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Global Rigid Packaging Market Will Reach USD 802.43 Billion By 2024: Zion Market Research
According to the report, global rigid packaging market was valued at approximately USD 504.64 billion in 2017 and is expected to generate revenue of around USD 802.43 billion by the end of 2024, growing at a CAGR of around 6.85% between 2018 and 2024.
New York, NY, Aug. 26, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Rigid Packaging Market by Types (Plastic, Metals, Glass, Paper, and Others), by End-user (Food and Beverages, Electronics, Consumer Usable Products, Personal Care, Pharmaceutical, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global rigid packaging market was valued at approximately USD 504.64 billion in 2017 and is expected to generate revenue of around USD 802.43 billion by the end of 2024, growing at a CAGR of around 6.85% between 2018 and 2024.
With growing technological advancements and rising consumer demand for FMCG goods, the rigid plastic packaging is entering into the market. The customer's demand is changing gradually; this provides manufacturers with opportunities to innovate and come up with new packaging techniques which portray information. It also facilitates consumer’s purchase decision because it contains the basic ingredients and nutritional information, which helps the potential consumers to obtain maximum information. Rigid packaging plays a crucial and important role in developing the brand image of a company and also distinguishes the product information that the company is selling in the market. Hence, these factors are driving the growth for the rigid packaging market.
Browse through 49 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global Rigid Packaging Market Size, Share 2017 Report: Industry Trends, Growth, Segments Analysis and Forecast, 2024”.
The rising demand for the FMCG industry is driving the growth of the market. Rapid urbanization also has a positive effect on the development of the market. Due to urbanization, the lifestyle of the consumers is changing and because of this lifestyle demands and the preferences of the consumers are changing day by day. The rise in income of the middle-class consumers followed by the increase in purchasing power is attributed to have an extensive impact on the market. In addition, escalating requirement for biodegradable plastic packaging is expected to fuel the market development in the upcoming years. Several government initiatives in order to manufacture and develop the biodegradable plastic will positively impact the market growth.
The rigid packaging market is categorized on the basis of type into plastic, paper, metals, glass, and others. Plastic segment held the major revenue share in 2017. The growth is attributed to the rising consumption of FMCG goods and products among the consumers. This is further boosted by the growing preference of consumers towards nutritional aspects.
Based on end-user, the rigid packaging market is segmented into food and beverages, electronics, personal care, consumer usable products, pharmaceutical, personal care, and others. Food and beverages contributed a significant revenue share in 2017. The growth is attributed because rigid packaging helps to improve the shelf life of FMCG products.
Europe held a good market share in 2017 in the global rigid packaging market. This growth is attributed because of the retail outlet growth across the region followed by an increasing number of brands available in the market. As a result, differentiating products from one another is becoming an important task for the consumers nowadays. Hence, packaging in collaboration with marketing campaigns has become a crucial tool which is used by the manufacturers to sell their brand. These factors are expected to further drive industry growth in the region.
The Asia Pacific rigid packaging market is projected to grow at the highest growth rate over the forecast time frame. The growth of this regional market is attributed due to the increase in usage of plastic packaging in the nations such as India, China, and Indonesia. Moreover, rising government initiatives in manufacturing biodegradable plastic among the developed and developing nations are anticipated to further drive the industry growth in the region over the forecast period. Such factors are expected to drive the rigid packaging market growth over the forecast period.
North America rigid packaging market accounted for a good growth rate during the forecast time frame. The growth is attributed due to lifestyle-related change coupled with the increase in the purchasing power of the middle-class people in the region. Moreover, robust manufacturing and economic stability in the region is contributing to development for rigid packaging.
Some of the industry players operating in the rigid packaging market include 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.
This report segments the global rigid packaging market as follows:
Global Rigid Packaging Market: Types Segment Analysis
Global Rigid Packaging Market: End-User Segment Analysis
▪ Food and Beverages
▪ Consumer Usable Products
▪ Personal Care
Global Rigid Packaging Market: Regional Segment Analysis
· North America
o The U.S.
· Asia Pacific
· Latin America
· The Middle East and Africa
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