Rigid Plastic Packaging Market to be dominated by Food and Beverage Industry during the forecast period
Flourishing
packaging industry and rising demand from food and beverage industry are prime
factors driving the growth of the Global Rigid Plastic Packaging Market in the
forecast period 2024-2028.
According
to TechSci Research report, “Rigid Plastic Packaging Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global rigid plastic packaging market is
anticipated to register a high CAGR in the forecast period 2024-2028. The
packaging industry plays a significant role in the expansion of the global
rigid plastic packaging market. According to
the TechSci Research Estimates, the Packaging industry has contributed around
USD15,000 billion to the global economy as of 2022,
which is quite a significant number. Since its applicability exists in a wide range of
industries across food and beverages, healthcare, cosmetics, and other daily
use consumer goods as well as in a range of industrial sectors, packaging has
become a necessity with its usage growing in line with the world economy. It
would not be wrong to correlate the growth of the world economy with the growth
of the packaging industry, considering the number of end-user industries where
packaging is done.
While the economy plays a central role in defining
the size and growth of the market, there are several other factors that can be
witnessed as having a direct or indirect influence on packaging demand which is
growing year on year. Packaging comprises a wide range of material types across
paper, plastic, metal, and other materials, etc. According to TechSci
Research Market estimation, Plastic packaging holds 35% of total packaging
sales, with rigid plastic packaging being the largest segment holding a 25%
share of the overall market. Rigid Plastic Packaging was the fastest-growing
sector of the market during the period 2018-2022. This growth was driven by
several factors like rising demand for PET bottles in the bottles & jars category,
the consistent substitution of alternatives like metal or glass and sometimes
paper-based materials in food and other sectors and increasing intrusion into
food markets. The Packaging Industry will continue to be the fastest growing
segment of the Global Rigid Plastic Packaging Market with consumption forecast
to grow at an impressive annual rate.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Rigid Plastic Packaging Market"
The global
rigid plastic packaging market is segmented based on type, raw material, production
process, application, regional distribution and competitive landscape:
Based on Type,
the market is divided into Bottles & Jars, Rigid Bulk Products, Trays,
Tubs, Cups & Pots, and Others. Bottles & Jars segment has dominated the
value-based market in 2022 and is predicted to grow with the highest CAGR in
the forecast period due to increasing sales of plastic bottles for various
packaging products like water, juices, cosmetics, and pharmaceutical products. The
flourishing retail market with increasing consumption of plastic products is
going to propel the growth of the Global Rigid Plastic Packaging Market.
Based on Raw
Material, the market is divided into Polyethylene, Polyethylene Terephthalate,
Polystyrene, Polyvinyl Chloride, and Others. Polyethylene Terephthalate (PET)
is the most manufactured plastic in the world. Due to its lightweight,
mechanical strength, flexibility, and multiple other applications, PET plastic
type is likely to hold the largest market share in the forecast period.
Based on the
Production Process, the market is divided into Extrusion, Injection Molding,
Blow Molding, and Others. The extrusion segment is forecast to lead the
volumetric market among all other production methods. This process delivers a
wide range of die profiles, enabling manufacturers to produce parts and
products with a variety of simple to highly complex cross-sections. Due to its
lower material and disposal costs than other molding processes, extrusion is
highly preferred and consumes the largest market share in Global Rigid Plastic
Packaging Market.
Based on Application,
the market is divided into Food & Beverages, Healthcare, Cosmetics &
Toiletries, and Others. The Food & Beverages segment has contributed to the
overall value-based market in 2022 and will likely boost the market size in the
forecast period due to the continuous expansion of this industry.
Major
companies operating in the global rigid plastic packaging market are:
- Amcor Plc.
- Berry Global Group Inc.
- Pactiv LLC
- Silgan Holdings, Inc.
- Sonoco Products Company
- DS Smith Plc.
- Bemis Company Inc.
- Reynolds Group Holding Limited
- Sealed Air Corporation
- Plastipak Holdings, Inc
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Asia-Pacific
demonstrates the most promising growth among other regions for the Global Rigid
Plastic Packaging market. The APAC region is likely to hold the largest market
share among other regions for Global Rigid Plastic Packaging Market. APAC
region is expected to maintain its market dominance during the forecast period
owing to the growing demand in countries like Japan, China, India, and South
Korea. Regression analysis for forecasting suggests China holds the largest
market share in Global Rigid Plastic Packaging Market. This can be attributed
to the country’s expanding food and beverage and healthcare industry.
“Massive
growth in Food and Beverage Industry is a major factor in Rigid Plastic Packaging
Market's expansion since it increases demand for bottles, jars, fruit juice
containers, food packaging containers, and foodie bags. For instance, by
2022, the US hotel market was valued at around USD 155 billion.
Increased demand for electronics switches, containers, and bicycle wheels is
further boosting the growth of the global market for rigid plastic packaging.
The expansion of the automotive sector is also projected to propel market
expansion,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Rigid Plastic Packaging
Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028, Segmented By Type (Bottles &
Jars, Rigid Bulk Products, Trays, Tubs, Cups & Pots, Others), By Raw
Material (Polyethylene, Polyethylene Terephthalate, Polystyrene, Polyvinyl
Chloride, Others), By Production Process (Extrusion, Injection Molding, Blow
Molding, Others), By Application (Food & Beverages, Healthcare, Cosmetic
& Toiletries, Others), By Region,”, has
evaluated the future growth potential of global rigid plastic packaging market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global rigid plastic packaging market.”
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