mondi Group, Georgia-Pacific LLC, Gerresheimer AG, Crown Holdings Inc., DS Smith Plc, Silgan Holdings Inc., Pactiv LLC, Sonoco Products Co, and others. Market players are strategizing on differentiating their products with unique value propositions to reinforce their foothold in the global rigid packaging market. Key players are carrying out various strategic collaborations and merger activities to leverage their growth prospects in the rigid packaging space.
Some of the key developments in the rigid packaging market include:
Key Elements Included In The Study: Global Rigid Packaging Market
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